Lowest fees? Credit card payment or PayPal?

LDLOBE

At this point in my business all my clients have been paying by e-transfer. However, I am starting to expand outside of Canada and have my first US client. E-transfer is not an option, so....

I will be charging her in USD.

**What is my best option to accept payment (ie. what has the lowest fee): PayPal or Credit Card?
**
I know I can accept credit card seamlessly within Wave but that's not my primary consideration. How can I minimize my fees?

Thanks!
Leanne

JulianP

Hey @LDLOBE !

Right now, Payments by Wave can only handle payment transactions directly in your business currency. So, within 1 business profile, if it's set to CAD/CAN you'd be restricted to processing CAD only. However, Canadian businesses are able to make a secondary business profile in Wave, with an address in Canada, but processing in USD.

When this happens, Wave opens an integration with Stripe for that specific business profile. They would then do payment processing for you, but, the integration functions in such a way that the automatic accounting on our end should still be seamless. I should mention, Stripe only allows Credit Card payments at this time, so this CAN/USD business profile wouldn't be able to handle ACH/Bank as mentioned earlier.

I broke down Stripe's credit card processing fees and timelines for you below (they are the same as Wave's processing fees):

• Credit card payments: This process takes 1-2 business days to process. The fee for this method of payment is 2.9% plus an additional 30 cents per transaction. So if you send an invoice for $100 Wave collects $3.20 total depositing $96.80 into your account. This is the faster transaction method.

Please note, when using Stripe as your payment processor, you won't incur processing fees from Stripe and Wave. You will only receive one processing fee deduction which will be charged by Stripe. I hope this helps!