Receiving Payments Online

When you consider the cost and hassle involved in accepting cheques, it’s well worth thinking about having an online payments system.  These days it’s much easier than it used to be, and if you have a WordPress website there are payment systems that can be integrated very easily.

The longer-established system of taking payments is via Merchant Services, e.g. AIB or Elavon.  However there are other options available such as PayPal and Stripe.  There are pros and cons with any system, and charges vary among providers.  The examples below will give you some idea of how pricing works:

AIB Merchant Services’ Authipay system

Small Business monthly charge: €21.99 (including 300 transactions)
Charge for transactions over the 300 included: €0.20
PLUS
Merchant services costs which may vary but are approximately:
Credit card 2.25%
Debit card €0.30
Commercial card 3%
Authipay also offer Medium Business and Corporate rates.

PayPal

3.4% + €0.35 per transaction (PayPal don’t charge VAT).
If you receive more than €2,500 per month you can apply for a lower rate:
€2,501 – €10,000 : 2.9% + €0.35
€10,000.01 – €50,000.00 : 2.7% + €0.35
€50,000.01 – €100,000.00 : 2.4% + €0.35
> €100,000.00 = 1.9% + €0.35
Bear in mind if your receipts drop to a lower band in a given month, the rate PayPal charges will increase in the following month.

Stripe “Pay As You Go”

1.4% + €0.25 per transaction for European cards (excluding VAT)
2.9% + €0.25 per transaction for non-European cards (excluding VAT)
No set-up or monthly charges
Transfers made to your bank account on a 7 day rolling basis

If you need help working out what the best system for you might be, contact BizAssist.