Whether its a side-hustle, you're an e-commerce entrepreneur or a power-house brand turning over millions, let's take a look at the maths of online payments processing costs. Imagine you run a decoupage decorated scallop shell shop - it doesn’t matter what the product is for our example, but decorated shells are so much more interesting than widgets! You sell each shell for £10, and you use PayPal in your WooCommerce checkout. After you have paid for your materials and other expenses you make £3 per shell.
PayPal charges 1.2% of the transaction, plus a 30p processing fee. The cost of processing per shell is £10 x 1.2% + 30p = 42p. Suppose you could reduce that 42p to 1p - just one penny.
Your £3 profit per shell becomes £3.41. Now let’s turn your profit increase into a percentage: (41p / £3) x 100, which equals 13.7%.
Wonderful's WooCommerce payment plugin is a viable alternative to Stripe, PayPal, WorldPay, or any other ecommerce payment gateway. The big difference is that Wonderful's payment processing service charges a few pence per transaction (depending upon the plan you select) with no percentage fees regardless of the amount, and we don’t even tie you into a contract.
Wonderful’s WooCommerce plugin takes about 5 minutes to install. Can you think of anything else you can do in the next 5 minutes that will increase your profits by 13.7%?
Get started by downloading our WooCommerce plugin. What have you to lose?
PayPal, Stripe and the others have met their Waterloo!
