Starting on November 10, 2022, transaction fees on cards entered manually in the Stripe Dashboard will increase by 0.5%, from 2.9% + 30¢ to 3.4% + 30¢ for businesses on standard pricing based in the US and 3.4% + C$0.30 for businesses based in Canada. Please refer to the following details to understand how these changes may impact your business.
What's changing and why?
Starting on November 10, 2022, transaction fees on cards entered manually in the Stripe Dashboard will increase by 0.5%, from 2.9% + 30¢ to 3.4% + 30¢ for businesses on standard pricing based in the US and 3.4% + C$0.30 for businesses based in Canada.
This price increase reflects the cost of higher fraud rates associated with collecting customer card details by phone or other unencrypted sources. Directly typing in sensitive customer data bypasses much of the security that’s built into Stripe’s online payments. As a result, we see higher fraud rates on manually entered payments, leading to higher costs for Stripe.
What is a manually entered card payment?
A manually entered card payment is a transaction in which a customer’s card details have been typed into and processed in the Stripe Dashboard. This includes the following:
One-time payments where the customer’s card details have been typed into the Dashboard at the time of transaction
One-time payments using a saved card on file whose details were previously typed into the Dashboard
The first subscription payment using a card whose details have been typed into the Dashboard. (All subsequent subscription payments using that card will be charged the standard 2.9% + 30¢ card processing fee.)
Which businesses are affected by this price change?
All Stripe businesses based in the US and Canada on standard pricing will be affected by this price change starting on November 10, 2022.
What are alternatives to manually entering card information in the Dashboard?
Below are alternatives to consider for more secure and easy-to-use payment options:
|Payment option||Pricing for US businesses||Pricing for Canadian businesses|
|Payment Links||2.9% + 30¢ per transaction||2.9% + C$0.30 per transaction|
|Hosted Invoices||Starting at 3.3% + 30¢ per paid invoice||Starting at 3.3% + C$0.30 per paid invoice|
|Third-party integration||Price varies||Price varies|
|Terminal||2.7% + 5¢ per transaction||2.7% + C$0.05 per transaction|