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Paypal Or Stripe Or ? Rate Topic   - - - - -

 
  • TES
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Posted 16 February 2021 - 09:42 PM #1

HI to All the people who take part in this forum.  Thanks for you input as we new folks can only appreciate the suggestions and help we get from you all. 

 

CS Cart multivendor is not as simple as it is mentioned to set up and has its own quirks.   We have bought it and want to see how far we can go to go live with this.  

 

Would any of you share 

 

A:  What is the best payment gateway 

 

B:  What fees are they charging?  

 

This I ask not just to demo my cheapness but to find a solution so we can charge our sellers maximum low commission on products sold.  

 

For example :   when a $10 product is sold ,  Paypal and Stripe want to charge 2.9% +.30 per transaction  

 

That is .29cents +.30 cents = .59cents so almost 6%   (This is incoming) .   

 

When we make a payout lets ignore the .30 since it will be done on a batch basis but the 2.9% applies. 

 

So if we are charging vendors 9% on sales,  we are spending 8.9% on paypal or stripe commission alone.  

 

Am I making sense?  

 

Hope my dilemma is see here...  

 

 

Any suggestions or if any of you are getting a better deal ,  share how to?   Will be appreciated. 

 

Thanks 

 

 



 
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Posted 17 February 2021 - 09:29 AM #2

What is your location / target area?


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Posted 17 February 2021 - 04:20 PM #3

I don't think you are going to find any huge differences between the major processors. I use PayPal Pro. A small business I work for recently wanted to switch processors because they felt the fees were too high and after researching the market they decided Square offered the best rates for their particular scenario. I might be worthwhile to reach out to their reps to see if there is any way they can give you a better rate than what is advertised.



 
  • tbirnseth
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Posted 17 February 2021 - 05:47 PM #4

If you look at history in cs-cart and other platforms, I wouldn't use payPal for anything other than their traditional processing (and that has had many problems) nor for credit card processing.  PayPal has tried at least 3-4 different marketplace payment processing products.  They've all failed.  Not an area they have expertise or competence in.

 

Stripe on the other hand was built around marketplaces.

 

Regarding rates...  Every processor is negotiable on rates depending on your volume.  If you do over $250K/year in processing, they will all start to compete on rate. So don't be shy about contacting their sales team.

 

I wish Square had a decent marketplace offering  but they too see this as an ancillary product.and they failed to listen to input during their definition phase and beta phase.  However, their traditional offering is excellent if you don't need marketplace distribution of funds.  Don't forget about refunds, non-deliveries, and other means for getting your payments back or some type of hold or escrow capability so funds aren't distributed until a status change in a product and possibly some delay after a vendor marks an order complete....  

 

I could do a good one, but entering the banking industry is not for the faint of heart!


EZ Merchant Solutions: Custom (USA based) B2B Development, Consulting, Development and Special Projects (get a quote here).
Commercial addons, payment methods and modifications to meet your business and operations needs.


 
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Posted 18 February 2021 - 02:59 AM #5

Hi,  All of the USA. 

What is your location / target area?



 
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Posted 18 February 2021 - 03:05 AM #6

EZ,  Thank you for taking the time to share and we are leaning towards Stripe, just because the rep form Paypal was quite arrogant.   

 

So better to go with the one that cares about customer service.  

 

Your last comment was quite interesting and if you do have a better, slightly less expensive model, would like to hear, always open.  

 

 

If you look at history in cs-cart and other platforms, I wouldn't use payPal for anything other than their traditional processing (and that has had many problems) nor for credit card processing.  PayPal has tried at least 3-4 different marketplace payment processing products.  They've all failed.  Not an area they have expertise or competence in.

 

Stripe on the other hand was built around marketplaces.

 

Regarding rates...  Every processor is negotiable on rates depending on your volume.  If you do over $250K/year in processing, they will all start to compete on rate. So don't be shy about contacting their sales team.

 

I wish Square had a decent marketplace offering  but they too see this as an ancillary product.and they failed to listen to input during their definition phase and beta phase.  However, their traditional offering is excellent if you don't need marketplace distribution of funds.  Don't forget about refunds, non-deliveries, and other means for getting your payments back or some type of hold or escrow capability so funds aren't distributed until a status change in a product and possibly some delay after a vendor marks an order complete....  

 

I could do a good one, but entering the banking industry is not for the faint of heart!



 
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Posted 18 February 2021 - 03:07 AM #7

Hi,  Thanks,  will reach out to Square .   

I don't think you are going to find any huge differences between the major processors. I use PayPal Pro. A small business I work for recently wanted to switch processors because they felt the fees were too high and after researching the market they decided Square offered the best rates for their particular scenario. I might be worthwhile to reach out to their reps to see if there is any way they can give you a better rate than what is advertised.

 

I don't think you are going to find any huge differences between the major processors. I use PayPal Pro. A small business I work for recently wanted to switch processors because they felt the fees were too high and after researching the market they decided Square offered the best rates for their particular scenario. I might be worthwhile to reach out to their reps to see if there is any way they can give you a better rate than what is advertised.



 
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Posted 18 February 2021 - 03:16 AM #8

Just so you know square do not provide payment system for marketplace. if you contact them , they will direct you to Paypal .

As for now, in terms of payment for marketplace you got stripe (really discuss with sales, make sure to read the contract in full and make sure you agree with their terms of business) etc as stripe is a bit controversial .

 

Paypal for commerce is NOT as of now , working well at all.

 

the best rates right now is stripe. 



 
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Posted 18 February 2021 - 07:00 AM #9

Braintree (paypal company)

https://marketplace....ource-code.html

 

I do not use MV, just their regular cc processing. This company has some bad feedack, had some problems with them myself initially, but past few years with them all stable..



 
  • tbirnseth
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Posted 18 February 2021 - 06:29 PM #10

Braintree (paypal company)

https://marketplace....ource-code.html

 

I do not use MV, just their regular cc processing. This company has some bad feedack, had some problems with them myself initially, but past few years with them all stable..

This is yet another retired Paypal business...  I don't think you'll find it anymore on paypal.com.


EZ Merchant Solutions: Custom (USA based) B2B Development, Consulting, Development and Special Projects (get a quote here).
Commercial addons, payment methods and modifications to meet your business and operations needs.


 
  • tbirnseth
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Posted 18 February 2021 - 06:34 PM #11

Your last comment was quite interesting and if you do have a better, slightly less expensive model, would like to hear, always open.  

 

I have thoughts based on experience and interaction with my customers.  But main features would be:

+ escrow type capability (delayed payments)

+ various configurable payment statuses with rules related to those statuses

+ vendor reserves for lost shipping, etc. so merchant doesn't have to fight vendor over non-delivery

+ transaction fees to vendors

+ Ability to "charge" vendor to recover fees/costs.

+ etc....

 

Square took a product to Beta but then dropped it.  They turned their focus on to their Cash App and the Beta they had was more of a layer on top of the Cash App.  That's why it didn't see light of day because it didn't meet the need.


EZ Merchant Solutions: Custom (USA based) B2B Development, Consulting, Development and Special Projects (get a quote here).
Commercial addons, payment methods and modifications to meet your business and operations needs.


 
  • johnbol1
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Posted 17 June 2021 - 03:56 PM #12

This is yet another retired Paypal business...  I don't think you'll find it anymore on paypal.com.

Funny you shoudl say this, they (Paypal) have recently pitched me to take over my Sagepay merchant and go with them "braintree"


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Posted 18 June 2021 - 08:51 AM #13

dear friends

am sharwan kumar suthar we have using cs-cart multi-vendor plate-farm and have found in stripe  payment error "transfers_not_allowed Funds can't be sent to

accounts located in IN because it's restricted outside of your platform's region; please contact us via https://support.stripe.com/contactfor details."

in order has been incomplete

then we have chat o stripe support they are answer us that you have to create charge so they answered following:

"Upon checking, we do not support separate charges and transfers for India at the moment.

https://support.stri...or-marketplaces

We suggest to use destination charges instead, you can follow the doc here -

https://stripe.com/d...ination-charges

You can follow the doc here -

https://stripe.com/d...ination-charges

any one can helps u


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