Stripe is a popular payment processing platform worldwide. It has developer-friendly tools and is generally price-competitive. But what are the pros and cons of Stripe from a merchant’s perspective?
Pros of Stripe
- Ease of integration with apps
- Stripe provides robust APIs and detailed documentation, making it easy for developers to integrate the platform into websites and apps.
- Wide Range of payment methods
- It supports credit and debit cards, digital wallets (e.g., Apple Pay, Google Pay), and, in some regions, cryptocurrency.
- Scalable and global reach
- It is available in over 40 countries and supports over 135 currencies, making it ideal for international businesses.
- Advanced features
- It has invoicing, fraud detection, analytics, and allows a branded checkout experience.
- Transparent pricing
- Stripe uses a flat-rate pricing model (typically 2.9% + $0.30 per transaction in the U.S.), which is straightforward to understand.
Cons of Stripe
- Transaction fees
- While transparent, the fees can be higher than some competitors, especially for high-volume businesses.
- Limited customer support holding on to payments.
- Stripe’s customer support is primarily email-based, with live chat and phone support available only to some accounts. When combined with Stripe holding on to funds or suspending accounts (for unusual activity), it can make for a stressful life.
- Payout Delays
- Payout times can range from 2–7 days.
Conclusion
Stripe is a powerful and flexible payment processing platform, but it’s not ideal for every merchant. High fees, technical complexity, and occasional payout delays can be drawbacks. However, Stripe is still better than other payment providers, such as PayPal. But it doesn’t have a substantial features lead like a few years ago.
Uptivity’s JustSell platform has already integrated Stripe, as with other payment providers.
