Stripe is a payment processor that has a lot of romance. It has big-name clients such as Lyft, Target and Warby Parker. The impressive team of cofounders adds a little glamour to the equation. We’ll show you if Stripe is as good as it seems in this Stripe review.
The Stripe company is a big deal. It’s a third-party processor of payments and offers many of the best development tools, security features, and international business modules.
Stripe’s purpose is to make it simple for anyone to start a business online. Stripe is perfect for subscription-based models. Stripe can help you customize your shopping cart to make it unique.
Stripe also offers a flat rate pricing so your company doesn’t have too many to worry about.
Stripe is not perfect, as are most payment processors. The pros outweigh any cons. We have compiled a list of reasons why Stripe might not be right for you.
The most popular payment processing solution for small businesses is Stripe. Although Stripe was slow to catch up to PayPal, its current value is around $35 billion and it has millions of customers.
- Subscription features are simple and powerful.
- Stripe supports markets
- Stripe is a great option for international merchants.
- These reports are simple to comprehend and complete.
- Flat-rate pricing is clear and straightforward, unlike many other competitors.
- Advanced customization is possible with the development tools.
- Advanced reporting features to track your sales
- A wide range of market tools available
- Innovative solutions for subscription payments
- Technology enhancements are expanding
- Stripe does not support high-risk countries and industries.
- There is no direct phone support.
- Stripe has its own infrastructure. If you break the terms, Stripe might suspend your account at random.
- Many of these tools are designed for larger companies. While this is great for scaling up, I sometimes feel that Stripe cares more about the giants.
- Some technical skills may be required for implementation
It is available where?
At the time this article was written, Stripe is available in more than 26 countries. These countries are mostly in Europe and Americas. If you reside in Russia, the Middle East, Eastern Europe, or most of Asia, you will need to search elsewhere.
Although I think Stripe’s locational limitations are the most problematic, it is clear that Stripe is trying not to be in high-risk areas.
Stripe released an Indian beta version of its private beta software recently. It’s evident that Stripe is looking to expand into more risky markets, and to find ways to offer its services merchants around the globe.
Here’s a list of countries where Stripe is readily available:
Brazil and Mexico both appear on the list. However, you will need to request an invitation before your account is approved. You shouldn’t have any problems opening an account if you are a business owner in one of these countries:
- Hong Kong
- New Zealand
- United Kingdom
- United States
- India (beta).
Stripe is growing over time, so sign up for email notifications to specify your country. Stripe will then send you an email when it launches in your country. However, a Stripe launch might not take place in your region.
If Stripe isn’t available, you should look elsewhere.
Stripe Atlas offers a program to establish your online business in Delaware, even if you are not in a supported country.
The program is $500 one-time and $100 annually. To maintain an American bank account, there is a $25 monthly fee.
A business in America is attractive for several reasons. The security and ease of use behind Stripe may make it worthwhile for businesses in high-risk areas. It’s not available for online businesses. Stripe Atlas is not available to retail stores.
Unique, European Payment Methods
Stripe is a great platform for catering to European and US stores, as you might have guessed. This is achieved by Stripe supporting both European and American merchants with popular European payment methods. These include Sofort and EPS, P24 and Bancontact.
Primary Products and Services
Stripe aims to simplify the process of purchasing packages and services. You might be surprised at how simple it is to use the website.
Stripe accomplishes this by dividing the products and services into two types: Payment Processing, and Developer Tools.
It becomes apparent that there is more to these products than two.
Stripe offers one of the largest selections of payment types accepted. This payment processing company accepts credit and debit cards. You can accept money in over 135 currencies. In addition to some interesting international payment options, you get many popular payment options for your stripe account, including Alipay, Google Pay, Apple Pay and Visa Checkout.
You can set up “presentment” currencies to avoid paying exchange rate fees when you set up your Stripe payment strategy. This strategy allows Stripe to accumulate different balances in the currencies you are paid in. These balances can be used to send money to different bank accounts.
The Payment Processing Category
The payment processing tools can be used in 25 different countries, as we have already mentioned. Stripe accepts more than 135 currencies, so it is still a good option for international business.
You may not be allowed to operate a business in Vietnam with Stripe, but a German or American business can collect Vietnamese Dong.
Companies that do business in the countries accepted can receive payment processing immediately. This is similar to PayPal where the third-party processing tool would be integrated into your online shop. It’s both good and bad that you have instant access to payment processing.
You can get approved in a matter of minutes. Your account will eventually be evaluated as you conduct business. If Stripe does not like something, your account might be shut down.
An ordinary merchant account does the vetting before you open an account. If you are concerned about your account being closed down in the future, a merchant accounts would be more sensible.
This is what sets Stripe apart from the rest. Stripe is a popular choice for large corporations because you can easily customize the system and scale it as your business grows.
Stripe can be used to get you started without the need for any programming knowledge. This allows you to access over 500 partners in Stripe’s ecosystem, which speeds up the entire process.
Stripe gives developers access to the API (application program interface), so they can get into the program and integrate Stripe in unique websites. Developers can then use programming languages to modify the look and functionality of the processor.
It’s an ideal environment to have full control thanks to the Stripe documentation.
While some online merchants may only require payment processing support, others might be interested in development tools. Each category can be used to purchase a variety of products and services.
- Stripe Checkout Module. We’ll be talking about Stripe Elements (further down), but it’s a quick and easy way to personalize your checkout using pre-built components. This makes it possible to quickly design and launch your checkout. You can easily make your checkout fit your website without any complicated design tools.
- Subscription tools PayPal charges for its subscription services, while Stripe doesn’t. You can offer multiple plans and tiers of subscription site.
- Stripe billing – This module from Stripe offers an easy way to create and manage your subscriptions. You can also test your pricing and send customized invoices.
- Stripe Relay The Relay product integrates mobile app commerce and your online store. If you want a standalone app, you can upload your products to your website and receive payments the same way you would with your regular store.
- Stripe Radiar 2.0 Most online payment processors offer fraud detection. But Stripe is the best. Stripe is a standout because fraud is very common in online businesses. Radar, currently in its second edition, uses machine learning to detect fraud and identify the fraudsters. You can also use it to set rules and see which rules are broken by visitors who make purchases on your website. Stripe Radar can help reduce fraud cases by as much as 25%
- Stripe Connect The Connect product is compatible with online marketplaces. It provides support for more than 100 currencies and the necessary conversion tools. You can verify international sellers and set up automated payment schedules to merchants who sell on your marketplace.
- Offer coupons and free trials — Some of the most powerful marketing tools you will need are already available in Stripe’s payment processor. You can create seasonal coupons and free trial periods for customers that might be interested in a special deal by using Stripe.
- Team management Many companies wish to allow payment processing and data access for other employees. Stripe gives you the ability to manage user permissions in a team. This allows other users to view your information without having access through one account. You can add hardware tokens or two-factor authentication to your permissions for additional security.
- Building your own platform Stripe allows you to create completely new platforms. The checkout process will be more different than the standard shopping cart or information collection pages. Lyft, for example, has a platform that stores the payment, but tracks it based on distance.
- Support for Marketplaces – Marketplaces can be part of Stripe’s platform building section. It is a bit more simplified and offers options to work with merchants, give out instant payments, set up commission structures, and even create commission structures.
- Mobile wallet payments – Most consumers now use mobile wallets to make their payments. Stripe offers support for Apple Pay, Alipay and Google Pay.
- Mobile commerce Stripe Relay is similar, but it encourages the use Android and iOS apps for mobile commerce so you can collect payments through those app forms. The app even has a feature that allows customers to save their data so they can make future payments quickly. The mobile interface displays all of your data, including payments and details about your business. Both Android as well as iOS versions of the interface are available.
Additional Features of Stripe
You don’t need to use all the payment tools of Stripe if you’re just selling online. The Stripe Checkout page is all you need.
Stripe can be integrated with a variety of eCommerce website builders, so you can easily take debit or credit card payments with 3DCart Shopify, BigCommerce and Weebly. You can also integrate Stripe with many CRM tools, shopping platforms, invoicing platforms, as well as referral marketing services to further expand your brand.
- Stripe Payments: This automation tool in Stripe allows you to easily send large payments to freelancers, service providers, and sellers. This can be useful for companies with specific compliance requirements that need to deal with third parties and global markets.
- Atlas:Atlas helps international businesses set up bank accounts in the UK and incorporate in the United States. Stripe claims that the solution provides tax and legal guidance. It has received applications from more than 1000 start-ups in over 120 countries. Since its inception, it has added over 100 partners to the network.
- Stripe Radar For Teams:Radar to Teams gives merchants access to the small business dashboard, which allows them to set specific rules for credit card transactions and payments. It is possible to see the impact of your rules on credit card processing data in the past and reduce the work required by your company. Stripe also includes other fraud prevention tools, like CVV and AVS checks.
- Issue:Another feature available to Stripe is the ability to create both physical and virtual cards. A company can create a card that functions just like an American Express card to pay for employee expenses. Stripe can be used by companies that create mobile wallets to use with online payment gateway technologies to create cards that link directly to the user’s mobile wallet balance.
- Terminal is a new set of tools that can be used to process Point of Sale payments. This solution includes ready-to use integrated hardware. The terminal does not include a POS app. Instead, you get the tools needed to build your Stripe app. Terminal currently supports Java-based POS systems and iOS tools for mobile. Android support is currently in beta.
- Hardware The native hardware and card reader options available from Stripe come at a reasonable price, with low costs for in-person transactions. This is a great opportunity because many app developers will have developed POS and mPOS apps that use Stripe. Transactions are charged at the ecommerce rate.
- Corporate cards: Anyone interested in a corporate card from Stripe can apply for one. Customers who spend $5,000 on the card will also be eligible for $50,000 in payment processing and other benefits when they purchase with Stripe partners.
- Sigma A typical technology-driven payment processor may allow you to create custom reports by using a variety of prebuilt criteria options. Sigma makes it possible to create completely unique reports by using SQL. Sigma will provide the data you require if you are able to use this language. This is much better than the data you get from Square, which is great for reporting. Stripe offers advanced business intelligence as an additional service. It is charged based upon your business’s sales.
- Stripe Capital Like PayPal and Square, Now customers have the option to use it for more than just processing credit cards. The dashboard with Stripe allows business owners to get merchant cash advances and short-term loans. To access this feature, you will need to be “eligible” for Stripe.
Stripe is much more than a great solution to processing payments and managing business expenses. This solution can be used by business owners with Shopify ort WordPress sites to assign custom permissions to team members and support merchants in over 34 countries. However, some companies may find the features of Stripe a little too complex.
Advanced reporting is not necessary if you are only dealing with invoicing or the occasional MasterCard transaction. You may not be able to make the most of Stripe as a payment system if you don’t have any developers on your team. You will need to have some knowledge of technology.
Additional Fees and Rates
Stripe charges a flat fee for all transactions, as we have already mentioned. It is transparent and easy-to-understand.
Stripe offers a flat rate of 2.9% +$0.30
Stripe does not refund transaction fees. Stripe will not refund transaction fees if you give a refund to customers. If your customers wish to return a product, you might have to cover this cost or charge them a small fee.
Stripe offers ACH support, which is a major advantage. Transaction fees are 0.8% per transaction with a maximum amount of $5.
Stripe was initially designed to assist merchants with Bitcoin payments. These transactions were subject to the same fees that ACH. Stripe has ceased all support for Bitcoin processing as of April 23, 2018.
Stripe offers discounts for non-profit organizations. There’s also a plan available for micropayments traders, though there isn’t much information. Stripe does not refund processing fees for refunds or returns. This is something you should keep in mind when creating your return policy for your company.
Stripe charges an industry-standard $15 chargeback fee. If the chargeback is in your favor, however, you will receive a refund.
Stripe offers two levels of billing tools: Starter & Scale.
The starter plan is free up to $1 million in recurring transactions. You’ll have to pay 0.4% per transaction in addition to processing fees. Scale plans charge 0.7% per transaction. Scale offers a trade-off: you get an additional discount on wire transfers, ACH credit, and access to the Stripe Sigma services.
ConnectDepending on whether you choose to use the Express and Custom accounts, there are additional fees. There is a $2 monthly charge, a 0.25% markup on account balances, and expedited debits that cost as little as 1%.
Radar If you need specific fraud tools, an additional suite can be purchased for $0.04. This is waived for accounts who pay the standard transaction fees. This will not be necessary for most small businesses, but it may be useful for companies with a large staff. You can also get a customized version for $0.06
Sigma Stripe’s advanced business intelligence and reporting tool uses a sliding-scale pricing model that is based on the volume of your transactions. This pricing model is ideal for many business leaders. You’ll pay $0.02 per charge if you have less than 500 charges per month. The maximum cost is $10. You will also be charged a $10 infrastructure fee. You will be charged $25 per month if you exceed the threshold.
Terminal If you are interested in integrating your Stripe payments experience with the POS technology used in your business, you will be able to accept payments at a fee equal to 2.7% plus $0.05 for each transaction. Access to developer functionality is free. Two integrated card readers are available for $59 and $299.
Stripe offers merchants a lot of value if they work internationally. Stripe allows you to display multiple currencies, instead of one. Your Stripe system will automatically convert them. Transaction fees are converted at a rate of 1%.
What speed do you receive your payment?
Stripe pays most US merchants in two days, provided you are not a high-risk business. For companies located outside the US, there is a seven-day payout process.
What about chargebacks
In this industry, it is standard to charge $15 for all charges. Stripe is no exception. Stripe has an evaluation process for any chargebacks. Stripe will refund the $15 fee if you win a chargeback dispute. Most merchants say that this is very rare.
What companies is Stripe’s best pricing and fees for?
Stripe pricing is simple to understand and reasonable. However, it is not the most expensive option for online shops. Some interchange-plus plans make it more affordable for some companies. Many payment processors offer discounts for certain brands, particularly non-profits.
Stripe’s main advantage is its lack of hidden and monthly fees. This is particularly advantageous for merchants with low volumes.
Stripe recently added micropayments support. This allows you to pay a higher transaction fee and the flat fee per transaction is dropped. This is a great feature for musicians, artists, and others selling digital goods. It would be difficult to pay $0.30 transaction fee for an item that you are selling for $0.99.
Early Terminations and Contracts
Stripe doesn’t have any contractual obligations, which makes it a good choice if you need to cancel your account quickly. Stripe is transparent and doesn’t charge hidden fees.
A warning about Chargebacks
Stripe’s Terms of Service clearly states that Stripe may freeze your account for any reason they deem appropriate. Stripe may not be the right choice for you if you want more stability.
Stripe may not be right for you if your industry is high-risk. Stripe may not be right for you if you have a lot of chargebacks. Stripe claims that Stripe doesn’t work for merchants with chargeback rates greater than 1%.
This is a hard number to keep under for online merchants.
What is the Difference between Regular Stripe and Stripe Elements?
Stripe Elements integrates with regular Stripe payments processor. Stripe’s core function is to collect payments from your online store. Stripe Elements is a collection pre-built modules that can be used to create a custom checkout area.
Stripe Elements checkout pages were designed by the Stripe team to allow for optimization, localization and real-time validation.
It’s a simple way to avoid hosted checkout pages from third parties or eCommerce platforms. The pre-built checkout modules can be optimized for sales and offer solid pricing and the same reliable interface as the regular Stripe system.
You can also adjust the checkout area to match your brand. Elements is much simpler than other code and provides the best foundation for creating your own checkout experience.
Stripe Elements is also PCI compliant.
Stripe customer service is best when it comes to its documentation and online resources. The Stripe blog provides updates about the processor and how to implement new features.
The development page contains a full reference module with information about all the most popular coding languages.
Stripe Support provides a knowledge base that allows you to search for specific topics and locate articles about subscriptions, disputes fraud, accounting, refunds and other issues.
For advanced research, a documentation area is also available.
Stripe provides 24×7 chat and phone support for those who need it. This is a huge advantage for online merchants as this kind of support is rare for payment processors. Stripe also used to not offer phone support. However, Stripe is now working to assist its customers.
You can also contact Stripe’s support team via email. Email support is available in English, French and German as well as Japanese, Italian, Japanese and Spanish.
There are many opinions on how Stripe supports customers. While some merchants may have great words of praise, others believe the exact opposite.
The answer will depend on your experience. Customer support is a subject that can be debated with almost every payment processor in the sector. Stripe is a well-known brand that has many positive and negative reviews.
Stripe is a payment processor that should be considered by everyone
Stripe now offers micropayment support to artists and digital product sellers. Stripe is a good choice for the average online store owner. The pricing is simple and there are no hidden fees.
Low volume sellers will also appreciate not having to pay a monthly subscription fee.
Stripe Payments are available to most of the west. However, you may be denied access or closed down by Stripe if your company is too risky or Stripe does not support your region. Same applies to online shops with a higher than 1% chargeback rate.
Stripe is ideal for developers and companies who want to customize checkout modules. You can integrate the API with Stripe Elements to control your workflow. The Stripe Elements Builder will help you create even more creative processes.
Drop a comment below if you have any questions regarding this Stripe review. Stripe customers are always welcome to share their experiences with us. It is always a great conversation to have about payment processors.