Stripe vs Square - Which Is Better, And How To Choose? (Must Watch Before You Choose!). In this comparison video I will talk about Stripe vs Square.
So, the main difference between them is their Plan.
Stripe offers a variety of features for international transactions, which include global payments, checkout optimization tools, dispute handling, and comprehensive security. The platform assists in invoice payments and reports. Stripe plan is pocket-friendly for long-term business plans. However, if you need extra services that boost your transaction, you will part with some fee. For instance, Stripe charges additional costs for POS systems on mobile transactions.
Conversely, Square offers small and medium business owners services with features such as built-in encrypted payments, dispute management, fraud prevention, and online checkout. The platform provides a free POS system setup with a monthly subscription model for other tools. Square offers services to only three kinds of businesses: appointments, restaurants, and retail.
Transaction Fees
Stripe levies a transaction fee of 2.9% and an additional $0.30 for each online purchase. In-person transactions will pay 2.7%, with an extra fee for each sale. You will also incur 1% with an additional $0.30 for each international payment, not forgetting the 1% charge for converting the currency. Stripe gives you a chargeback protection fee of 0.4% for each transaction you make. On the other hand, Square charges the same fee as Stripe for online transactions. Its in-person fee is cheaper at 2.6% with an additional $0.10 for each payment and gives business owners a free POS setup. However, Square does not offer a chargeback fee since customers have to carry the burden of converting currencies.
Integrations support
Stripe integrates with third-party services by supporting digital wallets, money transfer services, and credit card networks worldwide for online platforms such as Shopify and Squarespace. Square integrates networks that are available in countries where Square businesses function.
But do they have any similarities?
Yes, both Stripe and Square charge zero monthly subscription fees for their primary payment services. They also use a standard pricing model known as pay-as-you-go and customize prices for companies that highly transact with them.
So, to sum up, which is better?
I like Stripe's Plan for long-term business transactions and its availability for integration worldwide. Square's affordability in terms of transactions makes me want to use fees for my small business. However, I choose Stripe because it has more transaction tools and efficient payment deals for international transactions.
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