Problem with local bank transactions fees on Stripe transfers

[setaz]

Hello,

I have set up and launched my store in April and used Stripe as a payment provider, as Shopify Payments is not available in Greece (at least not yet). Unfortunately I had a bad surprise when I had my first orders. Stripe was set up by default in a way that every time there was an order payment, the funds were then tranferred in my localbank account after a few days. Unfortunately for each and every Stripe transfer transaction, my local bank charged me a transaction fee of 3€, so for 4 different orders I was charged 12€!!. When I talked to the bank they had not even heard Stripe and they explained that each transaction is treated as an international bank transfer, so they have a standard 3€ fee for that. I have already changed the settings in Stripe so that the Payouts are scheduled to "automatically send monthly", instead of every week, so at least there would be one transaction fee for every month by the bank and not more!

But is there any other solution? Is there any other payment provider for Greece that would not count as an international bank transfer? I am not sure if Shopify Payments is going to be available in Greece anytime soon, but would that make any difference, or does it work the same way as Stripe works?

Thanks

[Skye · Accepted solution]

Hi, @setaz 

Thanks for posting! I hope your day is going well.

Hi there! I understand that you have set up your store in Greece and are facing issues with transaction fees charged by your local bank for Stripe transfers. 

First, I recommend looking at the other payment providers that are available in Greece and see if they charge lower transaction fees. Some of the popular payment providers in Greece are Viva Wallet, PayPal, and Skrill. You can research these providers and see if they meet your requirements.

Another option to consider is opening a new bank account with a different bank that charges lower transaction fees for international transfers. You can then link this account to your Stripe account and receive your payments there.

I hope this helps! In the meantime, I'd love to take a look at your store to see what additional support I can provide. 

[sirensiren]

Hello my friend! I am Greek and I am having the exact same problem. Did you find a solution? Could you please help me? 

[setaz]

Hello,

apart than changing the settings in Stripe so that the Payouts are scheduled to "automatically send monthly", instead of every week, I have not done anything more. But I have asked Alpha Bank about it and they suggested using their own payment provider which is called NEXI (https://www.alpha.gr/en/business/myalpha/e-commerce-e-payments/nexi-e-commerce) (https://www.nexi.gr/el/business/smartpos-mini121/?gclid=Cj0KCQiAsvWrBhC0ARIsAO4E6f_3CmiS8kq3TZCZJ0wv...), which I guess if it would be compatible with Shopify, it might come cheaper... but I am not sure if I want to make the switch right now.

[sirensiren]

Thank you so much for answering! I have done the same for now and I have contacted Stripe and I am waiting for potential guidance regarding this issue. I have already considered using Alpha Bank's payment provider and I was planning to do some research and find out if I can connect it with Shopify, but my only concerns is that international customers might find it a little bit sketchy because they are not familiar with it! So I will get back to you if I find another solution. Piraues Bank is charging me 4 euros for every Stripe transfer! They are the worst! I might have to send the payments to another local bank, because even you mentioned a fee of 3 Euros. Thank you for your help and I will get back to you if I find a better solution. Happy new year! I wish you all the best!

[Letter_Hound]

I'm right in the middle of setting up my own Shopify store here in Greece, figuring out the best way to handle payments has really got me thinking. It's like piecing together a puzzle – I need a payment gateway that works for my store, I need to decide whether to go with a digital bank like Revolut or maybe stick with a familiar local bank, like Alpha Bank or Eurobank. Making sure that whichever e-commerce platform I end up using (Shopify, in my case) plays nice with both the bank and the payment gateway. It's all got to click together just right. In your cases are you satisfied with stripe and alpha, or just alpha and the payment provider they are using? Have you found a different solution? @setaz @sirensiren