Payment Services Comparisons

I've had a few queries lately on which payment service is better... so here is a basic comparison of the 3 main ones. 👇

Stripe / Square / Paypal

Each have their Pros and Cons and different set of fee structures.

My personal favourite right now, for online payments is: -  Stripe, because it now integrates excellently with Xero with its own bankfeed! Also, the fees aren't too bad.

If you need a POS terminal, Square is your go-to, there is a free 3rd party app that helps it to integrate into Xero too but is just a little bit trickier setting up. Something we can help with!

Paypal is the most popular, well trusted and great for foreign currency, however the fees aren't the best.

Here are 3 examples of clients that have completely different businesses and which payment service works best for them:

A Coffee Van: Square is this clients go to payment service. He purchased a terminal, has the POS (Point of Sale) system setup and we integrated his Square account into his Xero file to help with reconciliations.

A Landscape Designer: Stripe is this clients go to payment service as he can accept fast payments online by his customers, who can easily click the ‘Pay Now’ button on his invoices. We setup a separate bank feed in Xero, with some clever bank rules for the fees and bank transfers and this solution is working great for him and helps bring his debtor days down as customers are paying faster.

A Health Boutique: that sells products online uses Paypal, as it links with their WooCommerce website as the payment method for its customers and has a separate bank feed setup in Xero.

What works best for your business will depend on your requirements, feel free to contact us for a consult to work out the best payment service for your business.