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All You Need To Know About Stripe Payment Platform

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October 26th, 2021 21:24

Stripe payment processing platform


Stripe is a payment processing platform founded in 2010 by two entrepreneur brothers, John and Patrick Collison. Today, it is one of the fastest-growing platforms with a mind-boggling $35 billion valuation. 

Stripe believes in eliminating barriers to innovation by offering endless customizable options and developing new solutions for the world of e-commerce. They have not only managed to match their competitors but are also constantly developing to have an edge in the market. 

Start-ups and small businesses with a user base of over a million people from around 120 countries use the Stripe payment gateway system. Their impressive list of clientele includes tech giants like Amazon, Zoom, and Slack

Services provided by Stripe

If you are planning to start an online business, you might be trying to figure out which payment processing platform would be best for you. In simpler terms, you need to look for an internet middleman that will allow you to take payments from your customers from their bank account to yours. 

Stripe can be this middleman; it has multiple benefits, apart from the ones listed below, that can help you manage your business online efficiently.

Payments:

Stripe accepts more than 135 currencies with localized payment methods—such as Alipay, Google Pay, and Apple Pay—to provide an optimal experience for your customers. It comprises a responsive checkout page that can be customized with colors and styles that can match the look of your site. This will enable a seamless transition to the checkout page. 

Stripe is an all-in-one online payments processor and a gateway. It also offers billing options for subscriptions and invoices, thereby making it easier to accept recurring payments globally.

Payouts:

If you have a delivery business that requires you to regularly send payouts to your executives or other service providers, Stripe lets you pay the fees from an accepted payment option or even your bank account. You also automate such payouts.

Cards:

Another feature of Stripe includes the issuance of payment cards as well as on-demand branded cards.

Some of the operational features of Stripe make it a great choice when choosing a payment processing platform for your business. These features have been highlighted in brief in the following:

Radar:

This is a built-in feature that not only detects and blocks fraud customers but also prevents the accidental blocking of legitimate customers. The stringent security protocols make it safe to use. 

Stripe uses the best-in-class tools and practices to deliver their promise of a high-level security payment platform. All card numbers are encrypted before issuance.

Sigma:

This feature helps you run your business more efficiently by providing customized reports. With Sigma’s structured interface, you can access your data efficiently and observe factors such as your customer base and the regions they are from.

Atlas:

If you are at an early stage of your business and do not know where to start, Stripe Atlas will do that for you. Atlas helps create your business with the aim of simplifying everything from legalities to lengthy paperwork.

Pricing

Stripe’s pricing models are built on transparency; this payment processing platform efficiently shows you know how much their fees will cost. The Integrated plan allows you to access a complete payments platform with a pay-as-you-go pricing model

The general rate is 2.9% + 30 cents. They do not charge any setup, monthly, or hidden fees here. However, with their Customized plans, you can design a custom package for your business. 

This allows you to avail of discounts and multi-products and even access country-specific pricing. As Stripe accepts more than 135 currencies, the transaction fees for international cards may vary.

How to get started on Stripe?

Photo by Firmbee.com on Unsplash

Stripe’s developer tools provide API keys for company websites which allows you to integrate the code with your website; but, this requires the assistance of a technical team or a web developer.

Depending on your website, you can log in and use both the test and live keys on the Stripe payment platform. It is also compatible with many programming languages like Python, Java, and PHP. There are other ways such as the pre-built options that may be easier to integrate with your website. 

However, if you do not have a designated technical team for your business, you can still allow your page to seamlessly connect and link with Stripe payment. They have various other options such as extensions and plug-ins.

Stripe also provides tutorials on how users can access and use their payment gateway. Users from e-commerce-dominant countries, such as India and the US, can also access and benefit from this platform. 

Conclusion

With more and more people preferring online transactions, payment platforms, such as Stripe, have become a necessity in today’s world due to their ease of use. The reviews that it has received only show its popularity and reliability. You can choose to try Stripe based on your requirements.

Frequently asked questions

1. What exactly does Stripe do?

  • Stripe is a technology company that helps build economic infrastructures for businesses on the internet. This software can be used to accept payments and manage businesses online.

2. Is payment via Stripe safe?

  • Stripe has been certified to PCI Service Provider Level 1, which is the most stringent level of certification available in the payments industry. Payments using Stripe are protected using the best-in-class security tools and practices.

3. What is unique about Stripe?

  • Stripe is best known for providing small businesses, entrepreneurs, and startups with an easy way to collect online payments. 

4. Do you need a bank account for Stripe?

  • If you do not have a bank account on file with Stripe, you will need to add one before receiving payouts through the application.

5. Can individuals use Stripe?

  • Yes. Stripe is built to process payments for all types of businesses or activities, including individuals. When activating your account, you must select that you are an Individual/Sole Proprietor.



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