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On 10th April, 2023, Stripe, a popular payment processor, will be changing its pricing structure. Here is all you need to know:
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Transaction Fees
Transaction fees for cards are categorized into regional prices and have different fees depending on card type; Standard, Premium, International and European cards.
- Standard UK cards will see the transaction fee increase from 1.4% to 1.5%, plus a fixed fee of £0.20.
- Premium UK cards, such as commercial Visa/Mastercard, will have a transaction fee increase from 1.4% to 1.9%, plus a fixed fee of £0.20.
- International cards issued outside the UK and Europe will see the transaction fee increase from 2.9% to 3.25%, plus a fixed fee of £0.20.
- European cards will maintain the same transaction fee of 2.5%, plus a fixed fee of £0.20.
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Dispute Fees:
Stripe is also changing their dispute fees, referring to the fees charged when a customer disputes a charge on their credit or debit card.
The dispute fee will increase from £15 to £20, and Stripe will no longer refund the dispute fee if the customer’s bank resolves the dispute in their favour, meaning that merchants will have to pay, even if they win.
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What Do These Changes Mean for Your Business?
These changes will affect businesses who use Stripe to process card payments; merchants will see an increase in the cost of processing payments, especially if they accept a lot of international cards or premium UK cards. However, the changes are not drastic, and Stripe’s fees are still competitive with other payment processors.
The largest impact that businesses will face are surrounding dispute fees increasing, since they will be made to pay despite the result of the dispute, so we encourage businesses to ensure that all transactions are valid and well-documented to decrease the likelihood of disputes.
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Alternative Lower-Cost Payment Methods:
If you’re using Stripe Checkout or the Payment Element, you can simply turn on more than 25 payment methods from the Dashboard. Stripe will automatically show the advised payment method to help you get more people to pay based on where they are.
Some alternative popular payment methods are:
- Link is Stripe’s super-fast checkout experience that only takes one click. It works with all UK cards and only costs 1.2% plus 20p for each transaction.
- Bank transfers are good for big, one-off payments and they only cost 0.5% per transaction, with a limit of £5.00.
- SEPA Direct Debit is great for recurring payments within the EU and it only costs 30p per transaction.
- BACS Direct Debit is perfect for recurring payments within the UK and it costs just 1%, starting at 20p and capped at £2.
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