New Stripe V’s PayPal Pricing Calculators for Ireland Euros

Stripe have just (Jan 2016) lowered their standard fees and it’s caused me to go re look their pricing structure compared to my old favourite PayPal! I’d just like to clarify a few things here for people and list some sample amounts and fees as well as provide a downloadable example Microsoft Excel formula/spreadsheet.

STRIPE

The Stripe pricing structure for Ireland (Euros) per transaction is as follows:

*1.4% + 25 cents + VAT @23%

There are no other fees at all, ie – setup, monthly, validation, refund, failed transactions, etc.. Custom/personalised pricing structures are available for high volume clients.

Here’s some sample amounts (Price paid – Money in Bank – Stripe Fee):

  • €1 – €0.68 – 32c
  • €10 – €9.52 – 48c
  • €50 – €48.83 – €1.17
  • €100 – €97.97 – €2.03
  • €250 – €245.39 – €4.61
  • €500 – €491.08 – €8.92
  • €750 – €736.78 – €13.22
  • €1,000 – €982.47 – €17.53
  • €10,000 – €9,827.49 – €172.51

It takes 7 – 9 days for the money to appear in your bank after the transaction and the process is automated.

PAYPAL

The PayPal pricing structure for Ireland (Euros) at the ‘Standard Rate’ per transaction is as follows:

*3.4% + 35 cents (Note that PayPal don’t charge VAT unless you tell it to or are VAT registered.)

Like Stripe, there are no other setup, monthly fees etc.. Fees are lower the more monthly income you have. The first threshold is €2,500.

Some sample amounts (Price paid – Money in Bank – PayPal Fee):

  • €1 – €0.62 – 38c
  • €10 – €9.31 – 69c
  • €50 – €47.95 – €2.05
  • €100 – €96.25 – €3.75
  • €250 – €241.15 – €8.85
  • €500 – €482.65 – €17.35
  • €750 – €724.15 – €25.85
  • €1,000 – €965.65 – €34.35
  • €10,000 – €9,659.65 – €340.35

You have to manually transfer money from your PayPal account to your bank but it takes about 1 – 2 days currently for the money to arrive (Bank of Ireland).

Conclusion

Even allowing for PayPal’s no VAT, Stripe is significantly cheaper to use for the average/standard Irish/European user, especially for larger single transaction totals however PayPal is a bigger, more well known brand (for now!) and lots of people have accounts so maybe the best thing to do is give clients the option of how to pay you?

Here’s my Excel spreadsheet I took the above figures from if you want to download it and plug in your own payment amounts. The formulas are all there:

Download Sample Spreadsheet here (.XLS)

*Fees based on standard, low volume transactions. Fee structure may vary.

Leon