Stripe Review: Payment Processing for Business

Stripe Review: Payment Processing for Business

Currently the best online credit card processor on the market, especially for developers

Good for

  • Online credit card processing
  • Companies capable of leveraging the free API to build a custom e-commerce experience

Bad for

  • Firms looking to have a single processor for online and offline payment handling
  • Businesses that want to accept PayPal payments
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Currently the best online credit card processor on the market, especially for developers

Good for

  • Online credit card processing
  • Companies capable of leveraging the free API to build a custom e-commerce experience

Bad for

  • Firms looking to have a single processor for online and offline payment handling
  • Businesses that want to accept PayPal payments
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We recommend Stripe’s payment processing for online businesses who like minimal fees but also have API developers.

Good for:

  • Online credit card payment processing
  • No monthly fees or set up fees
  • Looking for a wide range of payment methods

Cons

  • Accepting PayPal payments
  • Businesses who are not developers or have a developer for API features
  • A large selection of in-person payment options
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Stripe is an online credit card payment processing system and software platform used mainly for operating an internet business. It is fairly priced without a lot of added fees. Stripe offers a variety of API integration tools and resources for businesses to build an e-commerce platform that is ideal for developers. Those who are not developers have the option of using an e-commerce platform from Stripe’s partners, including WooCommerce and ShoppingGives, but they may come with additional costs, including when applying to become a Stripe Verified Partner.

How much does Stripe cost?

Stripe is a processing platform that has minimal fees and many payment methods to choose from. In the table below we break down Stripe’s full payment structure.

How much does Stripe cost
Processing rates
  • Online: 2.9% + $0.30
  • In-person: 2.7% + $0.05
ACH debit card rate
  • 0.8
Accepted payment methodsCredit card networks
  • Visa
  • Mastercard
  • Discover
  • American Express
Digital wallets
  • Alipay
  • Apple Pay
  • Google Pay
  • Click to Pay
  • WeChat Pay
Buy now, pay later services
  • Klarna
  • Afterpay
Chargeback fee$15
Monthly feeNone
Monthly minimumNone

Stripe payment processing review

Stripe’s pros and cons should be considered before signing up for its service. Stripe can be a good fit for online businesses, such as e-commerce stores, as it tailors to online payment processing. Businesses that rely heavily on in-person payments, including certain brick-and-mortar stores or restaurants, might not be the best fit.

Getting started is pretty simple as Stripe payment’s set-up is quick and its platform is easy to use with no-code options for those who are not developers. It also has the option to work with one of its partners to help build your e-commerce store or its own developers and consultants to offer assistance for more customized integration. You can join its Partner Program or become a Verified Partner, which may help drive sales but will cost you extra. The Partner Program is free but the Verified Partner is an additional $250 a year.

Alternatives to Stripe

While Stripe reviews are decent as the platform has some quality attributes, it’s smart to compare with other similar payment processing systems to find the right match for you and your business. Be sure to keep an eye out for any fees associated with each platform as they can add up quickly.

Stripe vs. PayPal

While Stripe is relatively easy to use, PayPal might be even easier. You can simply create a payment button within minutes by copying and pasting a prebuilt code, allowing you to accept payments instantly without help from a developer. However, one drawback here is you’ll be sending your customers off your site and onto PayPal to make a purchase. If you want unlimited customization for the checkout layout you’ll need to upgrade to Payflow Pro for an additional $25 per month.

Stripe and PayPal both specialize in online payments and both offer some in-person payment solutions as well. PayPal is probably the better choice for small businesses as it’s easier to set up (without using a developer) and can cost less. PayPal also does not charge a monthly fee, but both do charge for chargebacks with PayPal slightly less at $20.

PayPal highlights:

  • Monthly fees: None
  • Per transaction: 2.59% + fixed fee (0.49 for USD)

Stripe vs. Square

Similar to Stripe, Square does not charge a monthly fee or for any disputes. However, it can still end up costing you more, especially with online payments. Its online processing fees are much higher (3.5% + 0.15) than Stripe’s (2.9% + $0.30) costing you more for internet transactions. On the flip side, Square has a slightly lower card-present fee of 2.6% + 0.10 compared to Stripe’s fee of 2.7% + $0.05. Stripe has some card readers for in-person credit card payments but is limited. Square, on the other hand, has a large selection of in-person transaction hardware (including registers) making it a great option for businesses outside the online realm.

Square highlights:

  • Monthly fees: None
  • Per transaction: 2.6% + 0.10 (card-present) and 3.5% + 0.15 (card-not-present)

Stripe vs. Authorize.net

Authorize.net charges the same payment processing fee as Stripe but comes with additional fees, such as the monthly gateway charge of $25. One big benefit to Authorize.net is it accepts PayPal as a payment method while Stripe does not. Authorize.net targets small businesses, working with them since 1996, whereas Stripe works with all-size companies, both small and large. However, small businesses looking for protection against fraudulent transactions may turn to Authorize.net for its advanced Fraud Detection Suite.

Authorize.net highlights:

  • Monthly fees: $25
  • Per transaction: 2.9% + 0.30 (without merchant account) or $0.10 per transaction and a daily batch fee of $0.10 (with merchant account)

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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