MEDIUM Money News & Substack too!💸

Stripe is changing their fees and more! 💰 What will it do to us? This is a long article, but the info is, to me, important cuz it’s about our pay!

I had no idea that Stripe was making changes.

Carrie had gotten an email from Stripe. — I never did get one. — Carrie shared the email with all of us on Medium! — This is the email,

👀 Yesterday I read an article by Carrie. 📬 In my comment, I asked her to email me, because this surprised me.😯 I had no idea.

Because she knows more than me, I wanted to get feedback.

Carrie did email me. — I told her that I wanted to write about this as well, to spread the word so maybe more Medium people would be aware!

Carrie seemed somewhat distraught…

As she should be! — We aren’t making millions here, right? ✍ BY THE WAY CARRIE, thank you for sharing this info!

I was wondering if Stripe was just picking on Medium writers.

So I started digging. 😈 Are they big bullies or what?

Her article is…Stripe: Changes Are Coming

What I am Choosing To Do Instead of Worry About It

🤜🏽I hit Google hard yesterday to research this!

This is what I learned! — Yes, the changes coming to Stripe in October 2023 will affect Medium writers.

👉 Stripe is the payment processor that Medium uses to process payments from writers.

There is an upside but, the downside is…

The changes will make it more difficult for writers to receive payments from Medium, and they could also lead to higher fees for writers.

If a writer makes $100 per month on Medium now…With the current fees, they will pay $3.60 in fees.

This is calculated by taking the current Stripe fees of 2.9% + $0.30 and multiplying them by the writer’s earnings of $100.

$100 bucks per month after the change, the writer will pay $4.20 in fees.

This is calculated by taking the new Stripe fees of 3.4% + $0.30 and multiplying them by the writer’s earnings of $100.

Here is a table showing the difference in fees before and after the change in Oct 2023:

These changes might be a bummer for Medium writers.

It may make it more difficult for writers to receive payments from Medium, and they could also lead to higher fees for writers.

🍕🍕🍕It is my GOSH DARN PIZZA MONEY for goodness sake!

𝑶𝒗𝒆𝒓𝒂𝒍𝒍, 𝒕𝒉𝒆 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒕𝒐 𝑺𝒕𝒓𝒊𝒑𝒆 𝒎𝒂𝒚 𝒉𝒂𝒗𝒆 𝒂 𝒏𝒆𝒈𝒂𝒕𝒊𝒗𝒆 𝒊𝒎𝒑𝒂𝒄𝒕 𝒐𝒏 𝑴𝒆𝒅𝒊𝒖𝒎 𝒘𝒓𝒊𝒕𝒆𝒓𝒔. 👉NOT HUGE!

But we will be okay! — I just wanted to put out the info so nobody gets blindsided!

This is why I am spreading the word.

It is important to stay informed about these changes and to be prepared for the potential impact on your earnings.

Let's start with the downside, shall we?

Don’t freak out, after this, I will give you an upside, I promise!

Increased fees for us via Stripe:

The increase in Stripe fees will mean that Medium writers will have to pay more to receive payments from Medium. This could maybe make it harder for writers to make a living from their writing, and it could also discourage people from becoming Medium writers.

Fewer payment options:

The discontinuation of support for some payment methods, such as PayPal, will mean that Medium writers will have fewer options for how they can receive payments from Medium. This could make it more difficult for writers to receive payments, and it could also lead to higher fees for writers.

👀💰 IMPORTANT…👉👉👉So if a writer has Medium writer has the Medium earnings ACH going into their PayPal account, they have to use a real bank in Oct with Stripe.

If a Medium writer currently has their payments set to go into their PayPal account, they will need to update their payment settings before October 2023. They will need to select a new payment method, such as a bank transfer or ACH payment.

🅿️PAYPAL ACH WON’T WORK IN on Stripe in OCT 2023!

— 👇👇👇👇👇🔊👇👇👇👇👇👀👇👇👇👇👇 —

Writers who do not update their payment settings before October 2023 will not be able to receive payments from Medium.

Here are the steps on how to update your payment settings on Medium:

1. Go to your Medium settings.
2. Click on “Payments”.
3. Select a new payment method, such as bank transfer or ACH payment.

I did not know about this, but some folks do use PP.

🔊 — Attention, please! — 🔊

𝑨𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝒂 𝟐𝟎𝟐𝟐 𝒔𝒖𝒓𝒗𝒆𝒚 𝒃𝒚 𝑴𝒆𝒅𝒊𝒖𝒎, 𝒂𝒃𝒐𝒖𝒕 𝟏𝟎% 𝒐𝒇 𝑴𝒆𝒅𝒊𝒖𝒎 𝒘𝒓𝒊𝒕𝒆𝒓𝒔 𝒖𝒔𝒆 𝑷𝒂𝒚𝑷𝒂𝒍 𝒂𝒔 𝒕𝒉𝒆𝒊𝒓 𝒑𝒓𝒊𝒎𝒂𝒓𝒚 𝒑𝒂𝒚𝒎𝒆𝒏𝒕 𝒎𝒆𝒕𝒉𝒐𝒅.

This means that about 90% of Medium writers use other payment methods, such as bank transfers or ACH payments. — 👍Those are good to go!

Longer wait times:

The changes to payout schedules will mean that Medium writers will have to wait a bit longer to receive payments from Medium.

This could make it more difficult for writers to budget their income, and it could also lead to financial hardship for some writers.

I now get my Medium payment on the 7th of each month.

I wondered, after the Stripe change in Oct 2023, when can I expect my Medium money to hit my bank? — So I went to Google once again!

If you currently get your Medium payment on the 7th of each month…

After the Stripe change in October 2023, your payment will be delayed by a few days. This is because Stripe will be changing its payout schedule to a weekly basis.

The new payout schedule will be as follows…

• Payouts will be made on Wednesdays.
• Payouts will be made for the previous week.
• For example, if you earn money on the week of October 10th-16th, your payment will be made on October 20th.

📅This is just a general guideline.

𝑻𝒉𝒆 𝒆𝒙𝒂𝒄𝒕 𝒅𝒂𝒕𝒆 𝒐𝒇 𝒚𝒐𝒖𝒓 𝒑𝒂𝒚𝒎𝒆𝒏𝒕 𝒎𝒂𝒚 𝒗𝒂𝒓𝒚 𝒅𝒆𝒑𝒆𝒏𝒅𝒊𝒏𝒈 𝒐𝒏 𝒚𝒐𝒖𝒓 𝒃𝒂𝒏𝒌’𝒔 𝒑𝒓𝒐𝒄𝒆𝒔𝒔𝒊𝒏𝒈 𝒕𝒊𝒎𝒆.

If you have any questions about the new payout schedule, you can contact Stripe support. https://support.stripe.com/

👉👉👉 All Stripe customers receive 24x7 phone, email, and chat help plus access to support center resources. ⏰ The average wait time is 3 minutes.

How much are the stripe fees now and what will they be in October?

The current Stripe fees for Medium writers are:

• 2.9% + $0.30 for credit and debit card payments.
• 3.5% + $0.30 for ACH payments.
• 4.3% + $0.30 for international payments.

The Stripe fees for Medium writers will increase in October 2023 to:

• 3.4% + $0.30 for credit and debit card payments.
• 4% + $0.30 for ACH payments.
• 4.7% + $0.30 for international payments.

The increase in Stripe fees will be a financial burden for Medium writers. The additional fees could make it harder for writers to make a living from their writing, and it could also discourage people from becoming Medium writers.

🧡🙏 𝑴𝑬𝑫𝑰𝑼𝑴 𝑰𝑺 𝑾𝑶𝑹𝑲𝑰𝑵𝑮 𝑶𝑵 𝑰𝑻!

Medium has said that it is working to find a new payment processor that will not have the same impact on writers. — For right now this is the deal coming.

When this will happen? We don’t know, and it is possible that the new payment processor will have its own fees and restrictions.

Here is a table comparing the current Stripe fees to the new Stripe fees including International payments:

Payment Method Current Stripe Fees & New Stripe Fees in Oct. 2023

What about Substack? ✍ Are their changing too?

Yes, Stripe payments for Substack writers are also changing in October.

The current way Stripe handles payments for Medium and Substack writers will be replaced with a new method that will enable both companies to offer more flexibility and control over payments to their creators.

With the new system, writers will be able to choose between two payment options:

• 👉Monthly payments: Writers will be paid on a monthly basis, on the 1st of each month.
• 👉 THIS IS GOOD I THINK! — payout requests: Writers will be able to request payments whenever they want, and they will be paid within 2 business days.

🥂 𝑾𝒓𝒊𝒕𝒆𝒓𝒔 𝒘𝒊𝒍𝒍 𝒂𝒍𝒔𝒐 𝒃𝒆 𝒂𝒃𝒍𝒆 𝒕𝒐 𝒔𝒆𝒆 𝒕𝒉𝒆𝒊𝒓 𝑺𝒕𝒓𝒊𝒑𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒊𝒏 𝒓𝒆𝒂𝒍 𝒕𝒊𝒎𝒆, 👍 𝒂𝒏𝒅 𝒕𝒉𝒆𝒚 𝒘𝒊𝒍𝒍 𝒃𝒆 𝒂𝒃𝒍𝒆 𝒕𝒐 𝒕𝒓𝒂𝒄𝒌 𝒕𝒉𝒆𝒊𝒓 𝒆𝒂𝒓𝒏𝒊𝒏𝒈𝒔 𝒂𝒏𝒅 𝒑𝒂𝒚𝒎𝒆𝒏𝒕 𝒉𝒊𝒔𝒕𝒐𝒓𝒚.

💵 The new payment system is expected to go live in October 2023.

𝓗𝓮𝓻𝓮 𝓪𝓻𝓮 𝓼𝓸𝓶𝓮 𝓸𝓯 𝓽𝓱𝓮 𝓫𝓮𝓷𝓮𝓯𝓲𝓽𝓼 𝓸𝓯 𝓽𝓱𝓮 𝓷𝓮𝔀 𝓹𝓪𝔂𝓶𝓮𝓷𝓽 𝓼𝔂𝓼𝓽𝓮𝓶:

• Flexibility: Writers will have more flexibility in how they are paid. They can choose to be paid monthly or on demand.
• Control: Writers will have more control over their earnings. They will be able to see their Stripe balance in real-time, and they will be able to track their earnings and payment history.
• Transparency: The new system will be more transparent. Writers will be able to see exactly how much they are being paid and when they are being paid.

Overall, the new payment system is a positive change for Substack writers. It will give them more flexibility, control, and transparency over their earnings.

Will the stripe fees change for substack writers change in October?

I wanted to know because many Medium writers also write on Substack.

✍ I joined Substack.com, but currently have the free membership but haven’t published anything because Medium keeps me so busy!

💰 Yes, Stripe fees for Substack writers are changing in October 2023 as well.

The current fee structure is 2.9% + $0.30 per transaction. This means that Substack writers pay Stripe 2.9% of the amount of each subscription payment, plus $0.30 per transaction.

Starting on October 15, 2023, on Substack there will be a change…

The fee structure will change to 2.7% + $0.05 per transaction for US-based writers and 3.4% + €0.30 per transaction for EU-based writers. This means that Substack writers will pay Stripe 2.7% of the amount of each subscription payment, plus $0.05 per transaction for US-based writers and 3.4% of the amount of each subscription payment, plus €0.30 per transaction for EU-based writers.

Why is Stripe changing these fees?

Stripe fees are being made to offset the costs of processing payments in different regions. The new fee structure will still be competitive with other payment processors, and it will allow Substack to continue offering its writers a high level of service.

📋 Here is a table that summarizes the current and new Stripe fees for Substack writers:

😣Current Fees & New Fees in Oct 2023…

🤔 I wondered, are Stripe fees changing for everything in October?

I mean Stripe does so much more than pay us!

So I started Googling and found out. 🙌Yes, Stripe fees are changing for everything in October 2023.

The changes will affect all Stripe users, including businesses, individuals, and nonprofits.

🌎 This is GLOBAL! — They aren’t just picking on us!

The increase in the standard processing fee from 2.9% + $0.30 to 3.4% + $0.30. This increase will affect all transactions processed through Stripe, regardless of the location of the buyer or seller.

There are also some other changes to the Stripe fee structure, including:

• A new international card fee of 0.8% for transactions processed in countries outside of the United States and the European Economic Area.
• A new dispute fee of $25 for all disputed transactions.
• A new chargeback fee of $15 for all chargebacks that are not successful.

The changes to Stripe fees are being made to offset the rising costs of processing payments. Stripe says that the new fee structure will still be competitive with other payment processors.

Here is a table that summarizes the current and new Stripe fees for all users:

Here are the Current Fees & New Fees for everything.

📣The whole kit & kaboodle of Stripe changes.

Please spread the word! — 👩🏽‍🤝‍👩🏽👩🏾‍🤝‍👩🏼👫👩🏿‍🤝‍👩🏿👩🏼‍🤝‍🧑🏾👩🏼‍🤝‍🧑🏼👩🏼‍🤝‍🧑🏻👨🏼‍🤝‍👩

So who is this Jan Sebastian writer chick?

I had a stroke so I am disabled and am kicking major ass.…well in some ways. I can’t walk or talk well but I’m a writing MO-FO! Kickin’ serious BUTT 100%!

This is my silly stroke therapy video. The focus on my face is hilarious! A crazy-ass redhead who is not at all normal and proud of it. I love people and love helping them. Unconventional seems right. Fearless and focused.

Subscribe to me because I want to update you all the way to the finish line!

If you wish to connect with me. Email: [email protected]

THANK YOU FOR READING. I LOVE YOU ALL!

If you like my work and want to support it, buy me a cup of coffee!

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👇👇👇 How to tag or mention someone in a story, article, or poem.

Just a brief how-to video.🎬 — 👉👉👉 46 seconds!⏰

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Please spread the word, my friends! 👉I don’t usually tag. — 🙏 THIS IS SO IMPORTANT!

I tagged all the folks who commented on, “ Is Medium 1,000 💰 per month real?”

Tagging some of my buddies. If you don’t want it to be on the list, just let me know. 📭 My email is [email protected] 🧡 No biggie.

Willow Dickerson, Amanda Laughtland, Suvadeep Paul, Jo An Fox-Wright Maddox, Marilyn Glover,Thief, Denis Gorbunov, Suzie Alexander, Charlene Ann Mildred, Ann Christine Tabaka, David Rudder, Carrie, Bruce Coulter, Linda Osipow ~ Crazy, Almost Old Farm Wife, John Whye, R C Hammond, Cristina Cattai, Jeanine Tew, Pamela Oglesby, Cee Arr, Aura A., Yvonne Laframboise, Bassey BY, Linda Ng, Patricia Haddock, Neera Handa Dr, Toni The Talker, QS, Diane Neill Tincher, Kimberley Silverthorne, Conni Walkup Hull, Dan Reich, Vivek Naskar, Pedro Odubayo Thompson, My mind, Susan Christiana, Sahil Patel, Nadine Wild, Jacqui Smith, Elizabeth Sobieski, Mirabelle Milan, Felix Adeoye, Deborah Camp, Regin St.Cyr, Annelise Lords, Hogan Torah, Urban Wanderist, Trisha Faye, Janin Lyndovsky, Taylor Mazer, Jonah Angeles, Devette Lindsay, Cathylouise, Patricia Groshong, [email protected], Habib Rehman, Ken Williams, Brian Dickens Barrabee, Thecreatorsangel, Dani Montage, Anthony Jean, May More 💜 Tales, Elvie Lins, John Emmerling, Mark Sanford, Ph.D., Dr. Preeti Singh, VICKY JAIN, Adrienne Beaumont, Cristina Cattai, Cappelli, MFA, JD, PhDlli, Susan Wheelock, Napoleon Beltran, Autistic Widower (“AJ”), Tom Owens: How I REALLY Feel!, Kaodi Mcgaw, MPH, Walter Rhein, Edith Gallagher Boyd, Freda Savahl, JP Stonestreet, Boateng Sekyere, Rose Gilbert Anderson. Harlee Nichols, SLSnow88, Jerryetukakpan, Teresa J Conway 🧚🏻‍♀️, Arbab Z., Maobena, Salsam, Michele Maize, Andy Spears, Kate Corbyn, Alex Maxwell, Joseph Francis Argazzi, Tonya Johnson, Sapharra Baldinger, Lacey Dearie, Shain E. Thomas, Rohullah Sarwari, Fiona Renate, Bridget Stella Ruxton Wilson, Emily Wilcox, Gabriel Campos, Casey Lawrence, Haben Joseph, Camilla Seth, Thomas Thompson, Paradoxon, Debbra Lupien, Voice of the Akashic Records, Alin Stan,

🖐👩‍🦰 the end!