I use Braintree for credit card processing, and over the years I’ve been frustrated by lots of things there. I thought I’d migrate to Stripe, which supposedly was way better.
Well, I just shelved this project.
It turned out that payouts in EUR are fine, but payouts in USD are only possible to a USD account… in the United States. And it’s not possible to have a bank account in the US without having presence there. My SaaS offers pricing in EUR, USD and PLN and I really wanted to process those three currencies, like I do with Braintree today.
But, I thought to myself, I could perhaps live with a conversion from USD to EUR… and then I looked at the fee structure. There is an additional 2% charge for currency conversion, so overall the fees would be: 2.9% international payments, 2% currency conversion, 0.5% Stripe billing. I’m not sure how these percentages are calculated, but they add up to about 5.4% of posted prices!
I checked my last statement, and Braintree currently charges me nearly 3.1% on USD transactions. I don’t know why it’s 3.1% and not 2.9% which they advertise, but I guess that’s how things go.
I tried to find a justification for paying 5.4% and I couldn’t. Sure, I have a lot of problems with Braintree, but I guess I can live with the inconvenience for that much money. Also, most of Stripe “value added” features in Billing are useless for me anyway (invoices are issued in US-centric “speculative” way before the customer is successfully charged, no SAF-T export, insistence on phone numbers in all E-mails, forced formatting of E-mails).
I’d be interested to hear what others in the EU think — if you have a SaaS business, do you use Stripe? Do you just accept a 5.4% commission?