Payment gateway provides the ability to charge payments for your online store through credit or debit card. Your customers feel comfortable knowing their payment details are secure and processed by reputed provider. This can be a big factor for them to decide whether they should make a purchase or not. Stripe as your integration partner can offer you that level of confidence and assurance that will make your eCommerce business successful.
You can find tons of plugins or add-ons online now a days but let me explain why Stripe is our preferred payment gateway.
Stripe has empowered businesses in 120 countries across the globe including start-ups to large scale corporations. They work with financial institutions,regulators and banks, to remove complexities for your business. This means you can spend more time doing what you love and invest in marketing instead.
Since their launch in 2011, Stripe now has 2500+ employees, 14 offices globally with millions of customers worldwide. I don’t know about you but to me that’s an impressive business growth.
Let’s talk about the Stripe features……
You would agree with me on this at times it can be little annoying being redirected to another site for payment. However, Stripe allows in house transactions. In simpler words, you can charge payments on your site. The best part, there are no hidden costs, monthly or annual fees and super easy to setup.
- Set up reoccurring payments with ease
- Charge a one of payment model
- Apply discounts to subscriptions i.e. every time, one time
- Automatically cancel subscription if disputed
- Customize the background colour of your checkout page
- Ability to Send debit notifications
- Charge customer on pro-rata basis
- Debit the customer with storing card details
- Easily track transactions through visuals reports and charts
- Collect customers shipping address during checkout
- Accept payments in 135+ currencies, therefore you can charge customers in their own currency
Price Point, Fee & Refunds
Being a payment gateway you have to pay a small fee towards your transaction. If the transaction is made in your country of residence that Stripe supports then you will incur 1.7% + $0.30 per transaction. However, if you are using an international card then the fee is slightly higher as 2.9% + $0.30. The good news is that there are no ongoing charges and you can withdraw the payments as early as with in 2 business days of transaction being made. The first payout can take between 14-30 days. The fees and charges vary for different types of transactions i.e. recurring payments. Payment failure and dispute charges may apply, see full terms and conditions at Stripe. Processing fee charged by Stripe is not refunded even if you need to refund the customer in full i.e. change of mind or 30 days full refund guarantee.
According to Stripe it’s solutions are developer-centric. It gives the ability to developers to set up the payment gateway through API. Even if you are a normal user, you can setup Stripe integration in matter of minutes with most major platforms. i.e. WordPress, Shopify. It provides flexibility and makes it easy to customize for better user experience.
Stripe offers peace of mind for customers knowing their transactions are processed through secure payment facility. It allows the customers to make payment instantly on the website itself, instead of being directed to external page like PayPal. Customers can choose to pay with their domestic currency, if the website offers that functionality.
For Website Administrators
The website owners do not require to open international bank accounts to charge different currencies. For example: You can choose to charge single currency i.e. US dollars or charge multiple currencies, depending on website capabilities.
Stripe adds confidence for businesses and customers, thus allow seamless transactions with peace of mind. Business can track transactions through reports, learn about their profits and losses. Customers get to experience hassle free shopping with confidence. It seems win, win situation to me at least.
Let us know your thoughts about Stripe payment gateway, in the comments below. Were you able to integrate it easily for your online eCommerce business?