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Payment by bank transfer via Stripe
Payment by bank transfer via Stripe allows you to receive bank transfers without displaying your own bank details. When a customer chooses this payment method, Stripe displays transfer instructions to a dedicated virtual bank account (VBAN), which allows the payment to be automatically matched with the correct order. On Artfolio, this option is currently available for accounts in euros and pounds sterling.
What are the advantages of payment by bank transfer?
The main advantage of bank transfer is its very low cost. Unlike card payments, there is no fixed fee. Stripe only charges 0.5% per successful payment, with a cap of €5.00 or £5.00.
By comparison, card payment fees start at €0.25 or £0.25 + 1.5% of the amount paid. Bank transfer is therefore particularly useful for small payments, but also for larger amounts.
For a payment of €3.00
- €0.02 by bank transfer
- €0.30 by card
- Card fees are 15 times higher.
For a payment of €100.00
- €0.50 by bank transfer
- €1.75 by card
- That is €1.25 less in fees compared with card payment.
For a payment of €2,000.00
- €5.00 by bank transfer
- €30.25 by card
- That is €25.25 less in fees compared with card payment.
Bank transfer is also useful for larger amounts. Some customers may be limited by their card payment limit, or may prefer to keep it available for other purchases. Bank transfer then offers a simple and reliable alternative.
What are the disadvantages of payment by bank transfer?
Bank transfer is a payment method with delayed confirmation: the order is validated only once the funds have been received and matched by Stripe. This process takes about 20 minutes for an instant transfer, and can take between 1 and 3 business days for a standard transfer.
This payment method may be less suitable for products with limited stock. The order is not recorded until the bank transfer is confirmed. Another customer may therefore complete a purchase by card during this time. In this case, you may need to issue a full or partial refund from Stripe.
Please note that refunding a transaction paid by bank transfer may take between 1 and 5 days. Refunds for card payments are generally processed within 5 to 10 business days.
