Is Stripe the best option for my business? (6 factors to consider before making a final decision)

Stripe is one of the leading Payment Processors (e-commerce merchant accounts) in the world. If you list down the top Payment Processors in the country, Stripe would be a top player on the list.

According to CNBC Disruptor, the global pandemic of 2020 caused a massive shift in the traditional way of doing things as most businesses had to pivot most of their income-generating activities online, including processing payments. In this regard, Stripe played a major part in keeping the economy of America afloat, attracting the attention of massive investors like Elon Musk and Peter Thiel (founder of Palantir Technologies and co-founder of PayPal).

The global payment processor Stripe is available in 39 countries, helping independent merchants and established businesses trade globally and accept payments from different parts of the world.   

When looked at from a superficial perspective, Stripe seems to be the obvious choice for any business that would like to start accepting and processing online payments. However, considering the vast options available in the consumer market today, it can be a bit overwhelming to decide if you should be sticking with Stripe. 

In this article, you get to know a few factors you must consider if you want to use Stripe as your Payment Processor. So you can make a wise choice!

Factors to consider before choosing Stripe as your prime Payment Processor

Here are some of the things you should consider before choosing to stick with Stripe or move forward (as the case may be). 

1. Security

You would be receiving payments from several sources (depending on the type of business you run and the scale you’re running it on). However, Stripe’s end-to-end encryption technology ensures that all information entered into the Stripe system is secured and delivered to a secure remote server without being blocked by spammers or cybercriminals. In addition, Stripe is PCI Compliant, which means it has passed all the tests for security in the payment industry. 

On this front, Stripe has won.  

2. Multiple funding sources/app integrations

As said earlier, it is worthy to note that Stripe accepts payments from several online payment portals. It’s good news for you if you run a larger-scale business and you expect payments to roll in from several sources. 

Some accepted payment sources include Google Pay, Apple Pay, and Masterpass. If you have tools (like software) on these platforms, you may want to consider using Stripe as your Payment Processor.  

Also, Stripe is available with WordPress, and it integrates with WPForms. It is a powerful feature if you intend to sell on your WordPress website.

3. Payment charges

The size of your business affects the revenue you should be expecting in it. If you have a small business (with small earning power), you should pay closer attention to the payment charges associated with transacting with a specific Payment Processor. 

Stripe charges 2.9% + 30¢ per transaction for US businesses. However, this price remains fixed until you have hit $80,000 per month. Some other payment processors, by the way, reduce their charges way earlier than this. 

With this in mind, Stripe is an excellent option for your organization. However, if you have a small business and you’re looking to cut down charges, you may want to consider looking out for other options. 

4. Size of your business

The size of your business, to a large extent, determines the features you require in your payment processor. Stripe possesses more features, and this flexibility makes it a perfect choice for larger-scale businesses that need more from their e-commerce merchant account. The downside is that Stripe can get a bit overwhelming to use at times. For example, if you seek to embed the “Pay with a card” feature on your site, you may need to have more than the basic website development knowledge, or you will get stuck while at it.  

If you have the technical knowledge or don’t mind bringing experts on board to handle these issues when they arise, Stripe would do your business a world of good. 

4. Customer support

Stripe’s customer support isn’t rated a glowing 5-star. However, one thing that makes it stand out from the crowd is that they’re trying. Constant updates to the solution come with more features and more ways to access customer support on-demand. 

Quite recently, Stripe introduced 24/7 customer support via phone and chat. And it concurs with other ways to access help when you need it; a help center, social support channels, and interactive social media handles. 

Stripe is an excellent option for you if you’re new and would be needing a lot of hand-holding on your e-commerce journey.

5. Global penetration

Consider this if you would be selling your products/services in many countries. At the moment, Stripe is only available in 32 countries, although it is still growing. Beyond these countries, you may experience some challenges accepting direct payments with Stripe. 

Stripe is a powerful Payment Processor and can suit your needs, depending on some factors. Consider the 6 factors we have discussed before deciding whether you will stick with Stripe or look for other options. 

For a more detailed review of Stripe (plus the things you should know before committing to them as your e-commerce merchant account), visit https://www.cardpaymentoptions.com/credit-card-processors/stripe/.