Stripe payment gateway is a popular payment solution used by international businesses. This is considered one of the great payment gateways for traders in the global environment.
Source: stripe.com
In the field of e-commerce, payment gateway plays an important role and is one of the first tasks that you must learn, register and integrate into the website.
Today, there are many popular payment gateways used globally, of which Stripe, Paypal, Payoneer, 2Checkout payment gateways are famous names. Each payment gateway offers its own advantages and disadvantages along with different characteristics.
In this article, PlutusPay will introduce to you what the Stripe payment gateway is and its outstanding features.
What is Stripe payment gateway?
Stripe (Stripe.com) is a payment gateway from the United States, allowing online businesses to accept payments on their sales websites. With data provided by datanyze.com, Stripe is currently ranked second in online payment gateway market share in the e-commerce field, only behind Paypal.
Currently, Stripe has expanded operations to 46 different countries (this figure is updated at the time of writing). This means that Stripe can only be registered and used in countries where this payment gateway is accepted.
Source: stripe.com
However, Vietnam is not currently on this list. However, with the outstanding development of the e-commerce industry and international business in general, hopefully in the near future, we will be able to use Stripe services right in Vietnam.
When created, a Stripe account will be fixed with a default currency. When you receive payments from other currencies to that Stripe account, Stripe will automatically convert to the default currency. At the same time, you can also quickly transfer money from your Stripe account to your bank account previously linked to Stripe.
Advantages and disadvantages of Stripe payment gateway
Advantage:
- Stripe has advanced payment and security technology that is considered industry-leading.
- Currency rates are predicted accurately.
- Provide detailed reports on expenses, revenue and product profits.
- Is an outstanding payment gateway in the international ecommerce market.
- Customers can pay directly via card without registering an account.
- Easy account creation (in supported countries)
- Supports multi-currency conversion across multiple countries.
Defect
- Stripe is still unable to support some countries, including Vietnam.
- Some industries and products restricted by Stripe are not accepted.
Source: Internet
Outstanding Features of Stripe payment gateway
Direct Checkout
When a customer purchases a product from your ecommerce site, they simply click the buy button and are then taken to the payment interface right on your website, allowing customers to pay immediately without having to pay. leave the website. This gives a big advantage over Paypal and 2Checkout.
Furthermore, the following are some of the elements included in Stripe's payment service
- Integrate payments on the website, through mobile apps or directly on the desktop.
- Accept many payment methods, including credit cards and e-wallets in different countries.
- Supports receiving transactions from multiple currencies in different countries, then automatically converting to the default currency of the corresponding Stripe account
- Provides many flexible payment forms that can be embedded into other apps that you can apply.
Stripe Connect
Stripe Connect is a platform that allows businesses to accept payments from customers and also pay their own network of contractors, suppliers and employees. To use Stripe Connect, businesses must create a Stripe account and then sign up for Connect. Businesses can add their contractors, suppliers and employees as “users” on their Connect account. Once added, these users will be able to receive payments from businesses through Stripe.
There are two account types on Stripe Connect: Standard and Express. A Standard account can be created for free, but there will be a fee for each transaction. Express accounts require a monthly fee to be used, but businesses will no longer be charged per transaction.
Striped Atlas
Atlas is a Stripe service that allows international businesses to link and set up business accounts with US banks, while also providing tax and legal guidance.
According to information from Stripe, this payment gateway has served more than thousands of E-Commerce companies across many startup fields and has been deployed in 120 countries. Notably, Stripe has added more than 100 developer partners to its network since launch.
Stripe Radar
Radar is a Stripe payment gateway solution designed to deal with fraud in e-commerce. Equipped with artificial intelligence, Radar helps identify and prevent credit card fraud in transactions, creating a safe environment for you and customers when making online payments.
Stripe Relay
Stripe Relay is a tool that helps sellers use the Buy Button in applications like Twitter to sell products directly to customers without having to fill out a lengthy payment form. With Relay, online purchasing takes just a few clicks from the consumer.
In addition to the Relay feature, Stripe provides a series of other high-end services such as Sigma, Terminal, Issuing... Although they are not directly related to the field you are interested in, so PlutusPay will not share details about these services. this case here.
Source: Internet
Cost when using Stripe payment gateway
Stripe applies a certain fee similar to other services. However, the special feature of Stripe is its clear and transparent way of calculating fees.
Below is the fee for using Stripe in the US, you can take a look
- Payment Fees: 2.9% + $0.30 per transaction
- ACH: 0.8% (maximum limit $5).
- Free registration and No monthly costs incurred (If using additional services, additional fees will be required)
- Time to receive money from 1 to 2 days for account in the US (except in cases where the transaction shows signs of suspicion or has a risk report).
- The compensation fee for each dispute on Stripe is $15 (and will not be refunded whether win or lose).
Conclude
Stripe is a great payment gateway for international businesses, especially those new to the market. With Stripe, payments become convenient for customers with a simple and intuitive process. This also benefits merchants, like you, with the ability to receive payment quickly after the customer completes the transaction. This is a special feature not found in other payment gateways such as Paypal, 2Checkout...
However, unfortunately, Stripe currently does not support registration in some countries like Vietnam. Therefore, you have to find alternative solutions such as buying or Rent Stripe payment gateway.
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