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Stripe Payments Review: Is Stripe A Good Credit Card Processor?

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Date Established
2010
Location
San Francisco, CA
Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.



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253 Comments

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    Donny

    Organization Name: Donny ARt

    I live in the EU, and do custom Artworks for clients. I’m looking to take my business to the next level and start an online store either with BigCommerce or Shopify. Since my target market is mainly in the U.S., but also for tax purposes, I’m going to open a U.S. LLC.

    My prices rage from around $300 – $1000. (Is this considered High-Ticket?)
    I cannot by any means afford to have my funds put on hold for months or even weeks, so I’m really having a hard time finding a solution on how to get paid without the constant fear of not being able to access my money.

    Credit cards are a must but Apple Pay and maybe even Google Pay would be the least minimum. Since I’m also selling in Europe obviously SOFORT and IDEAL, and maybe even ALI Pay would be something I’d very much like to add to that as well.

    Because of Covid-19 I cannot travel to the U.S. to open a Bank account, so everything has to be done online. Meaning I’ll have to use either a Payoneer or (Transfer)Wise multi-currency account to connect to the merchant/payment processor. Which is no problem with PayPal or Stripe. But by reading all the horror stories of both these two, and several other companies, I’m starting to think I should ditch my Business and look into starting a Payment processing company for small businesses instead. The same companies that said they wanted to revolutionize the payment processing industry end up becoming even more Draconian than outdated Banks. It’s just plain ridiculous.

    The more I read about all of this the more “afraid” I get. Seems like the only ones giving good reviews/testimonials of Payment processors are big companies that can afford to get paid months later, Online gurus who all have one thing in common – they have a COURSE (Lmao), and blogs who all in one way or the other profit from the information or MIS-information that they post.

    What would you recommend I do?

    Best regards,
    Donny

    • Organization Name: Donny ARt
    Jessica Dinsmore

    Hi Donny! Thanks for reaching out.

    As you’ve learned, global commerce is quite tricky to navigate. While the infrastructure for international payments is better than it’s ever been, it’s still by no means “simple.”

    I want to stress to you, as someone who has read literally thousands of complaints about dozens of merchant services companies for half a decade, that you cannot let the complaints give you decision paralysis. It’s very easy to become overwhelmed by the nature or number of complaints against a company. That’s especially true of large companies like Stripe and PayPal! These companies have hundreds of thousands (or in PayPal’s case, millions) of merchants using their platforms. Even a couple thousand complaints ends up constituting less than 1% of the total customer base.

    It’s also good to understand that any payment transaction constitutes a certain amount of risk for a payment processor. Some transactions are inherently more risky and complicated because of the routes the money must take, the laws and rules that govern financial transactions in different countries, etc. This is especially true of international commerce and any kind of commission-based work. Ultimately, merchants end up shouldering the burden, and bad payment processors provide very little support.

    Overall, Both PayPal and Stripe are very good payment processors. The vast majority of merchants have very few problems with either company. Many artists and artisans use both (as well as Shopify) for their businesses. However, neither company is going to be a good fit if your art could be deemed “Not Safe For Work” as adult content is a contentious issue with any kind of third-party payment processor. Likewise, commissions (especially for digital content) can be a problem unless you get a very clear scope of work and a signed contract. In the US, decisions about payment disputes are made by the customers’ bank, not your processor. So they’re heavily biased in favor of the customer unless the merchant can provide very good records.

    I ultimately still don’t have enough information about your business to give you a single recommendation for a perfect processor. That said, I think Stripe’s Atlas program might be a good route to consider, as it will help you get established in the US. Stripe also has a lot of robust tools for international commerce, including localized payment methods.

    If you don’t want to pursue Stripe, you could look at Braintree. The company’s products and services and international support are all on par with Stripe, and it even allows for PayPal payments because it’s a PayPal subsidiary. What sets Braintree apart is that it offers true merchant accounts, which could get you the stability you’re after.

    If that’s not quite your speed either, another option to look at is PaymentCloud. The company is a high-risk specialist — so depending on what you need and which partner bank accepts your application, you could end up paying more than you would with Stripe or PayPal. But you’ll have a lot more stability and access to tools that can help ensure your funds don’t get locked up because of a payment dispute or a red flag in the system. PaymentCloud also works with low-risk businesses, so if you fall into that category you’ll still get all the benefits for a lower rate.

    I can’t tell you where you’ll fall because I don’t have enough knowledge about your business.
    I hope this helps! I wish you good luck in your search.

      Michael

      Organization Name: AAAA

      Years ago, Stripe had great rates, then good rates, then they started something underhanded where, if your customer’s wife has a stroke and they ask to stop a project and get a refund (just happened yesterday), Stripe processes your refund but then pockets the processing fee from Visa, monies they had no right to when the charge was made but somehow Stripe thinks it is okay to intercept money that Visa is trying to send to us when a charge is refunded. That’s theft. Just because Stripe hasn’t been forced to pay it back yet (please, God, let there be a class action suit that makes them refund their ill-gotten gain), doesn’t make it right. Moving to Square. Stripe can rot for scamming people out of their money.

      1
      • Organization Name: AAAA
      Super Baths

      DONT EVEN TRY THEM. i signed up with them in Feb 2021 and linked with my site. i received my first order using STRIPE and when it comes to payout (after some days) they said we need more info. i took pic of my passport several time but their automated system couldnt accept that. so i wrote to their support team and they send me same link for verification and very next day they sent me email that we can no longer work with you. i said ok fine, you can refund the customer to his card and they sent me email that it will take 5 to 7 working days and i was ok with that. after that time period customer showed up on my shop and started yelling on me. i had to offer him some discount on the products and asked him to wait further 5 days and still if he dont gets it then talk to bank. in the meanwhile i wrote couple of emails to STRIPE asking to refund the customer but everytime i got just automated reply that we will get backto you. now today 27th Mar 2021 i got an email that customer claimed the chargeback and they are trying to impose chargeback fee on me!!! i will spread my words about STRIPE everywhere possible.

      1
        Angelica

        Organization Name: LingoPerfecto

        Our very first transaction made through our Stripe account, they emailed us to say they were refunding the customer, GBP99. It’s now 6 weeks since the payment left the payee’s account, Stripe simply kept the payment, it did not come to us and Stripe have not honoured their word! This is not a professional company and they can not be TRUSTED! Would you let them handle GBP1000 or GBP10000 … Stay away from these common thieves.

        1
        • Organization Name: LingoPerfecto
        david McIntyre

        Organization Name: RJM Scholarship

        We are a tiny nonprofit. Raising money for scholarships for needy kids. Tried to use Stripe as the payment platform. They skim off almost 5% which is a lot for our small community nonprofit. Spent almost a month trying to resolve the nonprofit fees. Customer service without real service. Just kicked to others or “escalated” for action which never happens. Think the Collison brothers are more interested in the billions to come in the IPO. We jumped off and are looking for other lower cost options. Avoid if possible.

        • Organization Name: RJM Scholarship
        Gary John

        Organization Name: Lingo Perfecto

        We installed Stripe on a brand new website, we made test payments with no issues, and then after our very first (3 in total) paying customers had their payments confirmed and our company sent welcome emails and necessary information, Stripe contacted us to tell us that the three paying customers were to be fully refunded and we can no longer use their services as we sell ‘online digital services’, considered to be a high risk. Anyhow, two customers have been refunded and a third is very angry as they have not received a refund and nor has our company received the payment from the customer!

        I have emailed Stripe several times with screenshots as proof but until now, almost three weeks later, no resolution! Stripe have really messed up with this payment and meanwhile our new company has to resolve the issue with a very angry customer, we may even be forced into a position to refund said customer from our own pocket!

        Stay away from Stripe unless you want stress, to be out of pocket, to get a bad reputation for your company!

        Still no reply from Stripe after sending many emails, a payment was made on 24/02/2021 and has not been refunded to the customer or paid into our bank account. Today is 17/03/2021!

        Stripe have been in touch on 19/03/2021 and simply said they will not refund the customer, Stripe are thieves and have stolen the money (99 pound sterling), not from our company but from a person who merely made the transaction on our website.

        Strip are thieves!

        • Organization Name: Lingo Perfecto
        Tom Thornton

        Organization Name: Your Promo Partners

        If I could give zero stars I would. This company is terrible and has no customer service to speak of. They activated my account and charged six transactions and then emailed me that they cancelled my account for selling “counterfeit or unauthorized goods.” That obviously left my website with no way for people to purchase anything. It was a fund raising website for the local chamber of commerce. There was one item on the website….a “buy local, dine local” t-shirt we had designed. There was nothing counterfeit or unauthorized about it. The artwork was approved by the Chamber of Commerce and city officials.There is no way to contact these people. There is no phone number. Their dashboard has a chat, but I checked all day and it said unavailable all day. I emailed them at 8:00 AM when I discovered payment processing was turned off on my website. I received an email at 3:30 PM. They requested I send them my business plan, explain how my business operates, my business “flow”, where I get the products I sell and how I confirm the authenticity of my products. Had they asked me these questions before they activated my account I wouldn’t have minded so much, but to activate my account, do six transactions for a fundraiser and then cancel my service leaving our fundraiser website with no card processing is a very poor business practice.I have no idea how a “by local” t-shirt can be considered “counterfeit or unauthorized” goods. Do not use this company.

        1
        • Organization Name: Your Promo Partners
        Mehmet Akif

        Organization Name: Gild

        Stay away from Stripe;1. If you have a startup company2. If you are selling untangible goods like software, hosting etc.3. If you will need to code to integrate (any business)First of all they can suddenly freeze your account even if you have zero disputes,refund,charge-backs.They are very unprofessional, they will review everything, approve and they suddenly cancel without any reason after you work a lot to integrate your sytem. And this interruptions will make you lose money, time and reputation.You will think that we have something wrong so we encountered such issue with them. Clearly, No!. Any requested document were supplied and approved, our business model is very clear and there are millions of companies do what we do, we sell domain/hosting with a free shopping cart. This company is a Scam. They may not be for all types of businesses, but if you are one of above; they will be a SCAM for you. They are not startup friendly, they are not tech friendly. Very bad experience during this pandemic they damaged our business plan! Shame

        1
        • Organization Name: Gild
        Barry Lind

        Organization Name: Lindco

        Worst company ever. They have no customer service to speak of. There is no 800 #. This company pays off websites like this one for good reviews. Just read ALL of the complaints here and they complaints at the BBB. They will run your company out of business if you are a small business…..and the fees!!! Do not use them – you’ve been warned. READ ALL of these reviews.

        1
        • Organization Name: Lindco
        Jessica Dinsmore

        Hi Barry,

        Thanks for posting your candid feedback again! We always appreciate and encourage actively engaged readers posting their experiences for other business owners to read.

        *I do just want to clarify that we are never paid to write positive reviews. If you are interested in learning how Merchant Maverick makes money, you can check out our How This Site Makes Money page.

          Robin

          Organization Name: Sandstone Construction

          Worst company EVER!!!I signed up for their cc and ACH services upon recommendation by my accounting software. The very first transaction had an issue that could have been resolved by10 minute conversation with a human being. THERE IS ABSOLUTLEY NO WAY TO CONTACT STRIPE except by email which returns you an automatic response indicating they will follow up within 24 hrs….THEY NEVER DO!!!So over a month later and countless attempts to contact them INCLUDING BY A DETECTIVE WITH THE ALBUQUEREQUE POLICE DEPT… There is still no resolution. Stripe is still holding on to nearly $10,000 of a customers payment…and the customer who thinks I have his payment has spent all that time completely trashing my reputation. DO NOT USE STRIPE!

          1
          • Organization Name: Sandstone Construction

          This comment refers to an earlier version of this review and may be outdated.

          Rob Stothard

          Organization Name: Stateside Property Services

          Very difficult to create an account. Zero customer service and no one available to help you. Avoid at all cost.

          1
          • Organization Name: Stateside Property Services

          This comment refers to an earlier version of this review and may be outdated.

          Elsie

          I just think that it’s so unfair that none of the African countries are able too use Stripe because no African country is in it’s listing. For an organization that prides itself in bridging the gap in terms of online business payments, this is really inconsiderate.

            This comment refers to an earlier version of this review and may be outdated.

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