Stripe is the new standard form of online payment platform. It was founded in 2010 by John and Patrick Collinson with a keen observation of fast online payment methods. And Stripe began public in September 2011, Later it became a pet of silicon valley.
Stripe now does the transaction of some of the largest brands such as Lyft, Blueapron, and Pinterest. Stripe has implemented many services and features like fraud protection, fixed rates regardless of network, and an Application Programming Interface (API).
This is a full-stack payment processor, and it provides both third party payment processors and a payment gateway. This aids that Stripe grants your business to deal with credit and debit cards, in addition to automated clearing house (ACH) transactions, through both online and offline.
How does Stripe work?
Stripe payment is a type of online payment processing platform. Stripe helps us to send money from a customer’s bank account to your business account with the help of credit cards or debit card transactions. This can be used for all types of transactions.
As Stripe is an independent payment gateway, it does not do huge processing of your transactions. However, it will collect and send to the financial organization to check whether the fund is clear or not.
The comfort, customizability, and the proper security system compose Stripe into the trusted names for the online transaction. There are many trusted clients such as Amazon, Shopify, etc. who are using the stripe payment app.
The Stripe API permits third-party developers to generate apps that can work with this service. This will make the use of Stripe easier. By using Stripe dashboard apps, the account information can be governed, observed and protected easily with your fingertips.
Stripe Payment Options Overview
Stripe has many kinds of payment options. In the U.S, Stripe has initiated the implementation of simple domestic credit card processing. Stripe has developed its offers to cover major payment options all over the world. Some payment options are as follows:
Stripe Credit Card Payments
The primary form of stripe payment is that it will grant merchants to accept traditional credit card purchases through online or physical ways. The important thing that separates stripe payment from other types of traditional processes is that of the wide range of choices that Stripe gives to the merchants.
Stripe Digital Wallet Payments
For instance, in 2018, most people have used this mobile wallet to complete a transaction. Stripe digital wallet integration approves your business to accept payments in any way that people adopt to make and implement your e-commerce in order to go to the universe.
Stripe International Payments
In the case of your international business, Stripe receives payments from different countries. It accepts not more than 135 currencies from different countries all over the world. They will charge an additional one percent more than the standard fees. Moreover, converting this currency to other currencies will also charge an additional fee.
Stripe Automatic Payments
In order to run a business, they require a recurring regular payment method, such as subscriptions.
Why is Stripe Payments Important?
In order to understand why Stripe payment was very important, it is necessary to understand how the credit card processing industry works.
For most of the customers, Stripe payment looks easy, uncomplicated, and straightforward. It is very simple for the customer, you just need to swipe or enter the card into a machine and just enter your number, and finally, your payment will be transferred. This process is commonly an end transaction for the customers, but for the sellers, this is just a beginning.
Stripe payment was first believed that it is difficult to work with the merchant acquirers. More numbers are still generally working in the physical retail space and do not have the technology or the proper knowledge to help e-commerce businesses.
Concentrating mainly on digital card payments brings great stripe payment changes. Stripe payments are the first independent sales organizations to construct a platform mainly for e-commerce platforms, multi-restaurant platforms, on-demand platforms, and app payments.
Stripe Business Options
There are different options for Stripe to do for a better payment gateway of your business.
It has been observed that accepting payments is complicated. While accepting the payments, it has to match with the customer interface with a web interface and need to support the multiple payment options. This makes it easier for customers to pay using their mobile devices.
Stripe checkout is a smart payment page that can release properly for a smooth experience.
Stripe elements are prebuilt user interface factors. It allows you to design a custom payment form for your website. It helps to reduce the user’s error and will increase successful payments.
Stripe accepts all types of credit and debit cards of different customers from all over the world. Moreover, they can store credit card and debit card electronically by using wallets. Stripe also supports Alipay, Apple Pay, Google Pay, and other wallets. Stripe also promotes more local payment options with the source API.
Stripe accepts mobile SDK payments if you have an iOS App or an Android App. The payment method can be used in your iOS and Android Apps by using Stripe libraries.
Benefits of using Stripe
In the starting stage of Stripe, they were the first digital startup payment processors on the online market. At that time, it was an easy choice, but now there are many other competitors available.
Here we can discuss the benefits of Stripe usage among all other competitors. There are mainly five benefits while using Stripe as follows :
Ease of use
Stripe is the simplest form of payment processing platform in these times. Stripe is very easy for all users, especially during the time of registration. It will take only a short time for the registration and to accept the payment.
Customers verification will be very simple and they don’t want to face any strict verification process and activation to get their own merchant account.
Large number of integrations
Nowadays, as we all know that there are huge ideas to do business through the digital market, their business mainly through e-commerce to non-profit fundraising to the software as a benefit to billing for physical services and more.
All these business models have large numbers of apps for the easiest way of doing the business. Fortunately, Stripe has also generated many integrations by collecting payments very fastly and easily. Such integrations grant these business owners to plug Stripe into other software that was already in use with minimum work.
Powerful customization options
Stripe offers a great opportunity to customize their own implementation, those who have the skill of coding and enthusiasm to put in some time. Stripe offers the developers unlimited ideas to change their payment forms.
Are you planning to start an online business?
If you have a plan to start an online business in an on-demand service marketplace platform, multi-restaurant platform or an e-commerce marketplace, We have already built clone scripts for all these platforms.
In each clone script, we have integrated the Stripe payment gateway for easy transactions. So it will be easy for you to collect payments from customers.
So are you ready to build your app with our open-source clone scripts?
Do you have any plan to build an on-demand app, multi-restaurant platform or a new idea? If yes contact us we can help you a lot.