Looking for a complete payment processor for your business? Many merchants are turning to Stripe to simplify the checkout process for their small businesses. So, what is Stripe?
What is Stripe?
Stripe is an online payment processing and credit card processing platform for businesses.
When a customer buys a product online, the money has to be delivered to the seller. Stripe ensures safe and efficient processing of money via credit card or bank and transfers that money to the seller’s account. Stripes software includes both a payment processing platform and a credit card payment gateway, both required for any successful online transaction. Thus, this feature makes it the most efficient and simple software to choose for online payments.
How does Stripe work?
The Stripe payment process goes like this:
- When you create an account for your business, the Stripe software will link to your store platform’s purchase page.
- When a customer is ready to purchase a product or service and “checkout”, they enter their financial information on the purchase page.
- The information will then be sent from the website via Stripe software, which will verify funds are available (payment gateway) and process the payment before sending it to the merchant account.
Protects from fraud
If an error occurs during the payment process (i.e. the buyer has insufficient funds in their account), Stripe will reject the transaction and the customer will be notified to use a different payment method.
Stripe also monitors for fraudulent transactions and automatically blocks transactions that appear suspicious.
Applying a combination of spending limits and merchant controls to cardholders will help prevent your business from being exposed to fraudulent activities.
What payments does Stripe support?
The app accepts a wide variety of payments to make the process easier for you and your customers:
- cards
- wallets
- Currencies
- Bank debts and transfers
- Cash based coupons
- Bank referrals
- Buy now, pay later
- side support
Customers can pay in person, online or with a mobile device.
Who uses Stripe?
Stripe’s robust security and payment processing system makes it a highly sought after resource by online companies as it is known for providing some of the best development tools in the market.
Businesses using the app include big brands like Lyft, Amazon, Shopify, and Pinterest.
Business models supported by Stripe:
e-commerce sites
Retail online stores
B2B Platforms
Software as a service
B2C Marketplaces
Nonprofits and fundraisers
How to use Stripe?
- Start by signing up for Stripe to create your account.
- Go to your inbox and verify your email address.
- Click the link to activate your account.
- Add your business details and banking information.
- Set up your Stripe link and select “create a platform or marketplace”.
- Complete your platform profile.
- Update your settings and check that Connect is enabled in your account.
- Review your business information one last time and start selling!
Benefits of using Stripe
Stripe helps increase sales by offering your customers more payment methods. The flat rate pricing system makes it easy to manage your monthly expenses so you don’t have to worry about hidden fees. A customizable payment flow allows the app to be tailored to your business needs, and 24/7 customer support is always available if you have any questions about getting it working for you.
Both Stripe and PayPal offer secure services that are PCI compliant, i.e. meeting the standards set by the Payment Card Industry.
The app pays directly to your bank account with payment options that vary according to your country and industry. You also have the option of Instant Checkout, which can be requested at any time and usually arrives within 30 minutes.
