What is it?
Stripe is a payment processor that lets individuals as well as businesses to accept payments online. It is said that even though making and processing online payments is easy but is usually a painful experience and Stripe was founded to rectify the problem. The company operates in the United States of America and Canada. The company is absolutely committed to transparency and claims to reveal all legal reports in case some business deals are not followed as requested by the user.
Stripe provides an excellent way for introducing payment system in any project for the web developers. For instance if a developer has made some applications and adds the option of downloading it on his website, in case the app is paid, he can contact Stripe to provide them the required payment system so as to help the customers to pay for the designed app online. Hence, the company not only helps individuals manage their own money or make payments, they also help in setting up and growth of newly set up businesses. This is quite a thoughtful and helpful feature as far web developers are concerned.
How it works?
Stripe has bypassed the traditional and orthodox system of signing up for an account and itself acts as a merchant account for all providers. They accept all types of approved credit cards and let you build all payment forms to your will. Stripe also handles subscriptions and direct payout that might have been done on your bank account.
The transaction fee isn’t high either. They charge a very nominal fee of 2.9%+ $0.30 per successful transaction with no hidden costs of monthly rentals or any set up charges. Stripe helps a lot of big companies, many start-up businesses and number of side projects in carrying out their payments. Many top websites and mobile apps are launched everyday due to the useful services of Stripe.
All the legal agreements, terms and conditions for various transactions to be carried out have been clearly mentioned on their official website and this again tells you about the extent to which transparency is followed in the whole e-commerce business. Stripe does understand the disputes that can arise due to money and to prevent them they have come clean with their policies without any hidden terms. This is an appreciable step taken by the company and will surely help in maintaining a good service provider-customer relationship.
With all the features and services that Stripe provides it does take care of the security as well. Foolproof multiple security levels and a disaster back-up system ensures safety of the customer’s financial records. Another eye-catcher is the ease with which a person can handle his payments which is the first thing that any customer would look for. No customer likes too many of steps and registration to get his job done. So clearly, Stripe is pulling off an amazing payment processor service and is surely the upcoming revelation in the e-commerce sector.