Stripe has announced that starting April 10, 2023, it will increase fees for United Kingdom (UK) businesses. The fee to be increased are for card processing, disputes, and payouts in USD.
New Stripe fees for UK businesses
The new stripe fees for UK businesses that will take effect on April 10, 2023, are as follows
|Product||Old Fees||New Fees|
|UK Standard Cards||1.4% + £ 0.20||1.5% 1.4% + £ 0.20 per transaction|
|UK Premium cards||1.4% + £ 0.20||1.5% 1.9% + £ 0.20 per transaction|
|International cards||2.9% + £0.20||3.25% + £0.20|
|EEA cards||2.5% + £0.20||No changes|
|USD payouts||New||1% fee or US$2.50 (whichever is high)|
Prices in the table above are per transaction
USD payout fees are for businesses in the UK making payments in USD to businesses that are not based in the US.
Stripe says that the increase in fee is because of the rise in network costs and new fees introduced by card networks.
What can businesses do?
For card payment fees, businesses can consider other cheaper but reliable alternative payment methods offered by stripe and other payment processing companies.
For dispute fees, merchants have to put in place adequate verification measures to prevent card fraud. For e-commerce marketplaces with multiple vendors, store owners have to ensure that submitted products meet the highest quality standards before being approved to reduce chargebacks or refunds.