Instead, when your invoice is paid this qualifies as a transaction. One major difference between PayPal and Stripe is that PayPal doesn’t charge fees specifically for invoicing. Users can create and manage invoices from a central dashboard, and the Invoicing API lets you integrate the service with your usual order management system. You should receive the funds in your PayPal account within minutes. The customer views all the details and then pays with a choice of credit card, debit card, PayPal, or PayPal Credit. This allows you to send customers an embedded link to a custom invoice. You’re probably already familiar with PayPal’s main features, but the platform also offers invoicing functionality through its PayPal Invoicing service. If you want to use Stripe, you’ll first need to ensure your site is SSL protected, and you’ll also need to configure some APIs and plugins. Stripe is a bit more complicated than GoCardless and PayPal when it comes to getting set up. You’ll receive a range of added features at the Plus level to justify the higher cost, including automatic reconciliation and custom reporting. At the Plus level you’ll pay 0.5% per invoice paid. At the Starter level, you receive 25 free invoices and then pay 0.4% per invoice after that. If you sign up for Stripe Invoicing, you can choose from two tiers of pricing. There are separate fees for the basic Stripe service and Stripe invoices. It also offers custom reporting and accounting integrations. You can manage accounts receivable with customised payment terms, automated email reminders, and automated tax collection. In terms of Stripe invoice features, the platform allows you to create invoices with a hosted invoice page and recurring billing. It can also be used for alternative payments including Android Pay and Apple Pay. Stripe is a user-friendly payment gateway designed primarily to handle credit card payments. IDC, the premier global provider of market intelligence, recently conducted research into the business value of the GoCardless platform and found that businesses using GoCardless spend 59% less time managing payments. To get the most out of your invoicing software, look for features including:Īutomation is a critical benefit that can save businesses significant amounts of time and money on financial admin. When comparing invoice software, you should look for platforms that automatically generate online invoices after each transaction, offer third-party integration for easier payment processing, and the ability to generate financial reports.Īll of these reduce the amount of administration required to run your business - rather than spending time on generating invoices, receiving payment, and reconciling your accounts separately, invoicing solutions are available that cover these bases in one. Using gateways like PayPal, Stripe, or GoCardless helps streamline and automate this process. Yet manually writing a new invoice for each transaction is time-consuming and tedious, particularly for businesses with high sales volumes. Invoices are a necessary part of the sale process, and vital to the process of getting paid, that provide clients a full breakdown of: What should you look for in invoice software? Businesses are truly spoiled for choice when it comes to payment gateways, but how do they compare when it comes to online invoicing? We’ve picked two of the biggest, Stripe and PayPal, and compared them to GoCardless’ offering.
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