Should Contractors Use Stripe For Payment Processing? Pros & Cons

In this video, I talk about the pros and cons of using Stripe for collecting payments as a contractor.

Pros:

Speed to Money: Stripe allows for faster payment collection, which is crucial for me.

Convenience: It's easy for clients to pay using credit or debit cards, or linking their bank accounts.

Improved Cash Flow: Payments through Stripe typically take three days to process, which can be quicker than other methods.

Integration with Bookkeeping Software: Stripe connects directly to software like QuickBooks, automatically recording transactions.

Building Trust: Using modern tools like Stripe can help build trust with customers.

Automation: Stripe supports subscription models, allowing automatic, regular charges to customers, reducing the need to chase down payments.

Cons:

Transaction Fees: Stripe charges a fee of 2.9%, which can add up, but I factor this into my pricing.

Chargeback Risk: There's a risk of chargebacks with credit card payments, which needs monitoring.

Technical Issues: Potential technical difficulties, though Stripe is generally reliable.

Internet Dependency: Requires a stable internet connection, which might be a problem in some areas.

Learning Curve: Setting up and learning to use Stripe might take some time.

Reduced Personal Interaction: Using online payments might decrease face-to-face interactions with clients, affecting relationship building.

I've been using Stripe for over six years and have found it to be an essential tool in my business. If you have any questions or want to know more about my experiences with Stripe, feel free to ask in the comments.

More and more contractors are moving towards using Stripe, and you might consider it too.

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