(no title)
wilhil | 2 years ago
We are a UK company but now have clients worldwide and worldwide bank accounts (thanks to Wise).
So many people in the US can't pay via ACH Transfer (we can't do debit without a US entity... looking in to options and setting up a LLC now), so, we need to be able to accept credit card.
I thought I had a nice workaround by having USD to my USD account and only paying standard (high) fees, but, they now charge me a surcharge for this despite no Forex fees needed, and worse, the fees always link to the wrong transactions so I can't even reconcile properly.
On top of this, they force convert my CAD to GBP despite having a CAD bank account, and charge me so many fees on top.
It's the only option I've found as of now, but, I'm far far from being a fan.
quelltext|2 years ago
I assume you are talking about this, perhaps: https://stripe.com/docs/payouts/alternative-currencies
It's a bit confusing as it seems to say there are fees if the bank account isn't domiciled in the country of the merchant but it's left vague whether the fee also applies to any alternative currency payout. The pricing page seems to support the latter theory: https://stripe.com/en-gb-de/pricing
> they now charge me a surcharge for this despite no Forex fees needed, and worse, the fees always link to the wrong transactions so I can't even reconcile properly.
The forex fees may not cost anything but the underlying cost is surely not free. Foreign currency transfers even (or in fact in particularly) domestically usually need to go through different rails, which often have fees associated. For US domiciled bank accounts they could potentially pay out from funds Stripe holds in the US already, but the need for balancing accounts internally later this isn't going to be free.
All that ignores the system and banking interconnectivity operating cost and their desire to recoup the engineering effort investment.
Bottom line is that there's a fee for this (which is service that I don't believe existed a few years back and is clearly a value added service) and if you're not happy with a fee it's your right to try and find another provider that is cheaper.
I understand that fees aren't something making customers happy but come on, your admitted workaround not working out as you planned doesn't make Stripe a nightmare. Seriously try to look into other PSPs and whether they support what you want to do better. If they don't or if another workaround there would be more cumbersome, perhaps Stripe isn't such a "nightmare" anymore in comparison.
Stuff just doesn't always end up working the way you might want to, and that means a market or product is perhaps ripe for disruption but Stripe charging for a service seems to be what bugs you the most. And I feel like you are underestimating the value/convenience they provide.
> the fees always link to the wrong transactions so I can't even reconcile properly.
That one does seem like a bug or a shortcoming in how they present fees, yes.
> On top of this, they force convert my CAD to GBP despite having a CAD bank account, and charge me so many fees on top.
Why would this happen if you used alternative currency payouts for that?
quelltext|2 years ago
Is it possible you hadn't yet registered your CAD bank account on your Stripe account before starting to accept CAD payments?
quelltext|2 years ago
Is it possible you hadn't yet set up a CAD bank account on your Stripe account before starting to accept CAD payments?