Do you make transactions online? Is your business based on the internet? If your answer is Yes to any of those questions, you should pay a lot of attention to the information in this article.
Receiving payment online after carrying out transactions is one challenge business owners who ply their trade online have been experiencing. Presently, there has been a rise of online payment platforms such as Payoneer, Skrill, PayPal, among others, which you can use to make and receive payments to any part of the world online. However, some misconceptions have arrived over the authenticity of some of these platforms, and we will take a deliberate look at Stripe.
Stripe is an excellent service to receive payments from any part of the world to answer the question in a short and straightforward form. It serves as a medium of payment for a lot of top brands in the world. You might not believe me at first, but this article is structured to expose to you the different features of our stripe account, its advantages and disadvantages, and why you should or should not use them.
What is Stripe?
Stripe is a powerful payment processing software that serves as a secure payment gateway
for eCommerce merchants. People with online businesses need to receive payments from international clients who find it hard to ignore the stripe payment platform.
In addition to accepting credit cards, debit cards, and automated clearing house (ACH) payments from your website, Stripe also offers payment gateway services. This enables you to create a payment solution that is independent of several companies.
Some of the biggest brands you know use Stripe to receive payments. Companies like Pinterest, Blue Apron, and Lyft, amongst many others, use Stripe to process their payments. So it’s safe to say that Stripe is an excellent platform to receive payment.
How Reliable Is Stripe?
Stripe is the platform that will allow you to transfer money from your customer’s bank account into your business account Through a debit card or credit card transaction. For such a platform to gain weight and popularity, it has to meet specific customer requirements, and reliability is one of those top requirements.
With a wide range of services, features and security measures, Stripe is one of the best platforms you can use as an e-merchant.
Every stripe account has added security protocols embedded in it at no extra cost
- Address verification service (AVS)
- CVV/CVV2 checks
- HTTPS using TLS (SSL) encryption
You will agree with me that the rate of online fraud has increased over time and Stripe knows this, which is why they have dedicated stringent measures with their fraud detection service called stripe radar. Stripe radar uses machine learning and artificial intelligence to Predict if a particular transaction is to be fraudulent. Stripe radar will get information from your business account and past transactions from the card, then question.
For accounts that pay the standard Stripe processing fee (2.9% + $0.30 per transaction), Radar is free or as an add-on for $0.05 per transaction if you’re not using Stripe on a custom pricing plan. Additionally, chargeback protection is available for 0.04% per transaction.
To tighten up its security and maintain its reliability, Stripe goes a step further to pledge the sum of $500 for anyone who identifies a significant bug and reports it to the security team; and the reward of $100 for a minor bug report.
Advantages and Disadvantages of Using Stripe
If you’re still in doubt whether you should consider using Stripe in your business, let’s examine some advantages that come with the platform and some disadvantages you might encounter when using it. This will clear your doubt and help you make the best decisions for yourself.
It has a quick, easy onboarding process
Getting approved on the strength platform is relatively easy and does not need complex processes. Stripe does not need any long underwriting process to approve a merchant account, so you can immediately sign up and get started.
Vast assay of customization options
Stripe has a lot of customization options for your website and a collection of developer tools and API, which you can harness. However, you might need some coding skills to take full advantage of this option.
A collection of security features
Even though you might not get a 100% bulletproof security option at all times from any online payment platform, Stripe comes very close to this. Every account has uptight security features (TSL and SSL) and encryption too. Also, Stripe has its fraud detection service called stripe radar, which is an added security measure.
- It does not have a user-friendly interface. Stripe looks more like accounting software that you can navigate if you are conversant with spreadsheets and accounting interfaces.
- Processing rates are sometimes higher than other gateway and payment platforms. Although with the level of service stripe provides, this could be worth it.
- No automatic tax support. You will have to calculate your VAT and other types of tax yourself.
How Long Does It Take To Receive Payments From Stripe?
For every new stripe account, it takes seven days for you to receive your first payout. On the other hand, you might have to wait for up to 14 days for some processing by the stripe security team to help them mitigate some risks. You can also confirm the status of your payouts by checking your stripe dashboard.
How Do You Get Stripe Instant Payouts?
With the Stripe Instant payout, you are eligible to transfer your funds to a debit card instantly for a fee of 1% of the fund’s amount.
Here is how to request for instant payout
- Go to your stripe dashboard > Balance > Payouts.
- Select “Payout funds instantly.”
- Input the amount you desire to pay and the debit card you want to receive the funds in. If your card is not linked to your stripe account, you can do that by entering your card details.
- Click “payout”
- Funds will appear in the bank account within 30 minutes.
You can agree with me that the ease of using online payment platforms and gateways is second to none. Have you used Stripe before? Do you use it now? What are your experiences with Stripe? I would love to know your thoughts.