Stripe Payment processor review. The Stripe Payment processor is known as the best medium for online-based businesses. Especially since any merchants can sign up on the platform for free. Stripe also enabled the electronic transfer of money from a customer’s bank into a merchants bank. This acts as a payment for goods and services bought with a credit card. In this article I will be discussing Stripe Payment Processor Review as a payment processor for business, it’s features, fees, etc.
Stripe Payment processor How does it work?
Stripe processes credit card transactions from a portfolio of various businesses into a single merchant account. That is an account used in accepting credit card payments. It, therefore, means that if you sign up on the stripe platform, you will gain access immediately to Stripe Payment Processing. This will not need you from going through the steps to open a special merchant account which may require underwriting. Stripe is a technologically sophisticated platform, flexible APIs, and transparent, and flat-rate fees.
Also, stripe has made provision for their payment gateway within its payments platform. Using a software application that makes it easy to accept credit card payments online.
Stripe Payment Processor Features
Stripe is used to accepting most payment types such as MasterCard, Visa, American Express, Discovery, and many other foreign credit card networks. Also, with mobile wallets such as Apple Pay and Google Pay. Additionally, stripe processes up to 100 foreign currencies and convert them with no additional charge. Here are tools and methods of accepting payments with Stripe:
- Stripe elements
- In-person payments
- Stripe sources
- Embedded checkout
With stripe, you have access to the major credit card networks, which allow routing paths, provide granular data. And reduce transaction being delay online credit card processing. It then means that customer experience will be less risky for business. Customers’ credit cards are automatically renewed and timely updates by stripe.
Stripe protects a business against fraud using Radar, a machine – learning fraud system that trains on data around millions of global companies to help distinguish between fraudulent and legitimate purchases. Users can add an additional layer of protection with 3 D secure, which alerts users to complete a verification step before completing their purchase. At the end of business transactions, stripe provides an automated disputing handling process that works with your card network automatically.
Through the stripe API and dashboard, information transmits for users to see the real information about charges, refunds, transfer, and fees. Users can create financial reports with your data from the stripe. Additionally, Stripe gives in-built reporting features and it enables you to automatically sync your data with your accounting software.
This feature enables you to integrate payments on the Stripe platform with hundreds of other platforms including e-commerce to Invoicing software. It also connects to top software solutions such as Slack, Xero, Shopify, ShipStation.
Stripe provides you with the necessary business operations tools. Using your personalized stripe dashboard you can customize charts and analytics, export data, streamline workflows. You can also set you two-step authentication for your account. Also, you can set specific roles and permissions for your team and track recent payment processing activity, from payment to refunds to disputes. To manage your payments on the go, stripe offers iOS and Android mobile dashboard apps.
Stripe fees are minimal and fairly limited. Generally, stripe does not charge for account opening but only transaction fees. For any online debit or credit cards, you accept you will pay a flat rate of $2.9% + $0.30 per transaction. For In-person payments using the strip terminal, the transaction fees are just $2.7% + $0.30. Check here for other fees
Stripe offers users 24/7 hours, email, live chat, and phone calls support. The support portal offers a robust amount of documentation and guides on all the types of stripe tools.
In conclusion, there’s no doubt that stripe payment is really design for tech-based businesses. Also, as well as large businesses or businesses that work only online. Stripe is not for small businesses that sell out of a physical location.