Stripe is an online payment processor that enabled the electronic transfer of money from a customer’s bank into a merchant’s bank as payment for goods and services bought with a credit card.
Stripe Payment Processor Review
In this article, I will be discussing Strip and Stripe Payment Processor Review for business. Stripe is a payment platform and it’s known as one of the best solutions for online-based businesses.
The sites have a technologically sophisticated platform, flexible APIs, and transparent, flat-rate fees. Read on to get more information on the Stripe Payment Processor Review.
Stripe Payment Processor Features
Below are some of the features of Stripe.
It Accepts Payments
Stripe can be used to accept most payment types such as Visa, MasterCard, American Express, Discovery, and many other foreign credit card networks, with mobile wallets like Apple Pay and Google Pay. Additionally, stripe processes up to 100 foreign currencies and converts them with no additional charge. Here are stripes tools and methods of accepting payments:
- Embedded checkout
- Stripe elements
- In-person payments
- Stripe sources
Users are Protected against Fraud
Stripe ensures that users are protected against fraud with Radar, a machine–learning fraud system that trains on data around millions of global companies to help check fraudulent and legitimate purchases. Users can add an extra layer of protection with 3 D secure that alerts users to complete a verification step before completing their purchase.
With stripe, you can create financial reports with your data from the stripe. Stripe also has an in-built reporting feature and it allows you to automatically sync your data with your accounting software. On the Stripe dashboard, you can get information about charges, fees, refunds, and transfer too.
This feature allows you to integrate payments with hundreds of other platforms including e-commerce to Invoicing software. Connecting top software solutions to slack, Xero, Shopify, ShipStation.
From your Stripe dashboard, you can customize charts and analytics, export data, streamline workflows. You can also set you two-step authentication for your account. Also, you can set specific roles and permissions for your team and track recent payment processing activity, from payment to refunds to disputes. To manage your payments on the go, stripe offers iOS and Android mobile dashboard apps.
Stripe fees are minimal and fairly limited. It is easy to understand. Generally, stripe does not charge for account opening but only transaction fees. For any online debit or credit cards, you accept you will pay a flat rate of $2.9% + $0.30 per transaction. For In-person payments using the strip terminal, the transaction fees are just $2.7% + $0.30. Check here for other fees
Stripe offers users 24/7 hours, email, live chat, and phone calls support. The support portal offers a robust amount of documentation and guides on all types of stripe tools.
Pros of Stripe Payment Processor
From what I have enumerated above there are still some core benefits of using Stripe for payment processing. There are:
- Price – stripe prices is considered the cheapest when compared to other online payments industry. Like Square. Also, Stripe fees are flat-rate it helps you to know what to see when you use their service. Unlike other company merchants that charge on a variety of cancelation, account setup, monthly maintenance, and hidden fees. The price is worthwhile if you consider the services that the stripe Payment platform offers.
- Customization – as I mentioned earlier on worthwhile, if you have a programming background no payment processor offers you more customization than stripe. Almost all the tool stripes provide within their products suite can be customized to satisfy your business actual needs. Also, if you do not have any technical skills, stripe will still offer you significant customization opportunities with their integration options.
- International Payments – this is one of the outstanding benefits of stripe. They are a global payment solution. Stripe is designed for international commerce. You can not only accept international payment but local payment methods for your customers and provide a payout in your preferred currency. All these make stripes capable and a great payment processing option for businesses that rely on the international market.
Cons of Stripe
In spite of all the positive things said about stripe it also has its drawbacks (Cons). Here are some of them:
- Account stability issues – a lot of Strip users complain of their account being frozen or canceled with just a few notices.
- They offer limited options for In-person payments – stripe is not designed for businesses that accept physical credit cards. If you are a small business that needs to accept credit cards, you will benefit from a full POS system that will allow you to accept payment, manage orders, track Inventory. Stripe only accommodate physical payment once in a while.
- Technical Skills Required – although one with little or no technical skill can still work on the Stripe Payment platform with any assistance from a developer. But without technical skills, you won’t be able to operate stripe. It is first designed for tech-based businesses especially those that want the ability to customize their own payment solution using APIs.
In conclusion, there’s no doubt that Square payment is really design for tech-based businesses, as well as large businesses or businesses that work only online. E-commerce businesses also will enjoy stripe since they offer many different ways to sell, if it’s online, via an app, or on a third-party platform through the Stripe Payment gateway. Stripe is not for small businesses that sell out of a physical location.