PayPal vs Stripe for eCommerce Websites

  1. Which do you need? 00:54
    • You need both.
    • Realistically, you need both to run your business.
    • PayPal has the name recognition and trust built in.
    • Some people who don’t use PayPal, will want a credit card processor. While you can process credit cards through PayPal without an account, some customers still won’t use it. This is when you will need Stripe.
  2. A note about financial disputes with PayPal vs Stripe 03:15
    • PayPal does a fantastic job with determining the outcome of financial disputes. Their team will look at your side and the customer’s side of the transaction to be fair to both parties.
    • Stripe on the other hand, is not always fair to the seller. They don’t look at the evidence to determine if the customer is trying to “game the system”.
    • In David and Tim’s experience, they have lost every dispute with Stripe, even when they had evidence to support the transaction.
  3. If you have renewal products… 08:55
    • If you are selling renewal products, you need to keep in mind payments over time.
    • If your products renew yearly, a lot of time is passing in between.
    • When a customer changes their credit card number, the PayPal account itself will usually have a backup payment method and the charge will still go through.
    • However, if the customer signs up for the renewal and pays by credit card through Stripe, you are more likely to get failed payments because the customer will have to sign in and update their payment settings.

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