Did it ever occur to you that you might easily take online payments? This difficulty came to an end when Patrick Collison founded Stripe in 2009. Stripe eases the struggle of eCommerce websites and mobile applications through Stripe payments.
We discuss the following things about Stripe here:
It has become the top choice of businessmen and self-employed people. In 2021, Stripe processed over $640 billion in e-payments. Moreover, the company offers application programming interfaces and payment processing software.
In Stripe, the developer capabilities and documentation outperform almost anything else on the market. Additionally, as an e-payment platform, Stripe has a solid 4.5 out of 5-star rating.
What is Stripe?
Stripe Inc., mostly known as Stripe payments, has become a smash hit due to its reliability. Like Square or PayPal, Stripe provides fast access to processing. It is a payment processing company that turns to Stripe payments or credit cards.
Furthermore, Stripe is essential while providing tools that you don’t know. It also integrates with invoicing platforms, shipping tools, referral marketing, and many more. Besides, Stripe Checkout provides the majority of the necessary capabilities together with the possibility to brand-customize its design.
Stripe offers its customers to have access to support options for payment gateways. The purpose of digital wallets like Apple Play and Alipay is to allow users to make payments without disclosing their card information. Moreover, the software supports preferred currencies, local Stripe accounts, and payment methods.
What are Stripe payments?
The Stripe payments method involves a payment processing platform. You can make transactions through cards from a customer’s bank account into your business account. eCommerce transactions are the focal point for Stripe’s product portfolio and services. Also, Custom-made checkout and repeating payment tools make Stripe Payments useful for eCommerce sites.
Online payments for eCommerce sites are only a part of Stripe’s features. Many possible options are available to satisfy the needs of a customer. It will not require a developer to perform them. However, Stripe is not worthy unless you are looking for an all-in-one platform.
How does Stripe work?
Stripe Payments covers the steps from customer card information to the payment accepted.
The following are the steps:
- Initially, the customer provides card information, either in person or online.
- The payment gateway for Stripe encrypts the given data.
- Bank as an acquirer, processes the transaction on behalf of the customer. Stripe users do not need to set up a customer account, which can be time-consuming.
- The cardholder’s issuing bank retains payment through a credit card.
- Issuing bank proceeds signals to the acquirer and then to the customer.
- The customer sees a notification indicating whether the payment was approved or refused.
After the approval by the cardholder’s issuing bank, you can transfer payments from Stripe into your bank account. As the transactions are complete, Stripe customers receive payouts within two business days. Moreover, Payouts can be on your preferred schedule (daily, weekly, or monthly).
What do you know about Stripe apps?
Stripe apps bring a combination of tools, providing a wide range for managing operations with it and its partners. It lets the developers build and bring out apps for personal use or business. The friction of manual coordination and the risk of human error can occur if users switch between tools.
Along with this, Stripe App Marketplace will begin with over 50 apps from top providers. Apps include Dropbox, Intercom, Xero, and many more. Furthermore, Stripe Apps bring together tools that businesses use. These tools help complete basic tasks in one location.
How to log in to Stripe?
Stripe login requires the following actions:
Stripe Login
Stripe login needs your name and email address.
Provide business details
The legal structure and the address are the basic requirements. Personal information that includes full name and birth date is crucial for this process.
Link a bank account
You will receive your payouts from Stripe in your bank account. However, it takes seven days after your initial payment before you get your first payout. The waiting period can be 14 days per area or sector.
Stripe Business Pricing Plans
Stripe offers simple pricing. It provides a free-cost setup. Moreover, it offers free services with no regular monthly or yearly fees. All Stripe fees are per transaction. Businesses pay 2.9% and 30¢ on every transaction.
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However, an extra 1% fee is charged for currency conversion and international transactions. These fees are evaluated and deducted automatically from the customer’s final payment. Therefore, the only fee that you will experience is the transaction fee called a credit card processing fee. Stripe offers many payment methods at different prices. On the other hand, it provides two pricing plans.
Stripe’s Integrated Plan
It offers per-transaction pricing. However, Stripe does not require a monthly or setup fee for the integrated plan: 2.9% + 30¢ per credit card charge.
Stripe’s Customised Plan
Along with this plan for businesses with large payment volumes, Stripe provides:
- Volume discounts
- Country-specific rates
- Multi-product discounts
- Interchange pricing
Stripe: Pros and Cons
Let’s discuss some pros and cons of Stripe.
Pros
- Pricing is transparent, with no setup or monthly fees.
- It accepts payment methods and currencies of a wide range.
- Customer service is available 24/7 through live chat, email, and phone.
Cons
- Banking system integration.
- In-person retail restaurants and retail businesses have limited functionality.
- Flexibility in payout options.
Final Thoughts on Stripe
Stripe is the perfect solution for launching a new e-commerce business. It is known for its easy-to-use dashboard, transparent price structure, and lack of hidden costs. Therefore, it is a big player in the new online payments market.
Stripe, Braintree, and many others are fighting for the top slot in credit card payment processing. However, Stripe is a market leader with its non-competitive abilities. It provides some exclusive services but charges as the others.
Furthermore, Stripe will provide you with competitive pricing. It offers a debit card transaction fee, which is a great start. Moreover, it currently has a 4.5-star rating. So, will you use tools provided by Stripe in your eCommerce business in the future? Let us know your reviews about it in the comments section.
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FAQs
How does Stripe defend you from fraud?
Stripe will reject the transaction and notify the customer as an error occurs. It keeps an eye on fraudulent transactions. Moreover, it will automatically stop transactions that appear suspect.
Is Stripe safe to use?
Stripe undergoes regular tests and security scans. Furthermore, it is certified as a PCI level 1 service provider. It encrypts customers’ credit card information. However, it decrypts information separately. Stripe sees credit card numbers after taking some extra steps.
Does Stripe offer an app?
Stripe users that use Android or iOS can download the Stripe app. The app has a dashboard to view customer details, payouts, and transactions. However, only iPhone users can view and modify subscription plans.