Stripe Pros & Cons: In-depth Review of a Payment Gateway

The business life is full of necessary decisions that we have to make time and time again. One such decision is choosing and implementing the online payment system. The question about which payment gateway to use is very prevalent nowadays. If you are looking for a payment solution like the Stripe payment gateway for your Ruby on Rails App, you definitely will find some options. Choosing online payment gateway solutions for your business is one of them.

We chose to review the Stripe integration first, as this method is more common for us and our clients.

Let’s find out what is the Stripe payment gateway.

What is Stripe?

So, what is Stripe payment? Stripe is an international system that allows people and businesses to make or receive payments online. Stripe serves as a mediator between buyers and sellers. This service handles all issues connected with credit card payments, including data storage security, regular payments, and withdrawals.

Why Choose Stripe?

Which online payment system is best? The modern market provides a wide variety of Stripe payment processing systems and choosing the right one might be a real challenge. Let’s see which factors you should consider when choosing Stripe online payments for your business:

Stability

The system will work perfectly and accept payments without delays or errors.

Stripe Payment Gateway: StabilityStripe Payment Gateway: Stability

Transparency of Payments

The Stripe online payment solution for a website does not charge hidden fees from businesses nor customers.

Stripe Payment Gateway: Transparency of PaymentsStripe Payment Gateway: Transparency of Payments

Reliable reputation

The Stripe payment gateway has successfully operated on the market for several years and has proven itself as a trustworthy payment processor.

Stripe Payment Gateway: Reliable ReputationStripe Payment Gateway: Reliable Reputation

Usability of the interface

The system of Stripe payments is easy-to-use and has extensive documentation for developers.

Stripe Payment Gateway: Interface UsabilityStripe Payment Gateway: Interface Usability

Universality

It works with all types of currencies, banks, and credit cards and can be introduced in any type of online platform. We have some examples of our work too – you can review our TikkTalk project, where we have Stripe payment gateway integration.

Stripe Payment Gateway: UniversalityStripe Payment Gateway: Universality

The core functionality of Stripe

  • Accepting payments

Does Stripe accept international payments? Yes! By generating a one-time token, Stripe quickly and securely validates the sensitive details of the credit cards (such as expiration date and CVV-code) and handles the transactions.

Stripe Payment Gateway functionality: international paymentsStripe Payment Gateway functionality: international payments

Stripe international payments

  • Creating the subscriptions

With the Stripe payment gateway solution, you can charge your customers on a daily basis using a subscription. You just need to create one using your Stripe dashboard and set the price of your future subscription.

Stripe Payment Gateway Functionality: subscriptionsStripe Payment Gateway Functionality: subscriptions

Stripe subscriptions

  • Stripe Sigma

Stripe Sigma is an analytics tool that will help your business track payment data. By sending simple SQL queries, you can obtain the recent statistics of your business and export it to a CSV file. The system stores all previously performed queries, so you can run any one of them, at any time.

Stripe Payment Gateway Functionality: Stripe SigmaStripe Payment Gateway Functionality: Stripe Sigma

Stripe Sigma

  • Stripe Atlas

Stripe Atlas helps any global business start-up, from anywhere on Earth. With Stripe Atlas, it is possible to remotely register a US-based company located in Delaware. The newly established legal entity will have all the necessary documentation to begin operations, an account in a US bank, and access to the services of consultants.

Stripe Payment Gateway Functionality: Stripe AtlasStripe Payment Gateway Functionality: Stripe Atlas

Stripe Atlas

Stripe Pros and Cons

Stripe is famous for its high speed and high-security payment processing. For business owners and developers, the Stripe payment gateway provides convenient payment software for website integration. Let’s learn more about the pros and cons of Stripe.

Pros of Stripe

Detailed Documentation

Stripe is focused on developers, so it has extensive documentation, written in a simple language, so anyone can understand its API, products, and features. The documentation also contains ample ready-made solutions for the various programming languages, as well as possibilities for online payment software solutions testing and customization for Stripe gateway.

Custom Libraries

Stripe has custom libraries for a majority of programming languages, including Ruby, Python, PHP, Java, Javascript, and Node.js, allowing developers to focus on the product. With the use of these libraries, it is no longer necessary to write the additional subprograms in order to integrate the API in the initial codebase.

Testing Environment

Apart from the main documentation and libraries, Stripe has created documents and a bug-free testing environment. The online payment software provides dozens of sample credit card numbers for testing, including invalid numbers that return specific error codes.

Cons of Stripe

Geo limitations

The truth be told, geo-restrictions appear to be the weak point of many payment gateways, and Stripe just isn’t an exception. Stripe is available for business only in 39 largest countries, mostly European, Asian and American. And, though Stripe accepts payments from anywhere in the world, it remains to be an issue for the business owners from the countries out the list.

Requires a developer

If you decide to integrate Stripe payments and add some features or just customize existing ones, this will require technical skills or developer resources to customize. Though the documentation of this payment gateway is simple enough, you’ll still need to perform some coding to make it all work properly. 

On the other hand, it is not really a disadvantage of Stripe as all of the payment gateways require some development help.

Alternatives to Stripe

And which online payment system is best? The popular alternatives to the Stripe payment gateway have pretty comparable features to Stripe.

MANGOPAY

Has a small API and supports users via phone in English, German, and French.

Stripe Alternatives: MANGOPAYStripe Alternatives: MANGOPAY

Adyen

It has a clear documentation and is easy to integrate, too.

Stripe Alternatives: AdyenStripe Alternatives: Adyen

Paypal

It has comparably larger fees (2.9%+$ 0.30 per one transaction), and is much more difficult to integrate.

Stripe Alternatives: PayPalStripe Alternatives: PayPal

Dwolla

Like Stripe, supports users 24/7. It also has a live chat for users, as well.

Stripe Alternatives: DwollaStripe Alternatives: Dwolla

Skrill

It allows people to perform a credit card and email transactions. You can even withdraw cash from ATMs.

Stripe Alternatives: SkrillStripe Alternatives: Skrill

The Stripe payment gateway is the perfect choice among website payment solutions, enabling you to choose from various payment systems and instruments.

Our Expertise in Stripe Integration

At Sloboda Studio, we have been working with online payment processing for 10 years now. Here are a couple of the most typical cases of Stripe payment gateway integrations.

Veeqo

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Veeqo is a British retail platform for orders management.  Some time ago Veeqo used to process all the payments manually. But as it became a big logistic platform, such a manual payment system required a lot of time and resources.

Our Solution:

We made the payments at Veeqo fully digital by integrating a  Stripe gateway, we provided a system with the ability to use different payment methods. 

Scandinavian Cleaning Marketplace

Scandinavian Cleaning MarketplaceScandinavian Cleaning Marketplace

This cleaning marketplace connects customers with professional cleaners in their area. The customers can book cleaning services for their apartments.

According to the customer’s business model, a payment for the cleaning should be transferred to cleaners after their work is done. Therefore, issues with conducting the payment used to occur.

Our Solution:

We decided to integrate Stripe payments and set up notifications about payment failures. Once a payment fails, it triggers an email notification about the unpaid cleaning. This notification invites the customers to log into the dashboard, where they can see what is the reason for the payment error and pay for the service again.

Conclusion

In Sloboda studio, we see Stripe online payment gateway as reliable, convenient, and easy to integrate. This system is the most frequently chosen by our clients, and we know this firsthand from our own experience.

So if your project needs a Stripe integration, feel free to contact us – we are always ready to help.

Posted by Contributor