Online payments have become increasingly popular to pay for goods and services. However, numerous online payment problems can prevent customers from making transactions. Issues like security breaches, fraudulent transactions, and complex processes can make any online payment system risky. Let us see what is stripe and how does it work.
This is why some fintech company like Stripe, Paypal, and Payoneer has decided to work on to fix these problems while making online transactions easier for people around the globe.
What Is Stripe And How Does It Work?
Stripe work as an online payment processing company that allows businesses to process their payments online and make transactions across the globe.
It is a digital payment system signed to process customers’ online payments with convenience and secured features. This allows businesses of all sizes to process transactions quickly and with less effort. With Stripe, companies can also collect accept from customers on their behalf and manage customer data more efficiently.
What are the main features of Stripe?
Stripe is an online payment platform that is easy to navigate by users. Users can choose to customize their dashboard and create custom backgrounds, headers, and footers for your website. Users can also embed the Stripe checkout API on their business website for easier transactions.
Below are other features of the Stripe Payment system;
- It is a Secured Platform. The platform has robust security measures to prevent cyber fraud and other malicious activities. Stripe’s main features include automatic reconciliation, fraud prevention, and ACH transactions.
- It’s widely accepted. It provides a variety of payment options that enables companies to trade and handle payments in over 100 countries worldwide.
- Transactional Fees Are Low. Compared to other online payment systems, Stripe offers a much lower transactional fee on each transaction made on the platform. Presently, there are no transaction fees for basic transactions (less than $10), and there’s also a 0.5% fee for payments above $200.
- It Is Easy to Set-up. Users do not have to be well vast in technical knowledge before they can set up an account and navigate the system.
How to create a Stripe account?
Suppose you’re starting a new business and don’t know how to process your online transactions across the globe. Stripe is the perfect choice for small businesses because it offers fast and easy payments. Below is a guide;
1. Visit the Stripe official website, download the mobile app, and create an account.
2. Fill in your name, email address, and password in the appropriate sections, then click the “Create Account” button.
3. You will be led to a screen where you may examine your account details and confirm your password. To finish setting up your account, click the “Confirm My Password” button.
4. After logging in, you’ll see a list of your active Stripe accounts. To establish a new Stripe account, click the “new account” option at the top of this page.
5. The first thing you need to do when creating a new Stripe account is to choose a name for your company. This will be displayed publicly on your Stripe dashboard and used by other users to identify your organization.
6. Complete the form with your business information and click on the ‘Create Account’ button at the bottom of the page.
7. You can now make a transaction on your stripe account. Just add your bank details to your Stripe account settings to start accepting payments.
How to make payment with Your Stripe Account?
Making a payment with Stripe is easy. You can use their online account or their mobile app. Follow these guides below to make a payment with your stripe account.
1. Open the Stripe website or the Stripe app.
2. At the top of the page, select the Account tab.
3. Enter your account number and password in the appropriate sections, then click Log In.
4. Under Your Account, click on Payments.
5. Under Payments, click on Add Payment Method.
6. Select Pay with Stripe from the list of options, and enter your credit card information in the form that appears.
7. Click On Next.
8. On the Completed Payment Details page, you’ll see a payment summary, including information about charges and taxes.
Conclusion
Stripe is a popular online payment processor that offers several benefits for online businesses. For starters, Stripe allows companies to accept payments online quickly and makes it easier to manage transactions and customize payments. While on the other hand, it provides customers with a secure and more convenient while transacting online.
Frequently Asked Questions
- What is the difference between Stripe and Paypal?
Answer: Stripe and PayPal are different online payment platforms. Stripe is like a chequebook, where you can write out checks to pay for things online, While PayPal, on the other hand, is like your bank account, where you can deposit money and use it to pay for things online.
- Does Stripe have a monthly fee?
Answer: Stripe does not have a monthly fee. Instead, it charges a small transaction fee on each purchase you make.
- What are the fees for using Stripe?
Answer: When you want to make a payment with Stripe, you need to pay a fee. The fee is different for each country, but it’s usually around 2%. Stripe also charges a fee each time you transfer money.
