How much will you pay in Stripe transaction fees?

Calculating Stripe fees for customer payments is easy with our calculator. Enter the payment amount to calculate Stripe's transaction fees and what you should charge to receive the full amount.

Payment Amount
Stripe fee:
$ --
You'll receive:
$ --
To take home $--, you should ask for:
$ --
How much will you pay in Square fees?

Calculate how much you’ll pay in Square fees for online, in-person, and manually-entered payments.

Payment Amount
Square fees
Amount received after fees
In-person payments
For in-person payments with a card, Square charges a fee of 2.6% + $0.10 per transaction.
$ --
$ --
Manually-entered payments
For manually-entered payments or card-on-file payments, Square charges a fee of 3.5% + $0.15 per transaction.
$ --
$ --
Online payments
For online payments or payments via invoice, Square charges a fee of 2.9% + $0.30 per transaction. (If you're signed up for the Premium plan, the percentage fee is lower at 2.6%.)
$ --
$ --
Calculate estimated loan payments in seconds

Enter your loan information to get an estimated breakdown of how much you'll pay over the lifetime of your loan.

Loan Amount
Loan Term
Loan APR
If you borrow -- over -- at an interest rate of --, you will pay a total amount of --, or -- per month.
Minimum monthly payment:
$ 0.00
Average monthly interest:
$ 0.00
Total interest paid:
$ 0.00
Total amount paid:
$ 0.00
How much will you pay in PayPal fees?

PayPal fees can be confusing. Our calculator helps you understand how much you’ll pay in fees for common transaction methods.

Payment Amount
Is the payment domestic or international?
PayPal fee rate
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
PayPal fee:
$ 0.00
You’ll receive:
$ 0.00
To take home --, ask for:
$ 0.00

hat does financial freedom mean to you? For many entrepreneurs, financial freedom means a stable, income-generating business that allows them to live the life they love.

Unfortunately, as many as 70% of new businesses fail within the first 10 years. If you want to beat the odds and achieve true financial freedom with your business, it all comes down to careful planning, flexibility, and using all the resources at your disposal. This article will break down a few key steps toward financial freedom to help you reach your goals.

Defining financial freedom for entrepreneurs

Everyone has their own definition of “financial freedom.” According to NASDAQ, around half of Americans believe financial freedom means being debt free, while smaller fractions define it as having the means to own property or go on regular vacations.

It’s OK to have a personal understanding of what it means to be financially independent. However, when it comes to your business, it’s important to clearly define financial freedom so you know what you’re working toward.

Let’s look into a few factors that contribute to overall financial freedom:

  • Stability: Your business should be a predictable source of income — stable and on track toward steady growth.
  • Debt free: Paying off debts isn’t the only step toward financial freedom, but it’s an important factor.
  • Diverse assets: A wide range of assets helps to secure financial stability so you won’t lose your livelihood in an economic downturn.
  • Personal freedom: Another contributing factor is the freedom to live how you want. That doesn’t mean you aren’t involved in your business, but that you have the ability to take vacations or step away without hurting your finances.

To sum it up, owning a business is not the only step toward achieving financial freedom. It takes a lot of dedication and hard work, but with the right resources, it is possible to find long-term success and independence through entrepreneurship.  

What are the steps toward financial freedom?

The road to financial freedom looks a little different for every entrepreneur. Unfortunately, there is no foolproof guide to success. However, we can look at some general steps any entrepreneur can take to set themselves up for financial freedom.

1. Evaluate where your business is now

Regardless of how long you’ve owned your business, you should evaluate your finances on a regular basis. Experts recommend monthly, quarterly, and annual financial evaluations to help you stay on track. These evaluations offer a great starting point as you build your plan toward financial freedom.

Important factors to consider as you analyze your business include:

  • Profitability ratios: With your current profitability metrics, how long will it take you to pay off your debts? Can you take steps to improve these ratios while maintaining stable growth?
  • Growth forecasts: Considering your current revenue, how do you expect your business to grow in the next few years?
  • Investments: Are you planning any major investments that will improve your revenue in the long term? Can you afford those investments now?
  • Personal savings & assets: If your business were to fail, what would happen to your personal finances? Do you have enough savings or other assets to stay afloat if your business loses revenue?

At this stage, you may want to work with a professional financial advisor. They’ll help you take a thorough look into your business’s finances so you can set up a realistic plan for growth. You can also use digital resources, such as forecasting and budgeting tools, to ensure your evaluation is accurate.

2. Set goals

Financial freedom shouldn’t be an abstract idea. Successful financial planning requires detailed, realistic goals. You should set short-term and long-term goals for your business and personal finances so you can track your progress.

Examples of key financial goals include:

  • Revenue growth: Set revenue goals for the next one to five years. You can use forecasting tools or analyze other businesses in your industry to determine what your growth should look like.
  • Investments: Employees, equipment, workspaces, and content marketing are all examples of investments businesses will make as they grow. Set realistic timelines for these investments based on your current revenue.
  • Paying off debts: Establish a timeline for paying off your business loan and other debts. If you foresee your business taking on new debt in the future — for example, an equipment loan — factor that into your payment plans.
  • Personal milestones: Don’t forget to include your personal plans on your path toward financial freedom. Milestones such as buying a home, starting a family, or traveling will impact your financial future as an entrepreneur.

These goals should be as specific as possible. They will shift as your business grows — and that’s OK. Goal setting is an ongoing practice. You should see your goals as tools to track your progress, not as firm deadlines that will make or break your success.

3. Develop and launch your plan

Now that you’ve set your goals, it’s time to make a plan to accomplish them.

You may already have a plan for your business’s growth — but a plan to reach financial freedom must incorporate both your professional and personal finances, goals, and progress. Every entrepreneur’s journey is different, but your financial plan might include:

  • Debt management: Create a detailed budget and repayment plan to manage your debt. This should include your business and personal debt, such as student loans, home loans, and auto loans. 
  • Acquiring assets: A diversified income is an important step toward financial freedom. Look for ways to stabilize your income with investments so that you aren’t relying solely on your business’s revenue. 
  • Investing in your business: Growth requires continuous investment. Make a plan to invest in your business as you meet your financial goals. That could mean hiring new staff, expanding to a new location, or developing your marketable skills.
  • Adapting your budget: Your business’s budget will evolve over time. Plan to evaluate and adjust your budget on a regular basis to meet your ever-changing financial needs.

On top of planning for the above points, make sure you have backup plans in place. For example: If a particular investment fails, how will you make up the costs? If your business revenue takes a temporary hit, how will you continue to pay yourself?

You can work with a financial advisor to develop these plans or make use of digital financial resources to set and track your growth metrics.

4. Roll with the punches

Even the most successful businesses face roadblocks. That’s why it’s so important to be flexible. Your goals and financial plans will adapt over time.

Having reliable backup plans in place is one way to stay flexible. On top of that, you’ll want to reassess your plans routinely. Take some time every month to evaluate your finances, track your progress, and reassess your goals. There’s no way to prepare for every challenge you’ll face, but you can keep your financial plan adaptable to absorb the shocks as they come.

Financial freedom is more achievable than you think

Financial freedom is more than just a nice idea. It’s an achievable goal for any entrepreneur. Whether you’re a sole proprietor, startup owner, or LLC, you can achieve financial freedom with a little careful planning and the right resources.

Novo is a fintech that caters to business owners at all stages of their financial journey. You can access no-cost banking and financial tools to facilitate your business’s growth by partnering with Novo.

Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.  Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC;  virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated.  Mastercard can be used everywhere Mastercard is accepted.  Mastercard is a registered trademark of Mastercard International Incorporated.

Novo Platform Inc. strives to provide accurate information but cannot guarantee that this content is correct, complete, or up-to-date. This page is for informational purposes only and is not financial or legal advice nor an endorsement of any third-party products or services. All products and services are presented without warranty. Novo Platform Inc. does not provide any financial or legal advice, and you should consult your own financial, legal, or tax advisors.

All-in-one money management

Take your business to new heights with faster cash flow and clear financial insights —all with a free Novo account. Apply in 10 minutes.