Stripe is a popular payment processing platform that offers a variety of features and integrations for businesses of all sizes. However, there are other great payment processing platforms available, each with its own strengths and weaknesses.
In this article, we will take a look at the top 14 Stripe payment competitors and alternatives in 2023. We will compare these platforms based on their features, pricing, and integrations. We will also discuss some of the factors you should consider when choosing a payment processing platform.
What is a Stripe?
Stripe is a payment processing platform that allows businesses to accept payments online, in person, and through mobile apps. It is a popular choice for businesses of all sizes, from small startups to large enterprises.
Stripe offers a variety of features and integrations, making it a flexible and scalable payment processing solution. Businesses can use Stripe to accept credit cards, debit cards, and other payment methods. They can also use Stripe to create custom checkout flows and to integrate Stripe with their existing systems.
From simple payment gateway providers to full-service merchant account providers, there are many alternatives to Stripe. Here are 14 alternatives to Stripe that might work better for your company.
Top Stripe Payment Competitors and Alternatives
#1. PayPal
PayPal is undoubtedly one of the first companies that come to mind when you think of payment processing. The business offers a number of payment acceptance options and has years of experience in the online payment industry. A business can construct a hosted checkout page using the Easy Payment Gateway service, or you can utilize PayPal Here to take payments in person. The platform has very clear instructions, similar fees to Stripe, and a free mobile app.
#2. Stax
This is a platform for payment processing that simplifies international payments for more than 20,000 users. The program is one of the most cost-effective options for transaction fees and has processed over $23 billion in payments.
Customers get a merchant account and can choose how to accept payments. This covers many payment methods, such as in-person, keyed, mobile, contactless, virtual terminals, online shopping carts, and more. If you conduct at least $5,000 in credit card transactions per month and are looking for extremely low interchange costs, the platform is a fantastic option.
#3. Square
One of the top Stripe alternatives for small businesses is Square. On any iOS or Android smartphone, it functions as a point-of-sale (POS) application. A firm may monitor payment updates, inventory levels, and sales prospects thanks to the Square platform’s live sales and inventory tracking. Square assists a small business in effectively managing its financial performance with a variety of payment options, comprehensive reporting, and simple drag-and-drop capabilities.
#4. Ayden
Ayden is a fantastic Stripe substitute for bigger businesses with lots of transaction activity. The platform offers a merchant account that specializes in fraud detection and omnichannel sales and allows customizable online payments. It is comparatively fee-free and has capabilities for risk management, transaction optimization, and multi-channel payments. As it relates to the actual process of taking payments, Ayden has advanced functionality. One of the most reasonable pricing models for credit card processing costs is the interchange-plus method that they employ.
#5. WePay
The company works with business owners who wish to let their consumers make and receive payments instead of enabling businesses to accept online payments. The WePay system is primarily a SaaS company that targets a different market than Stripe. The goal is to make it possible for other platforms to design a payment solution that resembles their own.
#6. 2Payment
Small companies seeking a global audience might want to think about 2Checkout. It functions best for a business with a global focus that doesn’t want to do a lot of coding. 2Checkout functions well as a payment gateway for a global merchant account as one of the top Stripe rivals.
With a system that is flexible enough to accommodate several currencies, languages, and payment options, a business may accept credit card payments online from customers anywhere in the world. This is a fantastic choice if you manage an internet business that needs international payments.
Visa’s payment gateway service, Authorize.net, offers comprehensive reporting, safe data processing, and fraud defense. It is not a merchant account or a service that processes payments. Although the platform makes the actual payment procedure easier, it may not always give you the account you need to make payments. Because of this, Authorize.net needs a third-party merchant account to be used, unlike Stripe. But for incredibly low costs, this offers a level of freedom that is unmatched.
#8. Braintree
Braintree stores credit card information on a secure server, directly from the merchant’s system.
However, as part of their service, Braintree offers a specialized merchant account. In actuality, PayPal sponsors the brand and provides the merchant features that PayPal frequently lacks.
#9. ChargeBee
ChargeBee is a cloud-based payment option that lets a company set up a number of billing schemes. This covers one-time, recurring, and billing-per-use billing.
A friendly API and a wide range of integrations make scaling for startups simple. Any size of business can use it as a one-stop shop for online payment processing.
It is a serious competitor to the Stripe platform because of the real-time data and analytics functionality with revenue computation and usage tracking.
#10. Wise
The recently relaunched global payments platform known as Wise provides you with everything required to expand your business and conduct worldwide transactions. The platform enables businesses to pay invoices in more than 70 countries and offers low-cost international money transfers.
#11. Braintree
Braintree is a developer-focused platform similar to Stripe that provides international payment processing and customer support. The platform’s interaction with PayPal’s web infrastructure, however, increases its advantage over Stripe.
PayPal owns the payment gateway company Braintree. A merchant account with a gateway for processing online transactions is what Braintree is, as opposed to Stripe, which is a third-party processor. The platform provides a wide range of capabilities, such as data encryption, third-party integrations, and tools for detecting fraud.
#12. Dwolla
The ACH processor, Dwolla, operates independently. Dwolla does not process credit cards or debit cards, in contrast to Stripe. Businesses can quickly and securely verify information and make online payments thanks to the connection it provides to the ACH network. The platform provides ACH processing without utilizing the entire Stripe environment. Dwolla raised a total of over $71 million in financing in July 2021 after closing a $21 million round of fundraising.
#13. Venmo
PayPal-owned Venmo is a mobile payment app that supports sending and receiving cash. The platform only serves account holders in the US. By July 2021, more than 70 million users were using the mobile phone app Venmo to send money to friends and family.
The platform is being redesigned by Venmo to improve the user experience, as the company stated in July 2021. It is removing the worldwide feed that displays users’ payments to strangers. The app will only highlight payments made between friends.
In order to enable consumers to purchase Bitcoin, Ethereum, and Litecoin for as little as $1, Venmo recently extended support for cryptocurrencies to its platform. Venmo will now have a bigger lead over Stripe thanks to all these developments. Venmo is well-equipped to take Stripe’s market share because it is a PayPal subsidiary.
#14. GoCardless
This platform handles more than $20 billion in transactions annually and operates in 30 countries. GoCardless is currently used by more than 60,000 businesses globally.
In order to advance its open banking concept, GoCardless received $95 million in investment in 2020. It introduced Instant Bank Pay in April 2021, integrating it with its worldwide payment platform. With the help of this banking function, businesses can accept one-time bank-to-bank payments from both new and current clients. For companies that accept recurring payments, GoCardless is now among the top Stripe alternatives thanks to Instant Bank Pay.
Stripe and SWOT Analysis
The benefit of Stripe is how simple it is to use. Additionally, it’s a simple approach to accept payments on a single website without being forwarded to another. Websites cannot accept payments directly using alternatives to Stripe, like PayPal. Instead, while making an online purchase, customers are sent to the PayPal website, where they can complete their transaction before returning to the retailer.
When something goes wrong, this could result in some issues. To avoid this, Stripe has developed a more nimble transaction solution for handling online payments that is advantageous to both the client and the merchant. Stripe has made accepting online payments simpler by concentrating on developing a straightforward payment gateway solution.
Strengths
Companies can easily take online and mobile payments without a specific merchant account thanks to Stripe’s API technology.
The firm offers a straightforward payment gateway service that enables online retailers to start collecting payments right away without the need for a conventional merchant account provider or business bank account.
For recurring billing, credit card transactions, and debit card payments for online sales, it provides the most reasonable price structure.
Weaknesses
Although Stripe is well-known for its open-source philosophy, non-technical consumers may find this intimidating.
Although the company offers an online payment option in over 40 countries, its global reach is minimal in comparison to bigger rivals like PayPal.
The majority of users believe that Stripe offers reasonable transaction fees, yet that is not entirely true. Although Stripe’s regular processing fee is equivalent to that of its top rivals, it is significantly higher for international payments because of the fees associated with currency conversion.
Opportunities
Recently, Stripe introduced a mobile card reader to make it simple to collect payments in person. The business has room to grow this service and eventually offer payment services to businesses that don’t sell goods online.
Stripe has a lot of room to expand globally. Globally accepting Stripe payments will enable it to effectively compete with rivals like PayPal Payments.
The company will rise to the top of the payment gateway provider market by diversifying into financial services, including credit cards, business loans, and more reasonable transaction costs for currency conversion.
Threats
Being able to process payments without forcing small businesses to establish a merchant account is a highly competitive business strategy. With their large market shares, other payment processor businesses like Square and PayPal may find it challenging to compete with them.
With really tiny firms, Stripe has a reputation issue. Without a dedicated IT staff or coder, it could seem too complicated for the typical user to implement.
Which is Bigger Paypal or Stripe?
More nations offer PayPal than Stripe does. While Stripe offers services in more than 40 countries, PayPal offers alternatives in more than 200 countries. The primary distinction between Stripe and PayPal is that the former is more appropriate for designing a customizable checkout flow.
Is Paystack the Same as Stripe?
In 2020, Stripe purchased Paystack, which had been launched in 2015. Due to its extensive feature set that makes transactions simple, it is well known in the African market, especially in Nigeria.
Does Shopify Use Stripe?
Business owners can find the information they need to enter into their accounting software, it also offers a ton of reporting tools. Shopify Payments, Powered by Stripe, is a service offered by Shopify and Stripe in partnership.
Who is Stripe’s Biggest Customer?
- Amazon
- AliExpress
- Apple
- Etsy
- Walmart
- Target
- Wayfair
- and ASOS are a few examples.
Is Stripe the Largest Payment Processor?
According to data gathered by Buy Shares, Stripe is responsible for an astounding 52.84% of all online e-payments. Second place goes to PayPal Form, which receives 19.77% of all online payments. Google Pay is in third place with a 16.29% share, just ahead of Amazon Payments in second place with a 4.46% stake.
Conclusion
Stripe has expanded to enormous sizes. Stripe is the best option for processing payments due to its pricing, customization, functionality, and customer service. It is not, and it never will be, the only answer.
Every business has changing needs, and the payment processing industry reflects this. There are other Stripe rivals available that are a better fit for your company. It all comes down to your operating requirements and the platform’s features.
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