Stripe is an all-in-one payment processor that helps eCommerce store owners enable payment functionality on the website. Stripe was founded in 2011 and is a payment gateway that lets you accept credit card payments (in person or online) by transferring money between your merchant account and a payment processor. This is done using a physical credit card terminal or an online processor. Using Stripe, businesses can also accept payments from mobile wallets and buy now, pay later services. Stripe also supports payments in a variety of currencies. Stripe makes it easier for business owners and vendors to start and manage their internet businesses by providing various payment solutions.
How Does It Work?
Stripe allows a business to take payments from credit cards in seconds and transfer those payments directly into the business bank accounts. Stripe supports credit card payments, recurring payments, subscription billing, Apple Pay, Ali Pay, and many other payment modes
Stripe Payment Process:
- When you create an account for your business, Stripe software will connect to the purchasing page of your shop platform.
- Once a customer is ready to purchase an item or service and ‘checkout’, they will input their financial information on the purchase page.
- The information will then be sent from the website, through the Stripe software that will verify that the funds are available (payment gateway) and process the payment before sending it to the merchant account.
- The merchant receives funds, and a confirmation of sale is sent to both the buyer and the seller.
Benefits of using stripe payment
- Secure Platform
Security is the main priority for Stripe, as it gives a real focus on the developer-centric experience. Stripe offers you various card data collection methods for merchants, namely Element, express check-out, and Stripe.js
- No merchant account needed
If you run a business, you need to contact your bank to create a merchant account to receive money from customers. Stripe is different. Since it is a merchant account aggregator, you just need to sign up for a Stripe account to receive payment right away.
- Clear pricing scheme
Stripe is a great online-only credit card processor that charges reasonable processing rates. The pricing policy of stripe is very attractive to the companies as there are no monthly fees or cancellation fees. There are no monthly costs or limits to the number of transactions that are run.
- Easy to set up and use
It is the best solution for any startup or organization to accept payments as it is eligible to get payments from credit cards, Apple Pay, and Android pay.
- Simple API integrations
If you are interested in making a more custom solution, Stripe has an easy-to-use API. It offers a lot of detailed documentation that’s written in clear language so that your developer can quickly start building.
- Very Communicative
The stripe developers’ interaction with the management programmers that use stripe is highly effective. Stripe’s work in keenly listening to the developer community is the most valuable feature that benefits us all.
- Mobile payment
More and more customers are making payments online with their smart devices. A friendly payment gateway should support mobile payment by default. Luckily, Stripe has supported integration with Apple Pay, which is increasing requirements and is popular for smartphone users.
Final Thoughts
Stripe is easy to set up, safe, reputable, and an overall accessible platform for large eCommerce companies. Stripe’s easy-to-use API allows developers to integrate it into their website and accept online payments. The credit card and ACH processing fees are also low in Stripe. If you like what you have learned about Stripe and are interested further, it may well be a good solution for your payment gateway requirements, so if you look for a payment gateway service feel free to contact us.
See Also: Paypal vs Stripe
