Customers relate to anyone with a debit or credit card making the sale.
A merchant is a business selling the product.
A merchant acquirer is a financial organization that proved the tools for debit or credit cards to be accepted.
Processors verify that transactions are valid, make sure there are enough funds, and check for fraud.
Independent Sales Organizations sell access to a processor along with any equipment.
Card Issuers are the companies that distribute credit cards to consumers.
Card networks are usually the bank's logo on the credit/debit cards.
This process made selling online cumbersome and tiring, which is why Stripe made this process easier.
Now a merchant does not have to deal with these steps and only has to deal with Stripe.
Types of Payments That Stripe Accepts
Stripe has several different ways merchants can accept payments online.
Stripe Credit Card Payments
Stripe accepts and processes American Express, Visa, Discover, and Mastercard-branded cards.
As well as some of the more niche products like UnionPay, JCB, and Diners Club
Stripe Digital Wallet Payments
Stripe also allows for digital wallets like Google or Apple Pay.
With this digital wallet service, you can get payments from Apple Pay, Google Pay, Masterpass, Visa Checkout, WeChat Pay, and more.
Stripe International Payments
In addition to serving payments in the US, Stripe accepts payments from more than 135 currencies.
Accepting international cards adds a 1 percent fee on top of the standard costs.
Here is the full list of countries supported by Stripe: Australia Austria Belgium Brazil Bulgaria Canada Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hong Kong Hungary India Ireland Italy Japan Latvia Lithuania Luxembourg Malaysia Malta Mexico Netherlands New Zealand Norway Poland Portugal Romania Singapore Slovakia Slovenia Spain Sweden Switzerland United Kingdom
Stripe Payments Pricing
Stripe has paid as you go pricing.
Meaning that you don't have to pay a monthly fee to use their features.
Instead, you pay 2.9% + 30 cents per successful card charge.
So, for example, if you charge someone $100 for a product.
Stripe would take 2.9% or $2.90 + 30 cents.
Totaling to $3.20.
Leaving you with $96.80.
Stripe Processing Fees for Recurring Payments
Stripe processing fees for recurring payments are the same as their regular pricing.
Meaning that if you charge someone $100 per month. You would be paying $3.20 per month in transaction fees.
Once you paste the two codes into the HTML or embed element, you will want to save them.
Then you can preview your site, and you will see your new customized Payment form.
If you don't want to use Cartfuel, you can use other third-party apps or stick to the less customizable Stripe Checkout or Stripe Elements.
How Secure Is Online Payments Through Stripe
Since Stripe is handling sensitive information, they take security seriously.
Stripe uses strong encryption, fraud prevention, and PCI enforcement controls to ensure that data is safe.
How Does Stripe Keep Data Safe?
All stored card numbers come with AES-256 encryption, which is the industry standard for security data.
None of the internal Stripe servers can access the plain-text card numbers.
Stripe Fraud Protection
Stripe uses machine learning to help fight fraud. They created a unique product called Radar to detect and block fraudulent transactions.
The machine learns from millions of transactions and becomes smarter in the process; Keeping your business and customers safe from thieves.
Stripe Payments - Full Review On How They Work Recap
Stripe is a payment processing company the helps merchants sell online. With their technology, anyone can sell products regardless of the size of the business. You can use Stripe to accept payments or use third party services like Cartfuel to accept payments online.
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Founder & CEO of Cartfuel, the software helping small and medium size business with their funnel and marketing strategy. Prior to Cartfuel, Jelani worked with one of the fastest growing startups, ClickFunnels, where he learned the ropes of marketing. In his spare time Jelani likes to make music, skateboard and kayak.