PayPal or Stripe? (or both?)

One of the most asked questions here at ArtFire is, “How can I accept payments?”  We give our merchants and customers a couple safe and easy options to choose from- PayPal and/or Stripe.

How Does PayPal Work?

“PayPal is a service that enables you to pay, send money, and accept payments. Register your credit card or debit card with your PayPal account. You can pay by simply choosing PayPal at checkout, logging into your PayPal account, and confirming your payment. We complete the process for you. Simply choose PayPal when you select a payment option on this site, and you can quickly open a PayPal account and add your payment method to complete your purchase. You can use your PayPal account to shop with millions of merchants and sellers around the globe wherever you see the PayPal logo.”

Benefits of Using Paypal

PayPal is a fast and easy way to buy things online. Paypal is the preferred method of payment on many shopping websites, besides just eBay. Paypal offers these seven benefits:

  1. Flexibility for Sellers. With a PayPal membership, even very small volume sellers can quickly and easily accept payments that originate from buyers’ credit or debit cards.
  2. Speed. PayPal transfers between sellers are instant, and transfers from PayPal accounts to bank accounts can take as little as 24 hours.
  3. Affordability. The fee to use Paypal is 30 cents per transaction, plus 3% of the total amount of the transaction.
  4. Safe Buying. Because PayPal offers buyer guarantees and a specific process for disputing transactions, so users always have recourse whether they are a buyer who didn’t get what they ordered or a seller who may worry she will be stiffed on payment.
  5. Account Privacy Paypal is secure. For buyers, this means a level of account protection not offered by brick-and-mortar stores, where retailers commonly have buyers’ account information in-hand after purchases.
  6. Ease of Record Keeping. Paypal history goes back to the day the account was opened. Users also have the ability to pull reports and users are provided with a 1099 if they have more than 200 transactions and $20,000 in sales.
  7. Acceptance Online. Paypal is a common method of payment on many shopping websites.

How Does Stripe Work?

“Stripe is a service that enables you to pay, send money, and accept payments by way of a credit or debit card. Register your credit card or debit card.”

Benefits of Using Stripe

  1. Affordability. The fee to use Stripe is 30 cents per transaction, plus 3% of the total amount of the transaction.
  2. Safety.  Stripe has a reputation for taking security very seriously, and it appears to be well-earned. Stripe is a certified PCI Service Provider Level 1, which means it meets the most stringent security standards in the industry.
  3. Acceptance Online. Stripe is a common method of payment on many shopping websites.
  4. Flexibility for Sellers. With a Stripe membership, even very small volume sellers can quickly and easily accept payments that originate from buyers’ credit or debit cards.
  5. Ease of Record Keeping. Users can view and download summarized and itemized balance transaction data, helping them to close their books on a daily, weekly, or monthly basis.
  6. Speed.  Payout availability depends on a number of factors such as the industry and country you’re operating in, and the risks involved. When you start processing live payments from your customers with Stripe, you won’t receive your first payout until 7–10 days after receiving your first successful payment. The first payout usually takes a little longer in order to establish the Stripe account. Processing subsequent payouts then happens according to your account’s payout schedule.
  7. Account Privacy.  Stripe respects the privacy of everyone that engages with our platform, and we are committed to being transparent about our privacy processes and policies.
  8. Stripe is available in 34 different countries and can accommodate over 135 different currencies.

The bottom line is, both PayPal and Stripe are great options for our merchants and their customers.

***Please note that ArtFire merchants are required to use PayPal or Stripe via the ArtFire.com website to accept payments.  Our merchants should never ask you to pay using gift cards or by directing you to another site.

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