The boom of e-commerce sites and online businesses has led to an increase in the use of online payment platforms and the rise of developers specialising in payment processing systems. Many businesses are looking for better payment systems with more benefits for their customers. With online payment systems being a fairly new way of making payments, developers are increasingly trying to create improved systems for businesses accepting payments online. A payment system that is becoming increasingly popular is Stripe. Designed specifically for online businesses, including large marketplaces, crowdfunding and subscription platforms, Stripe offers easy payment transfers for internet commerce. Companies specialising in offering online payment systems are now looking to hire stripe engineer to offer an innovative payment method for e-commerce businesses.
In a short period, Stripe has done many innovative and smart things to change the way people make online payments. With its powerful and effective tools, this payment processing company plays quite a big role in offering businesses an easier way to sell online and to reach customers from around the world. The tools Stripe offer include customised payment setups and smooth checkouts for online merchants, as well as easy-to-use billing management systems.
With online payment systems being a fairly new way of making payments, developers from the best UI UX design companies are increasingly trying to create improved systems for businesses accepting payments online.
Stripe is one of the preferred payment gateways for tech businesses, including Software as a Service companies, as its application programming interface (API) is incredibly easy to integrate, secure and offers a wide range of custom setups. Stripe engineers and Stripe developers are also constantly looking for ways to improve the platform to offer even more advantages to online merchants.
While Stripe is a great system for many, it is not quite ideal for some online businesses.
Stripe is not for every business
Stripe is quite flexible, but some businesses may have complex and unique needs that Stripe does not exactly cater for at this stage. This includes Stripe’s heavy focus on tech companies and experts and some non-tech businesses can struggle to implement the platform. Furthermore, Stripe also offers a high transaction fee which may be too expensive for small or new businesses. In this case, IT outsourcing is an option to develop unique payment processing or other online payment platforms should be considered.
What are the alternatives to Stripe?
With the increase in e-commerce businesses, many online processing platforms are being created. There is a wide variety of platforms to choose from, each with its own tools and benefits.
Square was designed as a mobile POS app, but today it offers an easy and complete online payment processing system. For online businesses, it offers smooth but advanced inventory and online order management, databases, reporting tools and easy invoicing systems.
PayPal is one of the most popular online payment systems. The payment provider has become a trusted platform for many businesses. It’s an excellent option for any business wanting to sell online internationally because PayPal can be used in most countries around the world. PayPal is also easily integratable on most websites, offers easy-to-use tools for businesses and a seamless experience for customers.
Google Wallet is a great option for anyone selling online. It is a simple mobile payment platform, or virtual wallet, that allows customers to make payments for goods or services straight from their phones.
Payoneer offers small business and anyone offering their products or services online an international payment gateway. Payoneer is a simple, but innovative platform that allows one to make international payments from anywhere.
WePay is a payment gateway designed to offer support to the web-based and POS requirements of certain platforms for software businesses. It provides quick, smooth and secure processing, as well as the flexibility to improve their processes.
How do these online payment systems compare?
PayPal and Stripe both offers included merchant accounts, in-form payments and recurring billing, while PayPal is available in almost every country in the world and Stripe is only available in about 25 countries.
Payoneer is an easy payment platform for both parties receiving and making payments but does not offer a lot of service support compared to Stripe. Payoneer also has limit features compared to Stripe, which offers a large number of tools and features, including a custom UI toolkit, embeddable checkouts, invoice management and dispute handling.
Stripe is simple for developers to integrate, especially compared to WePay, with a top-quality API. And while Google Wallet provides an E-wallet service, it has fewer features than Stripe.
The pros and cons of using Stripe as an online payment system
Stripe offers many benefits. These include powerful tools to customise checkouts, a range of Stripe billing combinations and easy invoice management. Stripe also supports several currencies, which makes it ideal for global online marketplaces wanting to sell internationally. Furthermore, it also offers a wide range of subscription and marketplace tools. Dedicated Stripe teams are also constantly looking for ways to increase benefits.
Because of the large number of features and benefits Stripe offers, the supply and demand of Stripe developers are high. Today, many developers are looking into being employed as a Stripe developer for a remote development team, and are gaining the major skills of a Stripe developer to be able to offer innovative ideas to the field.
While Stripe offers multiple benefits to online businesses, it does have some disadvantages. Stripe offers little support for high-risk industries and offers no person-to-person service support.
How Stripe can be used for payments
An established business can integrate Stripe as a payment system on the commerce platform. Customers can now easily make secure online payments without having to use complex banking processes. A merchant can also easily and securely accept the payment and can offer goods and services with the peace of mind of not having to wait for payment first.
Stripe is a great solution for established online businesses that are looking for a seamless payment experience for their customers. Goods and services can easily be paid for and businesses can manage their stock and billing with ease. However, for smaller business, or those just starting, Stripe may be too expensive or too developed.
For every business, there is a unique online payment solution. Businesses should carefully consider every aspect of a payment service before they invest in it. Some businesses are looking for easy and quick payment systems, while other businesses want a comprehensive payment processing platform that ticks all the boxes. The Stripe solution is a great option for anyone looking for seamless payments with quality back-end management tools.