As a result of the UK leaving the EU, major card networks now consider transactions between the UK and European Economic Area (EEA) to be cross-border. Stripe will be making some changes to fees between Europe and the UK to reflect this, starting on the 1st of July 2022.
Stripe Fees examples
Current Stripe Fees
1.4% + £0.20 on card transactions for all of Europe, including the UK
2.9% + £0.20 on international card transactions
New Stripe Fees from 1st July
1.4% + £0.20 on domestic card transactions in the UK
2.5% + £0.20 on card transactions between the UK and the EEA
2.9% + £0.20 on other international card transactions
Stripe say that they also support over 40 local payment methods that you can turn on in minutes—no need to set up local entities or bank accounts. Accepting payment methods such as SEPA Direct Debit, iDEAL, and Bancontact could lower costs and drive higher conversion rates.
One Response
Another Brexit benefit, as Jacob Rees-Mogg would put it.