We’re writing to let you know that our payment gateway provider, Stripe, are increasing their fees for businesses based in the United Kingdom from the 10 April 2023. We wanted to provide information about this pricing update and what this means for you in this post.
Transaction fees for cards will be categorised into multiple regional prices:
- Standard UK cards (most cards including American Express) will change from 1.4% + £0.20 to 1.5% + £0.20.
- Premium UK cards (commercial Visa/Mastercard) will change from 1.4% + £0.20 to 1.9% + £0.20.
- International cards issued outside the UK and Europe will change from 2.9% + £0.20 to 3.25% + £0.20.
- European cards will remain the same at 2.5% + £0.20.
For the majority of the sales on Crafter’s Market, this translate to a couple of pence per transaction, but something everyone should still be made aware of.
What’s changing and why?
As of 10 April 2023, fees for card processing and disputes will be higher due to increases in network costs (in recent years, major card networks have introduced several new fees and have increased existing fees), as well as increases in underlying service costs.
All marketplaces that utilise Stripe will be affected by this price increase.
We still have no plans to change our prices despite our running costs increasing.
What does this mean for me?
To put this into perspective, currently if you sell an item for £100.00 on Crafter’s Market UK under our Basic plan (5%), your total fees are £6.52. From 10th April 2023, your fees will be £6.63.