PayPal vs Stripe

Deciding which payment gateway to facilitate transactions between you and your collectors can be difficult. Both PayPal and Stripe facilitate credit and debit card payments. Both are very safe and secure. Both are global providers (whilst PayPal has been around for longer, Stripe is growing fast!).

Do collectors have to have a PayPal or Stripe account to use them to pay?

Some folks are under the impression that collectors have to have a PayPal or Stripe account to make a payment. For others, it might seem obvious that this is not true. Collectors do not have to have accounts with either PaPal or Stripe to buy with you.

Deciding which is best for you.

We have laid out a few example transactions using both PayPal and Stripe which might help you decide which payment gateway is best for your gallery.

What if Stripe is not yet available in my country?

It is also true that some countries do not facilitate Stripe yet and for those artists who live in areas where only PayPal is available, then you have no choice.

Connecting PayPal or Stripe or Both to your gallery.

To connect either payment methods to your gallery go to:

Login>Vendor Dashboard>Settings>Payments

Example Transactions:

PayPal transaction:-

An example of a PayPal transaction might look like this:

Collector buys work (Eg £100 including shipping)
PayPal deduct 3.4% + £ 0.20 merchant fees off £100 (£3.60 – balance now at £96.40)
We deduct 3% of £100 (£3 – balance now stands at £93.40)
We transfer to the artist and depending on their PayPal account, PayPal deduct between 2.7-3.4% + £ 0.20 of £93.40
Worst way Merchant Account 3.4% + £ 0.20 is applied which means the artists ultimately gets £89.82.

In this illustrative example, you will receive about £89.82 (subject to currency exchange rates where appropriate).

Stripe:- European Card transaction

An example of a Stripe EU-card transaction might look like this:

Collector buys work (Eg £100 including shipping)
Stripe deduct 1.4% + £ 0.20 merchant fees off £100 (£1.60 – balance now at £98.40)
We take 3% of £100 (£3 – balance now stands at £95.40)

In this illustrative example, you will receive about £95.40 (subject to currency exchange rates where appropriate).

Stripe:- Non-European Card transaction

An example of a Stripe non-EU-card transaction might look like this:

Collector buys work (Eg £100 including shipping)
Stripe deduct 2.9% + £ 0.20 merchant fees off £100 (£3.10 – balance now at £96.90)
We take 3% of £100 (£3 – balance now stands at £93.90)

In this illustrative example, you will receive about £93.90 (subject to currency exchange rates where appropriate).