Small Business Online Payment Processing
As a small business when you decide to take your businss sales online, you are making a big step. Whether you are starting out online, or you have a brick and morter and are expanding your sales online. Choosing the best payment processing option can be daunting. I am going to look at the two front runners and give you a quick comparison on each.
Best Fit for Stripe
Stripe is an imprresive payment gateway that offers many options for online retailers. It is best suited for business that are operating soley online. It also offers nice options for subscription based models. Stripe however would not be the best option for a business that are looking for cost effective ways to sell in-store and online. If your business is focused strictly on online sales, Stripe is worth checking out.
Best Fit for Square
Square is another awesome choice for small business owners to begin an online presence. If you have a brick and morter and need a payment gateway that will allow you to accept payments in store, online, through mobile apps, etc. This is the best option for you. Square makes it easy to set up instore terminals or POS systems, as well as integrate with an online shop.
This is a high level comparison to help you getting started in making an informed decision. I encourage you to visit the sites and review your overall business plan and sales goals before making a decision on which route is best for you.
Square vs. Stripe
|Pricing – Account Fees||Free – No Start up or termination fees||Free – No Start up or termination fees|
|Pricing – Credit Card Processing||In-store: 2.75%
Mobile payment: 2.75%
Online: 2.9% + 30¢ per transaction
Keyed-in: 3.5% + 15¢ per transaction
|Online: 2.9% + 30¢ per transaction|
|Payments Accepted||All major credit cards, Apple Pay & Android Pay eWallets||All major credit cards, Apple Pay & Android Pay eWallets, ACH payments, some cryptocurrencies|
|PCI-Compliant Online Checkout||YES||YES|
|Ease of Use||Easy – User Friendly||Easy – User Friendly|
|Visit the Sites||Square||Stripe|
I believe that the best overall solution for start-ups and small businesses that are looking for an all inclusive solution, Square wins hands down. Stripe is a powerful tool and serves online sellers very well, but lacks the in-person functionality that Square has. Both options can easily be integrated with WooCommerce stores as free add-ons.