Compare PayPal, PayPal Here and Stripe transactions
Note: This article is intended for the stand-alone Get Paid product that is now a tier of GoDaddy Online Bookkeeping. As such, some of these instructions may not apply to your Online Bookkeeping account.
Processing fee is a percentage of the total amount charged. For example, using Stripe to process a $1000 invoice, a customer would pay $29 (2.9% of $1000). That means they get $971 ($1000 - $29).
Online Bookkeeping - Get Paid does not include any payment processing fees. Each payment processor charges their own fees for every transaction. See their fees listed below:
| Processing Fee | Transaction Fee | Card Reader | Transaction Limit | Payment Methods | How long to get money? | Issue Refunds? | Good For: | |
|---|---|---|---|---|---|---|---|---|
| PayPal Here | 2.7% | $0.00 | Free | None | credit and debit cards | 2-3 business days | Yes | In-person payment |
| PayPal | 2.9% | $0.30 | N/A | $10,000 | pay with PayPal, credit and debit cards | 2-3 business days | Yes | Online payment from an invoice |
| Stripe | 2.9% | $0.30 | N/A | None | credit and debit cards | 2 business days | Yes | Online payment from an invoice or taking payment over the phone |
| Square | 2.75% | $0.00 | Free | $25,000 | credit and debit cards | 2-3 business days | Yes | In-person payment |
| Amazon | 1.75% - 2.5% | $0.00 | $10 | $10,000 | credit and debit cards | 2-3 business days | Yes | In-person payment |
- PayPal Here*: Manually enter a card number or scan a card: 3.5% + $0.15 per transaction (This method is considered higher risk and therefore costs more.)
- Sign up by October 31, 2014 to lock in this special rate through December 31, 2015. Pay 2.5% beginning January 1, 2016. Rates apply to all major credit and debit cards. First $10 in processing fees credited
- No difference in processing fees for American Express
- Online Bookkeeping - Get Paid does not support Square
The Difference Between Online Bookkeeping - Get Paid & Square
| Items | Get Paid | Square |
|---|---|---|
| Monthly Fee | $4.99 | $0.00 |
| Processing fees | 2.7% | 2.75% |
| Technical Support | Phone, email, online | Email, Online |
| View all of your sales in one place (e.g, Square, PayPal, eBay, Etsy, Amazon, etc.) | Yes | No |
| Access to your client list for email marketing | Yes | No |
| Send Invoices | Yes | Yes |
| Mobile payment transaction limit | None | $25,000 |
| Schedule C worksheet for tax time | Yes | No |
Notes About Square
- The Square Cash app lets you exchange money using a debit card. It's designed for paying friends (e.g., I'll send you $20 I owe you for dinner.) The maximum amount is $250
- Square does not allow you to access your client's email address for things like email marketing or individual follow up
- Square offers phone support, but the phone number leads to a recording that directs customers to send an email
