Standing in the 21st century where technology is making remarkable changes in every aspect, the payment processing system is not an exception. People are giving more preference to online transactions and this is why the competition level among payment processing companies is increasing day by day. When it comes to online payment services, Stripe and PayPal are leading the industry. These are payment gateways through you can accept payment for your business. People get confused between these two and therefore, we have made a side by side comparison of these two giants. So, have a look at the following points:
What Stripe Does
Stripe online payment is basically an online payment service provider that allows you to send and accept money online. The popularity of this giant is increasing day by day in the sphere of e-commerce. Code-savvy people mostly prefer this as this site offers various development tools that are customizable. Many companies such as Blue Apron, Task Rabbit, Pinterest and Lyft use this.
What PayPal Does
PayPal online payment gateway is another well-known online payment gateway provider through which you can receive and send payments online. The Company has almost 267 million active customers and more than 21 million merchants.
Side by Side Comparison
|Service||Stripe Woocommerce||PayPal Woocommerce|
|Fee per transaction||2.9% + 30 cent||2.9% + 30 cent|
|Non-profit discount||2.2% + 30 cent||2.2% + 30 cent|
|Setup Costs or Monthly Fees||No||No|
|Micropayments||Same flat rate||5%+ .05 cent|
|Chargeback Fee Refunds||No Fees Returned||No Fees Returned|
|Customer Support||24/7 Phone and Chat, Email, Help Centre||Phone and Chat, Email and Help Centre|
|Ease of Setup||Moderate||Easy|
|Ease of Use||Easy||Easy|
|Access To Fund Times||2 Days||Immediate|
|Online Invoicing||Free for first $1M in sales||Free|
|Payments Handled 100% ON Your Site||Yes||No|
|In-person card readers||Paid||Free Paid|
Features Of PayPal
Checkout: PayPal offers various options to their customers when it comes to checkout. Uses can check out with Venmo and PayPal credit.
Works As A Payment Processor: If you don’t have any payment processor, PayPal will become your primary payment processor. You can build your own payment button and many more.
Features of Stripe
- Stripe supports localized payment methods
- It offers in-app checkouts
- Stripe has its own invoicing subscription and recurring billing tools.
So, this is all about Stripe and PayPal. Hope, this article would be helpful for you.