Square and Stripe Now Offer Instant Payments
For many entrepreneurs, startups are lean endeavors and require steady income. Racking up sales is the easy part, but how do you get paid quickly? There are a few options, depending on how you’ve structured your business. For those who prefer a more out-of-the-box experience, Square is probably the way to go. A small- to medium-sized business can create an entire end-to-end experience on Square, managing everything from stock levels to payment processing. Square also has physical card readers, and its newest hardware supports NFC payments so any business can accept Apple Pay or Android Pay. If you’re opening an online-only store, Square offers eCommerce solutions for websites. If you're curating an experience for customers and prefer not to have pre-fabricated solutions, Stripe is now a solid option with its new Instant Payouts program. Its easy-to-use APIs add payment processing to any app or website, and is relied on by developers everywhere. It’s even included as the default payment processing system in Twitter’s Fabric toolkit for developers. If you’ve got a digital-only environment and an existing app, Stripe is a good choice. If you plan to take physical payments, it lacks hardware or a forward-facing experience for customers, making it a non-starter for many. Getting paid is the name of the game, though—and each have similar approaches. Square takes a svelte 1 percent of a balance for same-day payments, which can be requested manually (which also means you pay the fee each time you get funds) or set for automatic deposit at the end of your work day. Stripe is similarly structured, but takes 1.5 percent of your balance. Both require a minimum of $50 in transactions before transferring funds to your bank account.