Look out, Stripe – There’s a New Payments API in Town
Payline recently launched the answer to Stripe Payments, a new payments API called Payline I/O, which enables developers to instantly on-board merchant accounts and facilitate payments within their software platform.
Our latest analysis comes from our top experts and is for businesses looking to scale in customized ways so that they can retain control over the user experience while seeking new revenue opportunities. A better payment experience will be more automatic and with Payline I/O, unlike Stripe, your business can maintain subscription revenues and reduce customer churn by automatically updating expired credit cards.
If you want to stand out from the PayFac pack and use processing as a revenue stream booster, maintain complete control over payment flow, settlement timing, and transaction disputes, all while integrating payments into your software application, then download our exclusive analysis of what Payline has to offer over Stripe below.
Industry Analysis: Stripe Payments vs. Payline’s PayFac Services
By Justin Louie, Head of Product Management at Payline
It’s easy to compare products in the payments industry as apples to apples, but sometimes just a few differences can turn that comparison into apple to oranges. That’s the case when stacking up Stripe Payments to Payline’s payment facilitator offering.
While the two may seem similar on paper, when you dig into the nitty-gritty of what these products offer, you can begin to see the real differentiator with Payline’s offerings that have taken new life with the roll out of Payline I/O.
Payline I/O is a payments API that enables developers to instantly on-board merchant accounts and facilitate payments within their software platform. In comparison to Stripe’s offerings, many of the basic features are the same: credit card acceptance, customizable payments, multi-party payments, multi-account funding, fraud detection, secure data vault, PCI Level 1 compliance and other features such as integrated dispute management.
But where Stripe’s ability ends, Payline I/O’s features start. This includes three key capabilities offered through Payline’s PayFac offering that Stripe doesn’t offer: instant sub-merchant accounts, dynamic funding and settlement control, and automatic account updater.
Sure, those may sound to some like buzzwords in this industry, but the capabilities on that list matter for setting your business up for success. To help you better understand why those features matter, we’ve broken down the differentiators a bit further.
Real-Time Creation and Onboarding of Merchant Sub-Accounts
When thinking about one major gap in Stripe’s offerings, the biggest difference concerns a popular, trending topic in the payment industry: real-time. When your customers need to get payments up and running, that means you need faster onboarding of your merchant sub-accounts.
Why does any of this matter? By having this completed in real-time, it can quickly and effectively improve user adoption and activity by instantly underwriting merchants using the API. After all, time is money for any business – and you don’t want to waste it by spending unnecessary time onboarding new solutions.
Programmatic Control Over Timing of Settlement and Funding
There is one big problem that’s often associated with funding delays: payment disputes and chargebacks. With Payline I/O, unlike other integrated payment solutions such as Stripe Payments, your business has more control over the entire payments experience.
Having autonomy over the payments process and flexible funding for software platforms gives your business the control over key aspects of the payment experience – which matters for boosting user acquisition, retention, and satisfaction. In the end, this can help reduce chargebacks and improve merchant and end-user experiences alike by enabling funding when products or services are purchased or fulfilled.
Automated Retrieval and Update of Customer Credit Card Data
Many businesses need better settlement of funds, but fear the financial risk of becoming a payment facilitator. Oftentimes, it comes down to time and resources it takes to get to that next step.Tracking down updated payment data from your customers shouldn’t slow your business down.
Why not make the process more automatic? With Payline I/O, unlike Stripe, your business can maintain subscription revenues and reduce customer churn by automatically updating expired credit cards.
For businesses looking to use their payment processing as a revenue stream booster, or to better integrate payments into their software application while maintaining complete control over payment flow, settlement timing, and transaction disputes, Payline I/O stands out from the PayFac pack.