Stripe Payments is a third party credit card processor that focuses on empowering online businesses. To find out if Stripe Payments could benefit you, continue reading the review below.
They have a variety of different services that are all compatible with mobile devices and make eCommerce more convenient.
|PROMOTIONAL LINK||LOAN DETAILS||REVIEW|
|Chase Merchant Services|
Best direct processor for all sizes.
2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction
2.90% and 25 cents per transaction
|Intuit Quickbooks Payments|
Best for QuickBooks users.
2.40% & 25 cents per transaction
2.90% + 25 cents per transaction
Best low-fee mobile card processor.
2.75% per transaction
2.9% + 30 cents per transaction
Table of Contents
Stripe Products & Services
Stripe offers some useful, helpful services that are broken down into main categories–payment processing and developer tools.
Although Stripe is a third party processor, they give you instant access to payment processing.
However, the company with monitor your account closely so be wary of it.
- Cards: Stripe accepts all major debit and credit cards.
- Wallets: Digital wallet is a faster and more convenient way to pay through your smartphone, you can avoid manually having to enter your card information.
- Local Payment Methods: There are other local payment methods that are accepted worldwide with the Sources platform.
- Currencies: Stripe is able to process over 135 currencies. You can manually add prices and process charges.
- Subsidiary Support: You can also set up local Stripe accounts to maximize acceptance rates and the lowest costs.
Stripe has APIs, but you can also utilize their payment processing without having to use them. You would instead use their integration partners. There are about 300 integration partners to choose from.
You can integrate Stripe with several popular shopping cart sites such as Shopify, BigCommerce, 3DCart, Weebly and Wix.
You may also integrate Stripe with CRM software or useful features such as email invoices, business analytics and other marketing tools.
Down below are specific tools that you can integrate with Stripe Payments:
- Stripe Billing: This feature allows you to bill your customers as frequently. You may also send one-off invoices and manage monthly subscriptions.
- Stripe Connect: This is most beneficial to marketplaces or driving services. It is operated in over 25 countries worldwide and even converts transactions for you.
- Stripe Sigma: You can create custom reports using SQL so you can easily analyze your Stripe data.
- Stripe Issuing: An end-to-end platform that can create and distribute virtual cards. This also eliminates long-term contracts and other pesky fees that traditional cards tend to have.
- Stripe Terminal: You can only access this feature by invite, but it’s a Point of Sale that allows in-person payments for any businesses.
- Stripe Atlas: A feature that is suited for international businesses to operate in the United States. You can even set up bank accounts there.
- Stripe Radar: This is considered a solution to eCommerce fraud. They use machine learning to stop credit card fraud. Radar will also look at your business payment’s processing and compare it with others to find the best model.
Stripe is a pay-as-you-go-processor with a pretty clear pricing structure.
|Credit & Debit Cards||2.9% + $0.30|
|International Cards||+ 1%|
|ACH||0.8% (capped at $5)|
Unfortunately Stripe won’t return its processing fees, so you will have to look more closely at their return policy.
Most US-based merchants takes about two days to process payouts. Since Stripe Payments is an international merchant, the wait time will be a bit longer.
The Scale Plan offers discounts on ACH credits and wire transfers, and has access to Stripe Sigma as well.
|First $1 million on recurring charges||Free||0.7%|
|After $1 million on recurring charges||0.4%||0.7%|
Stripe is actually willing to negotiate if you have other business related needs that are outside the ordinary.
0.25% of account volume
|Per active account|
|ACH Payouts||$0.25/payout||Takes 2 business days|
|Instant ACH Payouts||1.5% (minimum $0.50)||Arrives within minutes|
|Account Debits||1.5%||No need for card information|
|International Accounts||Fees vary by country|
Most business don’t use this feature, but it is here if needed.
|Radar (Standard)||2.9% + $0.30/transaction|
|Radar for Fraud Teams
(Optional Add-On Bundle)
Stripe Sigma is an advanced reporting tool and has pricing that is based on your overall transaction volume.
Stripe offers two integrated card readers:
- BBPOS Chipper 2X BT ($59)
- Verifone P400 ($299)
Customer Support & Satisfaction
Stripe Payments has live customer support available 24/7 via email, phone or live chat.
Stripe also has a useful question support page. If you have any general questions or concerns, you might be able to find it here.
Contract & Closing
Stripe doesn’t charge any ETF ever, and the company will even help you export your customer data if you want to leave.
Most third party processors can actually cancel your account if your account becomes at high risk. Stripe isn’t any different.
For those who tend to do international eCommerce or partake in online businesses more, then Stripe Payments would suit your needs.
They offer a bunch of payment processors that are compatible with smartphones or tablet and other mobile devices. They even have specific developer tools that you can integrate into Stripe Payments to maximize your business.
If you tend to have larger transaction volumes, then consider Chase Merchant Services instead, a direct processor that provides more security.
For someone who’s new to the business world and don’t have that high of a transaction volume, then processors like Square can assist you in the journey.
If you are interested in finding out more information about card processors, then check out our Best Credit Card Processing Services to learn about all kinds of different card processors!
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