Stripe Payments Review
What is Stripe and is it legit? Stripe is a powerful tool for businesses that want to sell online, but is it a quality product at a fair price? Read our full Stripe review to find out.
Stripe Payments
Total Rating | 4.7 |
---|---|
Fees & Rates4.7 | |
Products & Services4.5 | |
Contract5.0 | |
Sales & Advertising Transparency5.0 | |
Customer Service4.5 | |
User Reviews4.1 |
Stripe Payments At A Glance
- Stripe’s massive eCommerce platform provides a strong alternative to PayPal
- Stripe’s developer support and ecosystem are among the best in its class, though this comes with a tradeoff in user-friendliness for non-programmers
- If you’re looking to dabble in international sales, Stripe has excellent support for foreign payment methods and currencies
Pros
- Excellent developer tools
- Predictable flat-rate pricing
- Advanced reporting tools
- Ideal for international merchants
- Excellent marketplace tools
- Exceptional subscription tools
- Multicurrency support
Cons
- Account stability issues
- Not suitable for high-risk industries
- Needs technical skills to implement
Table of Contents
What Is Stripe?
Stripe is among the most popular eCommerce payment processing services and has developed a reputation for innovation, predictable pricing, versatility, international commerce, and developer-focused resources. In fact, we ranked it as one of the best credit card processors for small businesses.
In its white-label form, Stripe provides payment processing for platforms such as Shopify and WooCommerce.
Products & Services
Products & Services4.5 |
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Software & Services 5.0 |
Hardware & Equipment 4.0 |
How does Stripe work, and what does it offer in the way of products and services for small businesses?
Stripe’s features are designed to be a modular toolset that can be adapted to a variety of eCommerce needs. In addition to payment processing, you’ll find invoicing, customer management, and advanced security tools.
You can also utilize Stripe’s prebuilt payments page, Stripe Checkout, which offers most of the basic functionality you need, along with the ability to customize its look with your brand.
Feature | Supported? | Feature | Supported? |
---|---|---|---|
Credit Card Processing | ACH Payment Processing | ||
Cryptocurrency Processing | * | Currency Conversion | |
Dynamic Currency Conversion | PCI Compliance | ||
Recurring Billing & Subscriptions | Invoicing | ||
Native eCommerce Integrations | Pre-made Online Checkout Form | ||
Custom Online Checkout Form | Native POS Integrations | ||
POS Integration SDK |
*Stripe does offer some support for crypto businesses through Stripe Connect.
Below are some of Stripe’s more notable features. Get started with Stripe Payments.
What’s New With Stripe Payments?
Stripe has developed a reputation for expanding, refining, and iterating on its feature set.
Here are some of the newer developments with Stripe:
- September 2023: Stripe rolled out A/B testing to compare payment methods in their checkouts.
- March 2023: Stripe is partnering with OpenAI, the company that developed ChatGPT. Stripe is building tools on OpenAI’s new GPT-4 model, which will be monetized using Stripe’s subscription payments infrastructure.
- February 2023: Stripe expanded its network token and card account updater, which decreased drag on sales that rely on stored customer information like subscriptions.
- February 2023: Stripe Terminal added support for Android Tap To Pay, allowing NFC-ready devices to serve as card readers. Stripe already supports Apple’s Tap To Pay program.
Fees & Rates
Fees & Rates4.7 |
---|
Pricing 4.4 |
Affordability 5.0 |
Stripe Payments uses a flat-rate pricing system in lieu of monthly account fees. Advanced features and international transactions have additional costs per transaction.
Stripe’s pricing system is convenient for small businesses with limited transaction volumes but may become costly for growing businesses (unless they negotiate custom pricing). Not-for-profit organizations can boost their fundraising with Stripe’s nonprofit discounts. Stripe also offers a plan for businesses that deal in micropayments but does not disclose the details of these services. Buy now, pay later options are available for Stripe.
ACH Direct Debit0.8% per transaction$5.00 maximum fee per transfer
Payment Method | Rate | Notes |
---|---|---|
Online Credit Card, Debit & Wallet Payments | 2.9% + $0.30 per transaction | Add 0.5% for manually entered cards. |
In-person Credit, Debit & Wallet Payments | 2.7% + $0.05 per transaction | Through Stripe Terminal |
International Cards | 1.5% additional fee | Stripe is available in over 45 countries |
Currency Conversion | 1% additional fee | 135+ currencies supported |
Chargebacks | $15 per instance | |
Affirm | 6% + $0.30 | Pay in 4 & Installments |
Klarna | 5.99% + $0.30 | Pay in 4 / Financing |
Afterpay | 6% + $0.30 | Pay in 3 or 4 installments |
Localized Payment Methods (From Outside Region) | 1.5% + variable transaction fee | Add 1% for currency conversion |
Stripe Card Reader Costs
Stripe Terminal compatible readers are as follows:
- Stripe Reader M2 for $59
- BBPOS WisePOS E for $249
- Stripe Reader S700 for $349
- BBPOS Wise 3 for Can$79 (non-US markets)
While it’s not Stripe’s primary focus, Stripe does offer support for in-person transactions through Stripe Terminal (see below). Stripe’s in-person transaction cost is 2.7% + $0.05. This actually makes Stripe a little cheaper for small in-person transactions than Square or PayPal Zettle.
Stripe now also accepts in-person transactions on iPhone and Android with its new Tap to Pay option without needing additional hardware. This feature costs $0.10 per authorization.
Stripe Payouts & Funding Times
- First Payout After First Transaction: Seven+ days
- US, Standard: Two business days
- High-Risk Businesses: 14 calendar days
- International Businesses: Varies by country 2-30 days
Stripe offers two-day payouts to most US-based merchants, except those it deems “high risk.” However, most international merchants will encounter longer funding times, all based on which country they’re in. While a waiting period of two business days is pretty standard across the industry, you can get faster payouts from some merchant account providers as well as Square.
Instant payouts are available for a 1% charge.
Additional Prices For Stripe Merchant Services
The advanced features available through Stripe Payments come in an à la carte format. Here’s where Stripe can start to get a little expensive. Rather than subscription plans, Stripe charges per transaction, sometimes stacking transaction fees. While convenient, these fees can add up pretty quickly.
Service | Fee |
---|---|
Billing, Starter Plan | 0.5% per transaction |
Billing, Scale Plan | 0.8% per transaction |
Invoicing, Starter Plan | 0.4% per transaction |
Invoicing, Plus Plan | 0.5% per transaction |
Connect (Custom) | $2/mo |
Connect (Normal Payout) | 0.25% + $0.25 |
Connect (Instant Payouts) | 1% of instant payout volume |
Radar (basic) | Free ($0.05 – $0.07 per screened transaction for non-standard accounts) |
Radar For Fraud Teams | $0.02 per screened transaction ($0.07 for non-standard accounts) |
Chargeback Protection | 0.04% per transaction |
Sigma | Starts at $0.02 per charge, decreasing with volume |
Atlas | $500 one-time fee |
Data Pipeline | $0.03 per transaction |
Issuing, Card Creation | $0.10 per virtual card, $3.50 per physical card |
Issuing, Card Transactions (1st $500,000) | Free |
Issuing, Card Transactions (After 1st $500,000) | 0.2% + $0.20 per transaction |
Issuing, International Payments | 1% + $0.30 (+ 1% if currency converted) |
Premium Support | Starts at $1,800 per month |
Stripe Doesn’t Charge
- Monthly account fees
- PCI compliance fees
- Refund fees (initial charge is kept, however)
Countries Served
Stripe’s international reach is steadily growing. Stripe is readily available in most of the 47 countries below, though in a few cases, you’ll have to request an invitation to join the platform. This is usually a temporary restriction while Stripe is rolling out the service to new markets.
Be aware that new features will deploy in different countries at different times.
For example, Stripe Terminal has been available in the US for a while, but it was rolled out in Europe in 2022. Stripe supports local and universal payment methods from anywhere in the world by default but can be expanded to support international ones.
Country | Availability | Country | Availability |
---|---|---|---|
Australia | Open | Lithuania | Open |
Austria | Open | Luxembourg | Open |
Belgium | Open | Malaysia | Open |
Brazil | Open | Malta | Open |
Bulgaria | Open | Mexico | Open |
Canada | Open | Netherlands | Open |
Croatia | Open | New Zealand | Open |
Cyprus | Open | Norway | Open |
Czech Republic | Open | Poland | Open |
Denmark | Open | Portugal | Open |
Estonia | Open | Romania | Open |
Finland | Open | Singapore | Open |
France | Open | Slovakia | Open |
Germany | Open | Slovenia | Open |
Gibraltar | Open | Spain | Open |
Greece | Open | Sweden | Open |
Hong Kong | Open | Switzerland | Open |
Hungary | Open | Thailand | Open |
India | Open | United Arab Emirates | Open |
Ireland | Open | United Kingdom | Open |
Italy | Open | United States | Open |
Japan | Open | Indonesia | Invite only |
Latvia | Open | Philippines | Invite only |
Liechtenstein | Open |
Supported Payment Types & Currency
As a truly international product, Stripe supports a variety of payment types and over 135 currencies. Stripe’s supported payment methods are divided into two categories, universal and local.
Universal Payment Methods
Universal payment types are supported in all the countries where Stripe is available. These are:
- Alipay
- Apple Pay
- Google Pay
- Microsoft Pay
- Amex Express
- Mastercard
- Visa
- Discover
- Click to Pay
- Afterpay/Clearpay
- Klarna
Local Payment Methods
Local payment types are available by default within the regions the account is registered within, though it is possible to add support for foreign regions with additional coding and transaction costs (see Pricing above)
Currencies Supported By Stripe
Stripe supports too many currencies to list here, but you can find Stripe-supported currencies on the company’s website.
If you want to avoid exchange fees, you can specify “presentment” currencies when you set Stripe up. Stripe will accumulate separate balances for each currency you’re paid with, which it can then route to different bank accounts. If your presentment currency differs from the settlement currency, Stripe will automatically make the conversion for you, but this comes at an additional 1% fee. Note that exchange rates are subject to markups by financial institutions.
Sales & Advertising Transparency
Sales & Advertising Transparency5.0 |
---|
Sales Practices 5.0 |
Web Presence 5.0 |
Stripe is among the most straightforward and transparent payment processors out there, going so far as to exhaustively lay out its terms, conditions, and pricing publicly on its website. In fact, it’s so thorough that the handful of details that aren’t readily accessible and easy to find stand out a bit more. This mostly falls under the umbrella of non-standard pricing for nonprofits or high-volume businesses.
Despite the transparency, we’d recommend that you scrutinize Stripe’s pricing model, as it’s easy to pile on charges for advanced features if you aren’t careful. This won’t be due to a lack of disclosure, but rather the complexity of Stripe’s ecosystem.
Contract Length & Early Termination
Contract5.0 |
---|
Commitment 5.0 |
ETF & Other Fees 5.0 |
Is Stripe Honest & Transparent About Its Merchant Agreement?
In a word: yes. Just about everything you could possibly want to know about Stripe is researchable before you sign up for anything. While the platform can be complex, it is always transparent.
What Are The Commitments When You Use Stripe?
With the exception of a couple of specific advanced features, there are no commitments to make. Stripe is funded through your transaction fees. If your account isn’t doing anything, it doesn’t cost you anything.
How Easily Can You Terminate Your Agreement With Stripe?
No early termination fee. Period. Thumbs up because that’s what we like to see here. And remember, we said Stripe will help you export your customer data and take it with you if you ever decide to leave.
If you want to stop using Stripe, simply stop processing transactions with Stripe. You can keep your account dormant or formally close it from your dashboard. If you do the latter, you’ll need to deal with your remaining balances first.
Customer Service & Technical Support
Customer Service4.5 |
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Personal Support 4.0 |
Self-Service 5.0 |
Stripe offers extensive knowledgebases and developer references that are among the best in its class. Phone and email support are available and much improved over the past, although many merchants still report difficulty resolving freezes and holds.
Stripe Payments Support | Availability |
---|---|
Phone Support | |
Email Support | |
Support Tickets | |
Live Chat | |
Dedicated Support Representative | Premium |
Knowledge Base or Help Center | |
Videos & Tutorials | |
Company Blog | |
Social Media |
User Reviews
User Reviews4.1 |
---|
Customer Feedback 4.0 |
Review Site Aggregate 4.1 |
Negative Stripe Reviews & Complaints
Stripe has an A+ rating with the Better Business Bureau, with 969 complaints closed in the last three years. Stripe.com user reviews on the Better Business Bureau site include many complaints, with an aggregate customer review score of 1.05/5.
Common complaints include:
- Account holds and terminations
- Unresponsive customer service
- Not user-friendly
- Lack of fraud protection
- Scaling
- Value relative to the competition
Positive Stripe Reviews & Testimonials
Stripe has an expansive and impressive list of successful clients, including Shopify, WhatsApp, BMW, Google, Salesforce, Marriott, and Amazon. We’re talking about some major internet players, which constitutes a big deal — even though no specific praise is given besides their continued business.
Here are some reasons Stripe is popular.
- Freedom and control
- Pricing
- Global utility
- Excellent documentation
Final Verdict: Is Stripe Worth It?
Without any doubt, Stripe Payments is one of the heavy hitters in the online payment processing sector, and for good reason. For low-risk businesses that have the technical acumen and the eCommerce focus, Stripe should definitely be on your shortlist. With no monthly account fees, you won’t be risking much to try it out, either.
While Stripe isn’t a perfect processor, it is an excellent one for eCommerce businesses that want global reach and powerful customizable tools. Ultimately, ask yourself two questions: (1) Will you use the tools Stripe has to offer? (2) Does Stripe have everything you need? If the answer to both questions is yes, it’s worth pursuing. If the answer to either question is no, you should consider some of Stripe’s competitors.
If you’re ready to give Stripe a try, check out our guide on creating a Stripe account.
Common Questions About Stripe Payments
Credit Card Processor Review Methodology
We evaluate and test each payment processor that we review at Merchant Maverick, placing special emphasis on certain key characteristics in order to generate our granular ratings for merchant accounts and credit card processors.
For payment processing reviews, we use a 24-point rubric to evaluate the provider. First, we look at pricing structure – interchange plus, subscription-based, tiered, or hybrid – giving the most points to providers that provide fair, transparent pricing and docking those that rely on tiered models. Then we examine rates, the presence and transparency of early termination fees, and any additional fees.
We also look at contract length and fairness and test out sales staff and customer service channels ourselves to ensure that the company uses reputable, above-the-board sales techniques. Finally, we take the company’s online reputation into account, reading customer reviews and comments.
Read more about how we rate payment processors.
The Merchant Maverick Seal of Approval 🏆
Stripe Payments |
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After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Stripe Payments for yourself.
The Merchant Maverick Seal of Approval 🏆
Stripe Payments |
---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Stripe Payments for yourself.