Comparison of Payment Processors

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Comparison of Payment Processors Stripe Alpha Kappa Psi’s recommended payment processor through our parternship with ChapterSpot Chapters can account for Dues Collection Fees by absorbing the cost or having members cover it Pros o User friendly o Works in other countries and with most financial service companies o Website integration available o Can generate custom reports Cons o Incur 2.5 percent fee and 30¢ per online transaction. American Express transactions incur 4 percent fee o Best suited for low-risk, internet-based businesses PayPal Pros o Easy to use, popular o Records transactions o Encrypted o API integration with PayPal’s website to secure customer’s sensitive information Cons o Can freeze accounts without warning o Possible target for phishing and scams o Fees when receiving payments o Difficult to contact customer service Square Pros o Offers invoicing and appointment scheduling o Analytics dashboard o Customer support o Website and app integration Cons o Fee for online purchases o More focused on look of website rather than functionality Venmo Pros o Easy to use, convenient Cons o Lack of security o Lack of privacy as payments are visible on your “timeline” o Fee for credit card use o More often for personal use rather than professional business Zelle Pros o No wait to see transaction in bank account o No fee deduction o Integrated function within mobile banking apps Cons o Integrated with limited number of financial institutions o Susceptible to fraud Sources: https://financialwellness.org/paypal-pros-cons-review/ http://emaginemore.com/blog-post.php?post=35 https://www.thebalancesmb.com/pros-and-cons-of-paypal-for-small-business-3971303 https://jmudailyduke.com/2017/01/27/pros-and-cons-of-venmo/ https://contently.net/2015/08/17/resources/tools/pros-cons-10-biggest-digital-payment-apps/ https://squareup.com/switch https://www.linkedin.com/pulse/pros-cons-square-point-sale-chris-damron/ https://www.getapp.com/finance-accounting-software/a/square-point-of-sale/reviews/ https://www.merchantmaverick.com/paypal-vs-stripe/ https://www.creditdonkey.com/stripe-review.html https://swipesum.com/magazine/square-stripe-sonder-and-worldpay-the-pros-and-cons-of-4-top-credit-card-processing-companies- in-2018/ http://www.summa.com/blog/why-adopt-zelle https://www.msn.com/en-us/money/personalfinance/the-pros-and-cons-of-the-top-6-p2p-payment-services/ss-BBIBieC#image=7 https://www.nytimes.com/2018/04/22/business/zelle-banks-fraud.html .

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