PayPal vs Stripe
You might be confused why EventNook would offer two similar payment gateway services, but actually, PayPal and Stripe are quite different in many ways. This article will compare the two services and we hope this might help you decide which service (or both) to use for your event!
Here's how they compare:
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Below are detailed analyses of these factors:
In terms of customer (attendee) experience, PayPal will redirect customers to their own website to make the payment, no matter the customer wants to log into their PayPal account or not. Stripe, on the other hand, will show a floating window on the registration page, so customers will not leave the page for payment.
You will be redirected to PayPal for payment.
Stripe will show a floating window like this: only email and card information will be needed.
So, in terms of customer experience, Stripe wins slightly with its simpler and more straightforward interface.
Ease of Use
Apparently, PayPal has a longer history than Stripe and is widely used by merchants all over the world. If you already have a PayPal seller account, linking your event with PayPal will be a painless process—simply put in your PayPal account and you are good to go! If you don't yet have a PayPal merchant account, signing up for one isn't that hard as well.
Stripe's sign up process, on the other hand, is also smooth. It takes about 5-15 minutes; you will need to verify contact person identity (E.g., upload photo ID Card such as NRIC) and provide bank account details. The whole process is online and easy to complete. For more on setting up Stripe, visit Setting up Stripe for Payment.
All in all, PayPal wins by a slight margin for its wide user base that would possibly make the process easier.
Fees & Rates
For Singapore business entities, PayPal has a standard 3.9% + $0.50 SGD fee for monthly sales up to $5000 SGD. There are discounted rates for customers that have sales greater than $5000 SGD per month. For more information, visit Seller Fees - PayPal.
Stripe, for all credit & debit card transactions in Singapore, has a standard 3.5% + $0.50 SGD fee, and for Alipay, Stripe has a different 2.2% + $0.35 SGD fee. Volume discounts are also available. For more information, visit Stripe: Pricing & fees.
Note: Fees and rates listed here are for Singapore business entities and subject to change. If you are not in Singapore, please visit PayPal and Stripe in your own country and see their price listings. Also, there's a 1% EventNook transaction fee on top of these fees.
In all, Stripe has a slightly lower rate than PayPal.
Supported Payment Methods
PayPal supports a large number of credit cards, including Visa, MasterCard, American Express, Discover, JCB, Diner's Club, and EnRoute.
Stripe supports Visa, MasterCard, American Express, Discover, and Diner's Club credit cards, as well as Alipay.
In all, PayPal supports more credit card options whereas Stripe has more support with Chinese customers, so we think this is a tie here.
Supported Countries & Currencies
In all, both payment gateways have their strengths and weaknesses in terms of supported countries and currencies. It depends on your situation to decide which service you want to choose for your event.
Hope this article has cleared some confusion and myths you might have about the online payment options we offer. If you have decided on which option to use, see how to set them up for your event in the following links: