When it comes to payment methods for your customers, you want to make sure you're offering them ways that make home feel comfortable and secure. We're going to look at one particular payment gateway, Stripe to see how it adds up. In our Stripe review we discuss everything you need to know before deciding if this is the product for you.

 

This Stripe Review will cover:

  • What Stripe is
  • How it works
  • The rates and fees
  • Pros and Cons
  • PayPal vs Stripe
  • Who should use Stripe
  • Our verdict

 

 

What is Stripe?

Founded in 2010, Stripe is a payment processing gateway that allows businesses and individuals to accept credit card and debit card payments online. It has become a leading competitor of PayPal as it allows customers to check out on your website without being navigated to a third-party site. 

 

How does Stripe work?

Stripe LogoOnce you have signed up for Stripe, you will need to copy code into your website so that you can process customer payments. Stripe has an API that integrates with your site. Once this is done, customers can use Stripe to check out.

There are no monthly fees, but you pay a percentage fee per transaction depending on the way that the customer pays.

 

Rates and Fees

While there are no monthly fees, there are fees charged per transaction. Let's find out what they are.

Fee Details
Domestic Cards 1.75% + 30c AUD per transaction
International Cards 2.9% + 30c AUD per transaction
Alipay & WeChat Pay 2.9% + 30c AUD per transaction
Virtual Terminal 2.2% per transaction

Pros and Cons

Pros Cons
Check Mark Accepts more than 100 currencies. Cross Some coding knowledge is required to install the API.
Check Mark No monthly fees, and transparent transaction fees. Cross Limited phone support
Check Mark Deposits money to merchants within a few business days. Cross Lacks the brand authority that other companies, such as PayPal have.
Check Mark Customers can check out from your site without being redirected to another. Cross May not receive funds from international payments for at least 7-days.
Check Mark No additional charges for American Express (AMEX) payments.

Stripe Review: Stripe Vs PayPal

Paypal logoWhen you think of payment gateways, PayPal is generally the one that comes to mind. And it's true that they have the brand authority, and a name that people trust.

But because of the versatility that Stripe offers, a lot of merchants are looking to Stripe as either an additional payment gateway for their customers or their only one.

Let's have a look some of the differences.

 

PayPal Stripe
Standard Fees 2.9% + 30c per transaction 2.9% + 30c per transaction
Addiitonal Fees
  • American Express – 3.5%.
  • International cards – 3.5% + a fixed fee.
  • Failed transactions and refunds – $0
  • PayPal retain the fixed fee in refunds.
  • Chargeback fee of $20.
  • American Express – $0
  • International cards – $0
  • Failed transactions and refunds – $0
  • Accepts Bitcoin, Apple & Android Pay.
  • Chargeback fee of $15.
Set Up & Installation Very easy. Simply copy PayPal's code into your website and their “buy now” button will appear. Designed for anyone to install. Somewhat complicated. It's designed for developers which might make it difficult for some merchants.
Payments Access funds within 3-4 business days after the transaction. Access funds on a 2 day rolling basis, unless it's international in which case it is 7.
Experience Redirected to PayPal's website, unless you pay for PayPal advanced or Pro. Can check out from your website.

To read our full review of PayPal, click here.

Who should use Stripe?

Stripe is a good option for any merchant that has an online platform for customers to make purchases from.

Something you need to keep in mind with Stripe though, is that it can be complicated to install the API onto your website. This means, that if you don't have an in-house developer you may need to invest in some help to get it installed initially.

 

Final Verdict

Is Stripe a Good Option?

Stripe is a good option if you have an online platform that requires customers to make payments. We like the fact that customers can check out from your website, and that they offer a secure way to process payments.

The Currency Shop says:

  • Stripe is affordable to set up and maintain.
  • Generally payments are received in 2 business days, unless it's an International payment.
  • You need to be aware that it can be complicated to install, and you may need help from a developer if you don't have the skills in your company.
  • You can read our article about different payment gateways here.

Check Mark In comparison to PayPal, it can be more complicated to install the API. But the fees are more affordable, the check out process more seamless for your customers and as the merchant you can access the funds more quickly.

 

 


Learn More

Go to Stripe site


 

 

Frequently asked questions (FAQs)

Stripe complies with all Payment Card Industry Data Security Standard (PCI DSS) regulations. You can find out about PCI DSS here.

For more information about Stripe's security, click here.

Stripe is available in the following countries:

  • Australia
  • Austria
  • Belgium
  • Canada
  • Denmark
  • Finland
  • France
  • Germany
  • Hong Kong
  • Ireland
  • Italy
  • Japan
  • Luxembourg
  • Netherlands
  • New Zealand
  • Norway
  • Portugal
  • Singapore
  • Spain
  • Sweden
  • Switzerland
  • The United Kingdom
  • The United States
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AED BDT CHF ETB HNL* KHR MGA NAD PYG* SLL TZS YER
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ALL BIF CNY FJD HTG KRW MMK NIO* RON SRD* UGX ZMW
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BAM CAD DZD GYD KES MAD MYR PKR SGD TTD XOF*

With Stripe, you can process payments from Visa, MasterCard and American Express cards. They can either be domestic cards or international. 

    • Refunds are processed immediately and can be issued via Stripe's API or the dashboard.
    • If the original charge underwent currency conversion, the refunded amount is converted back using the same process. Just remember that rates change constantly.
    • While the refund is processed immediately, depending on the bank, it may only appear as credit approximately 5-10 business days later.

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