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Chose a payment processor for my small fintech and regretting it
Had to pick between Stripe and a smaller Canadian processor called Helcim back in February. Went with Stripe because everyone said they're the standard. Now I'm paying 2.9% plus 30 cents per transaction and Helcim quoted me 2.4% with no monthly fees. My profit margins on a $50 subscription are getting eaten up. Anyone else switch processors after getting locked in and finding it a hassle?
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phoenix_grant341mo ago
Yeah I used to think switching was too much work but you just made me rethink that.
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michael_jenkins391mo ago
Man its funny cause I spent like three hours researching payment processors last week and still haven't switched. My brain just shuts down when I see terms like "merchant fees" and "chargeback ratios." Probably just need to rip the bandaid off and do it, but my procrastination game is strong. The 0.5% adds up way more than I want to admit, especially when you add in the random hidden fees they sneak in. At this rate I'll be the guy still using the same processor in 2030 complaining about margins.
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anthony_campbell881mo ago
Hold on, is that 0.5% really killing your business? That's like 25 cents on a fifty dollar sale.
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