Stripe is a service payment provider that accepts digital wallets, credit cards, and other payment methods. It is a credit card processing and online payment processing platform for any business so that business owners can use this payment service provider in accepting different online payment methods. Stripes charge a fee in every transaction.
What Does Stripe Do?
When a customer wants to pay for a product or any service using cash or check, they have the option of paying it directly through cash or they can deposit it directly to the bank account of the business. They can also make payments using their credit cards and for you to make online payments using these cards, you will need a payment processor. Stripe is a payment processor that allows businesses to process online payments using credit or debit cards. The software that will process those online payments are called Stripe Payments. It also supports payments in various currencies. The company offers a point-of-sale Stripe Terminal if you want to use it in accepting payments in person.
Stripe Payment Process
- When you make an account exclusive for your business, Stripe software is a platform that will connect to the site or purchasing page of the shop platform.
- Once a customer decided to purchase a service or an item and they are ready for checkout, they will input information on the purchasing page like financial information.
- Through Stripe software, the information will be sent from the website to verify that enough funds are available using the payment gateway and they will process the payment before they will send the funds to the account of the merchant.
- The merchant will now receive funds as your payment and a payment confirmation will be sent to the buyer and the seller.
Security at Stripe
Stripe is certified to Level 1 PCI service provider and already audited by PCI-certified auditor. They practiced maintaining a high level of security by using the best in class security tools. They audit regularly implementation details that include certificate authorities they used, ciphers they supported, and the certificates they served. To make sure that browsers interact only with Stripe over HTTPS, they use HSTS. All of the card numbers are being encrypted at rest with an AES-256 and all of the decryption keys are being stored in a separate machine. None of Stripe’s daemons and internal servers can have plaintext card numbers but may request in a static allow list that cards are being sent to a service provider. The infrastructure of Stripe storing, transmitting, and decrypting card numbers runs in a hosting environment that is separate and does not share any credentials information with the primary services of Stripe. They also maintain a private and invite-only bounty bug program with HackerOne assistance.
Stripe will protect you from any fraud. If there’s an error occur in processing the payment like there are no adequate funds in the account of the buyer, they will reject the transaction and customers will be notified to use another payment method instead. They will also monitor for any fraudulent transactions and will block automatically if there are any suspicious transactions. Implementing a combination of merchant controls and spending limits will help your business in exposing any fraudulent activity.
Stripe is a pay-as-you-go processing payment platform with flat-rate and transaction-based fees. The price or charge fees of price are, you will be paying 2.9% plus 30 cents in every transaction if you are making card payments online and a 2.7% plus 5 cents if you are making in-person payments with Stripe. It has no annual fees and does not charge monthly. The only cost you will incur is the card processing fees.
Features of Stripe
- clean canvas
- embeddable checkout
- financial reporting
- dispute handling
- payment options
- open-source plugin
- multicurrency payouts
- mobile customer interface
- accounting integrations
- roles and permissions
- payout timing
- unified payout
- custom UI Toolkit
- consolidated reports
- collaboration notes
How to Start Up and Set Up Using Stripe?
1. Register an account with Stripe by using their official website.
2. You need to verify the email address you used in signing up by verifying the link sent to your email.
3. Activate your account then.
4. Add important details of your business and banking information.
5. Set up the stripe connection
6. Select the options marketplace or build a platform
7. Complete your platform profile and make sure you update your settings.
8. You need to check that Connect is enabled on the account and start filling in your company information.
9. Make a review of your business details and you may now start making sales.