What is Stripe Payment?
Stripe Payment was founded in 2010 with the mission of making it easier to accept payments over the internet. At the time, taking credit cards meant working with a legacy processor or a middleman broker who would provide you with access to a processor.
Stripe now powers the transactions of some of the biggest brands out there, including Lyft, Under Armour, Blue Apron, and Pinterest. The company claims that 89% of all credit cards have been processed on a Stripe network at some point. With the ability to handle 135 currencies, it’s a common solution for companies that do business internationally.
Why use the Stripe plugin?
- Accept all major debit and credit cards as well as local payment methods
- Supports Strong Customer Authentication (SCA)
- Benefit from Stripe Elements, which helps your users input their payment information quickly and correctly at checkout
- Achieve PCI-DSS compliance with Stripe Elements hosted input fields
- Better detect and prevent fraud with the help of Stripe Radar and 3D Secure
- Get paid within minutes with Stripe Instant Payouts, if eligible.
- Optimized for mobile and fast checkout with Apple Pay, Google Pay, and Payment Request API support
- Easily capture authorizations and process refunds from your WooCommerce Dashboard
- Support recurring payments with various payment methods via WooCommerce Subscriptions
- Benefit from free updates and new innovative functionality as Stripe launches new features and products
How Does Stripe Work?
Stripe Payments is a payment processing platform. It allows you to transfer money from a customer’s bank account into your business’s account by way of a credit or debit card transaction. That’s a pretty simplified explanation, but we’ll get more into the nitty-gritty details later.
While Stripe can be used for all kinds of transactions, chances are you’re considering it because you’re looking for an eCommerce solution. Keep reading for a comprehensive overview of how Stripe works in an online retail setting.
What does this mean for users? Not too much, other than ease of use. Once you sign up for an account and are approved, you can go ahead and start collecting payments almost immediately without thinking about it.
On the back end, things are a little bit more complicated for Stripe. Because all of the charges go through Stripe’s merchant account, they take on a lot of liability for fraudulent transactions. This ends up being a benefit for users since it encourages Stripe to build better security and fraud prevention into their platform.
This ease of use, customizability, and security make Stripe one of the most trusted names in credit card processing for online transactions — trusted enough giants like Amazon, DocuSign, Peloton, and Shopify use them.
One of the major benefits of Stripe is it enables the user to stay on your site when making a payment, instead of being redirected to another site. There is no setup cost or monthly fees and set up is instant. Other benefits include:
- Easy to set up recurring payments
- Trial periods with a delayed payment
- Can offer your customers discounts and coupon codes
- Enables you to set up subscription payments
- Ability to easily rebill a customer without storing credit card details
- If a customer changes their subscription mid-billing, Stripe gives you the ability to pro-rata charges
- No refund fees
- The informative interface of graphs and charts makes data comprehensible and clear
- Excellent reminder system
- Seamless checkout experience means increased conversions
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