Are you considering using the Stripe payment method for your business, but don’t know how to sign up? Then you will find this review article about stripe very helpful.
Opening an online store requires taking an interest in many subjects which are generally reserved for specialists. It is therefore necessary to find a service provider that can accept payments.
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But how do you find the right provider for your business? How do you find the online payment solution that allows you to combine quality with an attractive commission rate to avoid significantly reducing your margin?
Because, beyond the cost of the solution, offering qualitative means of payment is a key element for the transformation rate of an e-commerce site: the user must feel sufficiently secure to want to reveal his otherwise private bank details.
Among the many players in the market, there is the American Stripe. But what are the benefits of Stripe? What are the payment methods available on Stripe? And above all, is Stripe the best payment solution out there?
If you’re looking for a Stripe review, this is it!
Does Stripe have a VAD contract?
At Stripe, there is a VAD contract. This implies better protection for the merchant in the event of a dispute with a customer.
This contract is offered once you have purchased a subscription with Stripe. So this is not optional
If you are looking for a payment solution without a VAD contract , know that there are several out there.
What are the available payment methods on Stripe?
By offering payment via a credit card, Paypal and transfer, know that you cover 99% of Internet users. This means that 99% of Internet users will be able to make a purchase on your site thanks to these 3 payment methods.
At Stripe, there are many payment methods available:
- Payment by credit card (Mastercard, VISA, American Express, etc.),
- Payment by bank transfer,
- Payment in several monthly installments,
- Payment by SEPA, whether for one-shot or regular payments.
Note that payment by check or Paypal is not taken into account by Stripe. It will therefore be necessary to add these options through specific integration, which requires greater technical skills than for other payment solutions.
Security Question, How Does Stripe Work?
When it comes to online payment, the concept of security must be omnipresent.
So, when you choose a service provider, you owe it to yourself to pay particular attention to the security guarantees that it offers. This goes from 3D secure to the various insurances associated with the sales made by its solution.
At Stripe, the notion of security is really well taken into account. From the back office, it is possible to configure many security-related elements such as IP filters by country, to prevent people from placing orders from countries known to be counterfeiters.
On the security side, Stripe is therefore a good alternative.
What is the Price of Stripe? How Much Does the Subscription Cost?
This is an important topic when choosing a payment solution. Indeed, like every service provider, offering a payment module on an e-commerce site costs money.
The Stripe rate is pretty straightforward: no subscription or set-up fees. The stripe price is only linked to a commission associated with a fixed amount per transaction.
This commission is 1.4% to which must be added the sum of 25 cents per transaction. The cost of this solution is therefore slightly lower than the costs of some solutions such as Klick & Play.
Is it an International Payment Provider?
As explained in the preamble, Stripe is an American company that has been exporting to Europe and Africa for a few years now. Thus, its solution is fully configured for the global market.
Thus, by choosing Stripe, you can easily accept online payments in Naira but also in the different currencies used such as dollars or pound sterling, here is a list of all supported currencies.
Finally, it is possible to associate several banks with a Stripe account, which will allow you to associate your turnover and your cash flow with the different structures that you may have to create.
How to Install Stripe on Your E-commerce Store?
Like most of its competitors, Stripe provides its customers with a dedicated space on its site to help them install its solution.
Please note, although the main pages of the site are available in French, all the technical documentation available to help you install the solution is in English. Nothing too insurmountable but it is better to be comfortable if you ever want to get started.
Note that Stripe provides e-merchants who use recognized CMS such as Prestashop or Magento, a module to facilitate integration on the site. It is important to note that this module is free, which is not the case with all competitors.
How to Sign Up for Stripe?
- Go to Stripe.com then click on “Get started now”.
- Indicate your name, your email address and a password then click on “Create your Stripe Account”
- Remember to click on the activation email that you received by email, in order to continue configuring the account. Otherwise, a message like this will appear:
- Once your email is active, we can continue to create your Stripe account. Click on “Activate your account”.
- Stripe will ask you questions about your company (such as industry, bank details, etc.).
- Once this is done, click on “Submit a request”. Usually 2-3 days is enough for the Stripe account to be active.
Once your account is active, you should receive an email to notify you.
Conclusion: Is Stripe Better than PayPal?
Stripe, in my opinion, is a good online payment solution.
The integration of the module is quite simple and really ergonomic which promotes the rate of transformation of an e-commerce site.
However, if you need Paypal or check payment, you will need some technical skills to complete the integration. In addition, it is better to be comfortable in English to select this solution.
So, if you are an international group that has several e-commerce sites, the Stripe solution is interesting. If you are a small e-merchant who is starting out and who targets only the French market, my opinion is that other solutions will be more appropriate