The company has been around for more than a decade and has seen explosive growth in recent years. PayPal processed $6 billion in transactions in the first half of 2019, up from $3.8 billion in the same period a year earlier. The company is well known because it’s easy to use and its user base is large.
PayPal and Stripe are two of the most popular payment processors for small businesses. However, each has its own advantages and disadvantages. Which one is right for you? ..
Stripe vs. PayPal: Choosing The Best For Your Business
PayPal is a more established platform, with a longer history of processing payments. Stripe, on the other hand, is newer and has seen faster growth in its user base. Before you decide to sign up for PayPal – or switch over to Stripe – let’s review some of the key differences between the two platforms: PayPal is older and more established, while Stripe has seen faster growth in its user base. ..
Transaction Fees
The cost of PayPal is more detailed than that of its rival, Square Cash. While both platforms offer the same 2.9% fee for transactions, PayPal has more in-depth breakdowns of its costs. For example, it charges a $0.30 per transaction fee for processing payments through the platform, while Square Cash only charges a $0.25 fee. This difference could be significant for small businesses and individuals who may not have the time or resources to pay a higher fee on each transaction.
-A lawyer -A doctor -An accountant -A real estate agent You can view the fees for a variety of professionals, such as lawyers, doctors, accountants, and real estate agents. ..
The United States and international transactions are processed through a virtual terminal. Micropayments and large payments are processed through this system. Profit or non-profit payments are also processed through this system.
- Legal services
- Accounting and financial consulting
- Personal injury law
- Business law
- Tax law
The following are examples of how merchants process payments: -Recurring billing currency conversions -Refunds -Chargebacks -Amex payments -Mobile card reader transactions. ..
Based on this, some will say PayPal wins because of transparency. Yet, others will agree Stripe keeps its fee structure simplified, which means no unexpected costs.
Types of Payments Accepted
-Credit cards -Debit cards
- PayPal Cash
- PayPal Venmo
- PayPal Checkout
The PayPal Credit card is a great way to pay for things online. You can also use it to pay for things by phone.
Some people may not be able to use certain payment types, such as Pay by Phone. This is because the company that provides the service may have its own terms and conditions.
stripe accepts payment types such as credit and debit cards, Apple Pay, Google Pay, and many more.
Countries and Currencies Accepted
Now, if you’re a business looking to expand globally, you’ll need the right support. Let’s see which offers the best. ..
PayPal is a popular payment platform that accepts payments from over 200 countries. Stripe, on the other hand, only accepts 25 countries. However, PayPal processes transactions in 25 currencies, compared to Stripe’s 135+.
Both companies offer a similar product or service, but they each have their own strengths that make them better suited for different types of businesses. ..
Advanced Billing Options
-A pre-paid debit card that customers can use to pay for their purchases right from their bank account -A prepaid debit card that customers can use to pay for their purchases right from their phone or computer
InvoicingMarketplace solutions (Stripe Connect) allow businesses to manage their subscriptions and invoices in one place. Subscriptions can be managed for a variety of purposes such as automatic renewal, automatic payment, and more.
Since Stripe is more focused on e-commerce, it doesn’t have any features specifically for mobile devices or integration with point-of-sale systems. ..
Integrations with Other Tools
Both Stripe and PayPal come with integrations with various e-commerce and finance tools. However, Stripe has more options available. ..
-A social media platform -An online store -A messaging app -A video platform -An email service -A news aggregator
The customer relationship management (CRM) system is a tool that helps businesses keep track of customer data and manage interactions. Email marketing is a great way to reach new customers, and the inventory management system can help businesses keep track of what they have and when they need to buy more. The recurring payments system can help businesses make sure they are getting the most out of their money. And the form building system can help businesses create custom forms for their customers.
So How Do You Set Up Stripe?
Stripe is a great online payment tool because you can test it out for free. So if you’re excited to give it a try, then you can be up and running in no time.
I agree to receive emails from your email address.
Confirm your account email address. Since you’re likely not a developer, select the Prebuilt Solutions option. ..
This page provides an overview of the platforms you can use to create and manage your business. If you’re not using one of these platforms, skip to the next section for more information.
You can see all of your transactions by the date, time, and amount.
To begin accepting Stripe payments, you’ll need to set up your bank account. Funds don’t sit in your account like with PayPal. However, you will have to wait seven or so days, depending on the type of business you have. The riskier your business, the longer the waiting period. At the top of your dashboard, you’ll see Activate your Stripe account. Click this to drop down the menu and select Start.
To start your business, you’ll need to provide your business details. Next, set up two-step authentication and enter your bank details. ..
Using Your Stripe Account
You can explore Stripe’s Payments features to see how they might work for your business. For example, you can see which payments failed, were refunded, or are uncaptured.
You can use this tool to look at your disputes you have with others and see if there are any that need your response. Additionally, you can filter them based on who you lost or won against.
Under the Balance section, you can see how much money is on the way to your bank account, and how much is on hold. The funds on hold will require resolving the issue with your bank account.
Under the Balance section, you’ll find your payouts and pending transactions. Your payouts are the funds sent to your bank account. The transactions show all – those sent and pending. ..
In your Customers section, you can add clients so you can easily bill them when the time arrives.
The Reports section of your bank’s website can be a handy tool to help you understand your transactions over the past year. By viewing the reports, you can see an overview of all of your transactions, as well as what was paid for and what was received.
Analytics can help you see your account overview, which will tell you how many disputes you received (lost and won). ..
-Customer base -Sales volume -Revenue per customer -Customer churn rate
Growth in revenue and subscribers The company’s revenue grew by 20 percent year-over-year, and its subscribers increased by 10 percent. The company’s retention rate was also high, at 82 percent. However, the company experienced a high churn rate of 25 percent. Overall, the company’s average revenue per subscriber was $1.12 million, which is higher than the industry average of $811,000.
You can see your products, tax rates, coupons, subscriptions, and invoices on the menu beneath Billing.
If you want to see your orders placed, you can click Orders in the menu. Plus, you can review your products and order new ones. ..
To get started with your Point of Sale (POS) terminal, you can explore the Terminal section. This area includes tools for connecting to the system, setting up your preferences, and conducting transactions. ..
The Developers section will allow you access to the API, where you can do further integrations.
In your Settings, you can change your business details, add Stripe apps, and review compliance and reporting documents.
Strive Vs Paypal: Stripe Is a Simple & Safe Bet!
Stripe is a growing rival for PayPal and for good reason. It offers more features, including integrations with other payment platforms, than PayPal. This makes it a great choice for businesses who want to increase their payment options and make sure their customers are always able to get the right information and make the best choices.
If you’re looking to get started with Stripe, it’s simple and quick to do so. Compared to PayPal, Stripe offers a lot of features and options that can be helpful for small businesses.
