Are you in the process of selecting a payment processor for your online business? If so, then you’ve probably heard of Stripe and are curious to learn more about it. In this guide, we’ll address that concern and give you a brief overview of what this technology is capable of. Let’s begin.
What are Stripe Payments?
Stripe is an eCommerce software system that enables companies to securely make and receive payments over the Internet. The system was created in 2009 by an American company of the same name. However, it was two years later in 2011 that technology was launched for public use.
Essentially, Stripe allows transactions between customers’ bank accounts and those of merchants to take place seamlessly online. Today, it sees widespread use in small businesses and large corporations alike.
What are the advantages of using Stripe?
There are many factors that can be credited for the popularity of Stripe. We’ll highlight some of the most noteworthy ones below:
Convenience and ease of use. Stripe is incredibly easy for new users to implement into their businesses. Creating an account takes little time, which means that merchants who sign up for the service can start receiving payments right away.
Flexible integration. In terms of the system’s infrastructure, Stripe is compatible with many business models and enables transactions with a multitude of payment options. This makes it suitable for almost any type of business and industry.
Powerful customization. Stripe users can utilize the software and tailor it to their specific needs. Whether of a purely aesthetic nature or down to functionality, the Stripe system can be designed to suit the needs of businesses and customers alike.
Stable pricing. Stripe is famous for its affordable fees. Moreover, the service becomes cheaper to use as you conduct more business. In other words, large-volume sellers will find that using Stripe is economically advantageous.
Other important considerations
It’s also important to keep in mind the different capabilities and limitations of Stripe. For one, Stripe is available in a specific set of countries around the world. If you are considering using Stripe as your payment processor, make sure that you and your business are in a country that supports it.
In China, a big portion of the market uses WeChat and AliPay, which are partnered payment networks that are supported by Stripe. This means that Stripe is ideal for businesses that are looking to accept payments from China.
You can check all Stripe supported countries here, but we’ve done the research for you, and as of today, only the countries below support receiving WeChat and Alipay payments.
- Hong Kong
- New Zealand – Alipay only
- United Kingdom
- United States
Stripe may restrict certain industries and businesses from using their software. The company does not normally work with high-risk businesses, so keep in mind that your business might not be able to take advantage of their services.
As you can see, Stripe can provide a number of benefits to your company. It can even help you make greater profits in the long term. However, the technology is not for everyone, so consider what we’ve discussed here to determine if it’s the right choice for your business.
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