Stripe is a versatile payment processor that can be used by any online business regardless of its size. Most e-commerce sites employ it as an online payment gateway, but people who want development capabilities can utilize Stripe’s APIs (application programming interfaces) to construct specialized payment services.
As a third-party payment platform, Stripe claims to process payments for countless businesses each year. A broad range of sectors and companies use the developer-friendly system, like subscription services, markets, e-commerce shops, B2B platforms, crowdfunding firms, and NGOs (non-profit).
How to Get Started
Stripe accounts can be created using simply the client’s name & their email address. To get started with their accounts, clients need to confirm their email addresses.
They’ll then need to supply some extra information, such as:
Specifics about the client: Stripe requires the client’s legal name, e-mail, postal address, mobile number, and the last 4 digits of their SSN (Social Security number).
Specifics about the business: Stripe additionally requests the sector, business site, a description of the product, if they offer physical items, and how many days it generally takes for the items to arrive.
Details concerning customer service: Stripe requests the title clients want buyers to view on their account statements, a customer service number, as well as an address so they can identify the client’s business.
Banking information: Stripe encourages users to connect their bank accounts specifically, although clients can physically provide a route & account number. Stripe solely accepts checking accounts.
After that, clients must configure 2-factor authentication.
At the conclusion of the registration process, the client will be prompted to join Stripe Climate, a carbon sequestration project that clients may support by automatically donating a portion of their sales. Participation is entirely voluntary.
Clients can now personalize their checkout experience and deliver payment URLs and receipts to shoppers. However, clients will not be able to claim their first payment 7 days after receiving their first payment. Based on the industry, it may take up to 14 days.
Stripe charges a normal 2.9 percent + $0.30 fee for accepting online credit card payments. Business scale discounts are offered to firms with monthly sales of $80,000 or above. Stripe doesn’t yet provide credit card payments for offline retail establishments.
Discounted charges may also be available if the client’s firm has 501c3 nonprofit status. 2.2 percent + $0.30 is the normal non-profit price plan. The sole exception is AmEx payments, which are taxed at a rate of 3.5 percent each transaction. Stripe won’t charge nonprofit organizations any fees on their first $15,000 in sales. This can result in a $420 discount, regarding a regular price structure and monthly payments of $50.
The platform’s API is also available for free. This may be used by developers to create a customized check-out straight on their company’s site. This can be a significant benefit for certain businesses that do not want their consumers to be directed to third-party websites for payments. If they do not wish to develop their personal check out, company owners with limited technological skills will just have to depend on certain e-commerce services. Some are free of charge, whilst others might cost more than $100 USD a month to operate.
Stripe has flat fees for the majority of payments:
- 2.9 percent + 30 cents/transaction for electronic payments.
- 2.7 percent + 5 cents/transaction for in-person payments.
- Some worldwide transactions are subject to extra costs. These are some examples:
- For foreign cards, the fee is 1%.
- If a currency conversion is necessary, add 1%.
- Stripe takes 0.8 percent with a $5 maximum on ACH direct debit payments.
- Stripe can charge the client extra fees if they have developed a custom-pricing account, like:
- Users will be charged 25 cents to update their outdated or updated card details.
- 3 cents each for attempts to use 3D Secure, a method for verifying buyer’s identification.
- Stripe additionally takes a 1% fee for quick payouts, which allows clients to send cash to a debit card instantly rather than waiting for their scheduled payment.
Who Is Stripe Best Suited For?
Businesses that have clients from all around the globe. Stripe accepts payments in over 135 currencies. It also accepts a variety of different payment options, such as Alipay and WeChat Pay; multiple purchases now, pay later services; and bank debit systems with clients all over the world.
Businesses that make the majority of their revenues online. Stripe provides a limited number of POS hardware alternatives for in-person establishments. However, the majority of its notable qualities, such as its accessible API and its capacity to accept so many different currencies, are especially significant to online purchases.
Businesses that have a software engineer on their staff. Stripe lets clients completely personalize their checkout procedure if they know how to code. Surely, even if the client does not have knowledge of software, they may still employ Stripe, although they will not be able to benefit from most of its customizable choices.
There is no number to call for help; just email and live chat are available. Stripe attempts to respond to all mails in 24hrs, 7 days a week. The chat conversation normally has a 3 min waiting period. Clients may also ask for a callback and chat with a support team member in minutes.
Stripe has the capacity to be an excellent payment processor for e-businesses. It’s quick and simple to build for those with development knowledge, and it’s also quite cheap. Using Stripe’s application programming interface (API), clients may create their own e-commerce platform. If they don’t have programmers operating on their site, Stripe enables them to construct a shop in collaboration with one of several e-commerce platforms, but bear in mind that these frequently come with an added cost. Stripe’s main disadvantage is that, unlike most of its competition, it does not accept PayPal.Share this article