Stripe

• Capabilities
• Unique Products
• Developer Flexibility
• Transparency

Capabilities 

Companies of all sizes can use Stripe, from startups to Fortune 500 companies. Stripe services online retailers, in-person retailers, subscription businesses, software platforms, software marketplaces, and other business types. 

Stripe’s software and APIs (application programming interfaces) allow merchants to accept payments, send payouts, and manage other aspects of business transactions including the following: 

• Managing business spend
• Obtaining financing
• Sending invoices
• Issuing virtual and physical cards

Integrated per-transaction payment Stripe fees start at 2.9% + $0.30 per successful card charge. 

Stripe’s infrastructure is secure with AES encryption to detect fraudulent transactions. In addition, Stripe’s infrastructure for storing, decrypting, and transmitting credit card data runs in a separate hosting infrastructure. 

The company boasts a 99.9%+ uptime.

Unique Products 

Stripe's in-person point of sale terminal product includes a pre-certified card reader with the following features:

• Europay, MasterCard, and VISA (EMV) level 1, 2, or 3
• End-to-end encryption
• Contactless payment option for Apple Pay and Google Pay 

You can manage all of your Stripe card readers from the Stripe Dashboard, where you can register your hardware, monitor device status, and order additional card readers. 

Stripe has a tool called Connect that allows clients with marketplaces or other Stripe payment platforms to give users a seamless payment process. Connect will verify the identity of the sellers and make sure they are compliant with local laws and it also pays those sellers. 

Another unique feature is that Stripe allows for one-time payments, recurring payments at various intervals, and trial periods with recurring payments immediately after the trial period ends. Plus, coupons can be issued in a variety of methods. 

Other products include the following:

• Stripe Atlas
• Stripe Radar
• Stripe Terminal
• Stripe Capital
• Stripe Treasury 

Developer Flexibility 

Stripe releases hundreds of new features and improvements at every level of the each year so it can be continually improving the power and ease-of-use of its APIs. It operates on and optimizes at every level of the financial stack and has direct integrations with card networks and banks. 

Stripe payment processor services make everything digital as flexible as possible. It offers client and server libraries in React, PHP, .NET, iOS, and other developer platforms as well as pre built integrations for ecommerce software like Shopify, WooCommerce, and NetSuite. Its back-end API supports Go, Java, Node.js, PHP, Python, and Ruby. Additionally, it has an SDK for .Net and other platforms that connect to its Rest API. And its checkout product allows for an embeddable payment form that can be integrated into the website without extensive technical implementations. 

Stripe integration for mobile payments include Lyft, Postmates, Order Ahead, Instacart, and thousands of other types of mobile applications using its native iOS and Android libraries so you can charge on the go. You can even collect cards upfront and bill your customers later. 

Transparency 

Stripe doesn't appear to use any deceptive marketing practices and it doesn't use independent resellers to grow its business. This is a good thing because generally when a merchant services provider uses resellers it creates unnecessary complaints due to unscrupulous resellers who aren't necessarily advertising in the most transparent manner. Stripe does have some freebies which include: 

• No monthly fees, hidden fees, setup fees, or card storage fees
• No refund costs
• No charges for failed transactions or updating cards
• No charge for recurring payments
• No early termination fees

Stripe does not charge monthly fees for monthly minimums like other merchant services providers and your earnings are transferred to your bank account on a 2-day rolling basis. It accepts major international debit cards or credit cards, such as: Visa, MasterCard, American Express, Discover, Diners Club, and JCB, and it accepts payments in 100+ different currencies for the same fee (conversion incurs and additional 2% on top of the market exchange rates). 

Managed accounts are just 0.5% of funds paid out and that includes international accounts, ID verification, and 1099-Ks. Bitcoin is another option at just 0.5% per successful Bitcoin transaction. It also supports Alipay, which might be of interest to so. Stripe doesn't offer phone support; however, it does offer email-based customer support along with Facebook and Twitter and it has an extensive knowledge base as well.

• Additional Payment Fees
• Negative Reviews 

Additional Payment Fees 

While Stripe does not charge a setup fee, monthly fee, or hidden fees, there is a list of processing fees associated with Stripe Payment besides the integrated per successful charge rate. There are Stripe fees for the following services:

• Domestic bank transfers
• Additional payment methods
• 3D secure authentication (included with default plan, a charge for custom packages)
• Card account updater (included with default plan, a charge for custom packages)
• Adaptive acceptance
• Instant payouts 

Also, be aware that some pricing information is only available through the sales team, including volume discounts, country-specific rates, multi-product discounts, and interchange pricing. So if you’re designing a custom package for your business, be prepared to share your needs with Stripe and they can get you a quote. 

Negative Reviews 

As of the most recent company update, Stripe reviews are overwhelmingly negative. Some common complaints include the following: 

• Unresponsive customer service
• Lost access to payments due
• Sudden account closure
• Client deemed fraudulent or too high-risk for services 

Many complaints are due to Stripe’s lack of cash reserve explanations and its undisclosed account cancellation policies. Additionally, there are complaints of sudden payment reversals without notice or explanation, which is common with instant-access payment providers due to their fraud prevention measures. Therefore, you will need to be particularly cautious if your business is considered to be in a high-risk category. 

Complaints consisting of Stripe support difficulties and an unresponsive customer service staff are especially apparent in dealing with resolving difficult issues such as funds withholding and sudden account cancellations. 

Additionally, Stripe has several complaints regarding chargeback issues; however, chargebacks are not Stripe's fault. That being said, Stripe is responsible for returning the customer's money and therefore they must charge your account to get the money until the issue can be investigated. Stripe does charge a $15 chargeback fee, but that fee will be refunded if Stripe resolves the issue in your favor. 

All of this considered, it’s worth noting that the company has responded to several of these complaints in an attempt to resolve each customer’s concern, which is a sign of company accountability in the face of unhappy customers.