With the development of the 4.0 technology era, the purchase of products and services on the Internet has created the demand for using online payment gateways. Since payment gateway is so important for setting up your online business, learning the basics about this system is crucial. Among several payment gateways in the market, Stripe is one of the best payment platforms.
Let’s find out how Stripe and Stripe’s recurring payment system that helps to boost your online business in this article!
What is Stripe recurring payment?
Stripe is a recurring payment gateway that allows e-commerce sites to receive payments on their sales websites. It is one of the best software platforms for doing business on the internet. The platform is generating billions of dollars in processing every year for businesses around the world.
Stripe provides an SDK that can be integrated on devices running Android and iOS operating systems. In addition, it also provides Stripe API that can be used by many languages such as Ruby, Python, Java and GO.
Opening a Stripe account
A Stripe account is very similar to a bank account. You can create multiple Stripe accounts for your products or sales pages. Each account has its own payments, control panel and authorized users of your choice.
The account has a default currency. When you receive payments from other currencies it will automatically convert to the default currency. You can transfer money from your Stripe account to your bank account.
Pros and cons of Stripe
- Advanced technology in payment and security
- Accurate exchange rate prediction
- Detailed reporting tools
- Is a great payment gateway when doing international business
- Customers pay directly via card without having to register an account
- Easy registration in supported countries
- Supports multiple currencies
- Number of countries that allow the opening of a Stripe account is limited
- Not suitable for restricted industries and products
Are you interested in reading more on the recurring payment system and its amazing beneficial additions to your business? We have a detailed guide for you right here on our blog!
Features of Stripe
When customers buy products from your sales page, they press the Buy button and go to the checkout step. Then they will be directed to an interface where they can enter their billing information easily and immediately. This is a great advantage that Stripe has, compared to Paypal and 2Checkout.
Here are some cool features inside Stripe’s Payments service:
- Accept payments on the web, through mobile apps, and in person
- Securely accept credit cards, e-wallets and country-by-country payment methods
- Accept transactions in multiple currencies then convert to default currency
- There are many payment forms that can be embedded in your other apps
Connect is a toolkit specifically designed for the marketplace and other platforms that connect to it. Stripe supports over 100 currencies and converts them automatically. You can also use Connect to verify international merchants, automate merchant payments, or create custom payment schedules.
Atlas allows international businesses to link up to set up bank accounts in the US and get tax and legal guidance. Stripe says it already has over a thousand startups applied in 120 countries, and it has added more than 100 partners to the network since launch.
Radar is Stripe’s solution for e-commerce fraud prevention, they have applied artificial intelligence to better identify and prevent credit card fraud in transactions.
The Relay feature allows merchants to link product catalogs to a smartphone app. Relay creates an in-app purchase button and forwards all sales information to the merchant to complete the order.
In addition, Stripe also has other premium services such as Sigma, Terminal, Issuing, etc.
How much does Stripe cost?
One of the best things about Stripe is its simple method of charging. The payment for Stripe’s services divides into two types of transactions, which are credit card transactions (Credit payment) and ACH (Automated Clearing House). Especially, ACH allows you to receive payments from your customers for one-time or recurring payments by direct debit from a checking or savings account. On the Internet, ACH is mainly used for personal-to-personal (P2P), business-to-customer (B2C) and business-to-business (B2B) payments.
Below is the quick breakdown of Stripe’s services and costs:
- Payment card: 2.9% + $0.30
- ACH: 0.8% (capped at $5)
- No subscription fees, no monthly fees
- Receive money immediately within 1 to 2 days for accounts established in the US. (unless there is doubt about the source and report the risk)
- The reimbursement fee you have to pay is $15 per dispute
With the rapid development and high competition in online business world, payment applications are required to be more flexible, easy, and professional. Stripe can be a great solution to your business’ payment process. Hopefully, the article about Stripe recurring payment gives you a lot of useful information to succeed in your next business venture.
If you consider using Stripe for the best payment experience for your customers, we suggest you bring this experience to the next level with AccountDock. AccountDock is a leading Stripe billing platform for small businesses. Within minutes, you can track your Stripe billing history, operate your payment dashboard, and send professional, branded invoices and notifications to clients without your intervention. This way, you can concentrate on your core functions without worrying about revenue handling.