Stripe accounts in the online payment industry where PayPal, Worldpay, Amazon payments are dominating the market, there is a name that is being heard everywhere as the hottest new payment processor.
Yes, you guessed it right; it is Stripe accounts. The first question that comes to mind when someone hears about Stripe is “What are Stripe accounts?”
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Stripe is a third-party payment processor, meaning they process credit card transactions from different businesses into a single merchant account. When someone opens an online business they require a convenient method for exchanging money securely so their customers can trust buying products. Stripe fulfills this goal.
Journey of Stripe
Stripe is an American technology company co-founded by Patrick Collison and John Collison. Starting its journey more than a decade ago which is in 2009, makes Stripe a newcomer in the industry. Moreover, Stripe launched publicly in February 2012. From there on they have been rising through the ranks. In 2016 Stripe accounts were valued at over $9 billion and in 2018 its value raised to $20 billion. Finally, in September 2019 it was valued at $35 billion.
Stripe accounts provide technical, fraud prevention, and banking infrastructure for online payment systems. Stripe provides services like payment logistics, Atlas, Issuing, Terminal, Sorbet, CLI, etc. Furthermore, Stripe works in 31 countries and 24 types of currencies can be exchanged. A company this big has allowed employment for over 2000 people according to a report of 2019.
Some of you might be thinking why people are so attracted to Stripe when there are so many companies out there. First of all, one of the first obstacles developers face when setting up e-commerce solutions for clients is deciding on the best way to incorporate credit card payments. Most of the developers found Stripe impressive because it allows web developers to integrate and customize their payment processing solution using a variety of different programming languages in a short period of time.
Besides, Stripe excels its competitors in terms of accepting and processing payments, payouts, security, integration, reconciliation, and support. In terms of accepting payments Stripe accepts most payment types, including Visa, Master Card, American Express, foreign credit card, as well as mobile wallets like Google and Apple pay. When it comes to processing payments Stripe has direct integrations with most major credit card networks, allowing them to optimize routing paths and reduce transaction latency for online credit card processing—meaning a seamless experience for customers and less risk for one’s business.
Stripe protects one’s business against fraud with Radar, a machine learning fraud system that trains by collecting data of fraudulent and legitimate purchases. One can also add an extra layer of protection using 3D Secure which is also provided by Stripe.
Most importantly Stripe fees are fairly charged, very transparent, and easy to understand. As a result, most business owners are attracted to Stripe in terms of their profit. As for support, Stripe offers 24/7 phone, e-mail, and live chat support. Stripe also has all the details on their website.
How to Open and Use Stripe Account
Stripe has customers in a wide variety of industries including some big names. This payment gateway solution is for those looking for an easy-to-use system. Stripe allows developers to open accounts and immediately start trading. When one says Stripe account is very easy to open they really mean it. In order to set up Stripe accounts, you need to follow some steps.
- Create a Stripe account using e-mail, name, and password.
- Then verify the account and login to Stripe
- At the left corner click on activate account.
- By filling in the required information, one can activate one’s account.
In order to connect your Stripe account to your business website, you’ll have to follow a few more steps.
- Go to the online shop website
- Log on to the control panel
- Select ‘online shop’- ‘Setting’- Payment options’
- Now select Stripe as a payment option and save the setting.
- Select Connect to Stripe
Now you need to login into your stripe account using your username and password. When your account is connected to stripe, the word “CONNECTED” will be shown in the setting of the online shop and you will have Stripe as one of your payment methods. Moreover, you need to pay a fee of 1.4%+20p+VAT to Styripe per successful charge, which is a very reasonable price.
In the case of customers, they do not need to open an account. Customers only need debit, credit, or express cards to pay for an order. Payment through Stripe is a very simple process, and customers can provide their phone number to pay in the subsequent transactions if they want.
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Pros and Cons
There are various pros and cons of using stripe. But the popularity of Stripe indicates that the pros are more and developers are found of the company. Stripe is both beneficial to the customers and the developers.
- Easy and quick setup as well as maintenance
- Reasonable rate and in line with their competitors
- No extra fees for setup, cancelation, account maintenance, etc.
- Great for international payment processing
- Stripe gives a lot of control over how one wants to handle clients and the plans they’re subscribed to
- Their API is quite well documented
- Business through stripe presents low fraud risk
- SSL protected
- Payments can be done through multiple devices
- Offers high levels of security & privacy for the users
- Stripe requires some coding knowledge for those who want to use it as a payment gateway; which is not best for beginners
- Stripe holds the payment for 7 or more days, which is inconvenient for retailers
- For retailers taking lower transactions, the flat fee can eat from profit
Essentially, Stripe offers a credit card service that behaves like what everyone wants. One no longer has to waste time setting up a merchant account and using a customer-confusing “payment gateway”. Instead, they can have everything up and running in five minutes or less. Not to mention, users won’t have to worry about monthly fees, setup fees, annual fees, transaction fees, etc. It’s simple, intuitive, and super-friendly.