Why is Stripe a Good E-commerce Payment Provider?
Stripe is a technology company that provides a payment processing system for other companies. They have been based in San Francisco, California since 2011. It’s services and products reach a worldwide customer base, fronted by the original founders, Patrick & John Collison.
Stripe’s Products and Services
Stripe provides an API (application programming interface), this allows London web developers and designers to integrate the payment processing into websites and applications easily. Stripe recently introduced an Anti-Fraud tool, titled Stripe Radar, which runs in tandem with the payment APIs in order to block fraudulent transactions.
What is a Payment Gateway?
This is a form of Merchant Service which is provided by any type of e-commerce payment platform. This could be a bank or building society which authorises Debit and Credit cart payments for online retailers, e-businesses and more-traditional brick and mortar businesses.
Should you choose Stripe or PayPal?
Stripe is the relatively newer platform, whereas feels as if it’s been in our lives since forever. PayPal has a long history of processing payments across the web, giving it a reputable reputation as a trusted brand.
Below are some difference between the two competing Payment Processors:
- Service and transaction fees – at the moment, Stripe charges a flat-rate of 2.9% plus 30p per successful transaction, providing you are trading below 1 million USD annually. PayPal is similar, but with an extra services fee.
- Security – both of these platforms are stable and secure platforms as a whole.
- APIs – both platforms provide a well-documented, clean and straightforward way to integrate their platforms into a website or application.
- Customer Service – Stripe has an advantage in this area due to being a smaller company, as a result providing a somewhat quicker service and support compared to PayPal which has become a huge company over the years.
The benefits of integrating Stripe APIs into your business
- Stripe is primarily a platform dedicated to online Business, spread across 100 countries with over 100,000 businesses using their service.
- They tend to handle billions of dollars om a yearly basis, which enables them to support for all kinds of business models worldwide.
- The tools of Stripe are developed to the highest standards, allowing developers and designers complete flexibility. Using their API’s enables all users with their subscription integration too.
- Stripe is a company that is dedicated towards innovation, allowing all of their clients to gain access to the latest breakthroughs in technology as soon as they are released. Companies that may have not existed a decade ago, are becoming household names across the globe.
Back in the days before e-commerce platforms and payment methods, many people were worried about online payments as it was such a new phenomenon. Stripe was one company that wanted to take the world by storm with their easy to use payment processing platform, enabling companies worldwide to invest in online business that may be entirely internet based or even a more traditional store. With continued innovation in tools, API’s and ease of use, Stripe is becoming a world-leader in payment processing.