Shopping on the Internet is a matter of course for us these days. Numerous payment providers simplify payment processes so that you can concentrate on your core business. One of the most famous of them is probably PayPal. But there are also numerous other payment service providers who offer their services. One of them is Stripe. Let’s find out whether this payment technology is worth your attention.
Introduction to Stripe
Stripe is a comprehensive suite of payment APIs that empower businesses to accept payments and manage transactions online. It’s lauded for its simplicity, security, and integration options.
Payment service providers like Stripe simplify the processes for the customers. All you have to do is register online, enter your company details, and you can start accepting payments within a few days. For enabling a large number of payment methods, Stripe has credit card acceptance agreements with several banks.
Stripe provides detailed information about payment processing fees on its website. There are no setup costs or recurring monthly fees to use Stripe to process payments.
In the next list, you can get to know about companies and apps that use Stripe:
1. Lyft
Lyft, the popular ride-hailing service, uses Stripe to process all the payments on its platform. When riders choose their destination and confirm a trip, Stripe handles the payment transaction behind the scenes. The flexibility of Stripe’s API allows Lyft to create a seamless user experience by integrating the payment process directly into its app.
Lyft also leverages Stripe’s Express Pay feature, a service designed for platforms that need to pay out money, such as marketplaces or gig economy platforms. With Express Pay, drivers can cash out their earnings instantly, enhancing the app’s value proposition for drivers.
2. Shopify
In less than 10 years, the Canadian company has attracted over 600,000 online retailers with Shopify shops and has a turnover of over 82 million US dollars with its users.
The e-commerce platform is based on a cloud. It has an extensive range of functions, databases, web templates, and plugins. The payment provider Stripe is responsible for processing Shopify Payments. For this reason, users must abide by the Stripe Terms of Service. These state, among other things, that:
- no dropshipping is possible;
- the products should be free of nudity and pornography;
- prohibited business areas should be avoided.
3. Slack
Slack, the team collaboration tool, uses Stripe to manage its subscription service. Stripe’s subscription management features make it easy for Slack to offer different pricing tiers and automatically handle recurring billing.
Slack also uses Stripe to support its international growth. Stripe’s ability to accept payments in 135+ currencies and various payment methods helps Slack deliver a localized experience to customers around the world.
4. Instacart
Instacart, the grocery delivery and pick-up service, utilizes Stripe to handle all its customer payments. Stripe’s security features, like Radar for fraud detection and prevention, help Instacart ensure secure transactions.
Similar to Lyft, Instacart also uses Stripe’s Express Pay feature. It allows Instacart to pay their shoppers daily, thereby creating an attractive incentive for shoppers to pick up and deliver orders.
5. Zoom
Zoom, the video conferencing tool that soared in popularity amid the global shift towards remote work, uses Stripe to facilitate its payment processes. When users upgrade from the free tier to a paid subscription, Stripe handles the transaction.
Stripe’s reliable and scalable infrastructure helps Zoom manage the payment process efficiently, even during periods of high demand. This reliability is vital for Zoom, given its massive user base.
Conclusion
As more companies turn to digital commerce, the market shares of these companies are likely to change. Stripe has grown rapidly, attracting PayPal merchants looking for a customized checkout experience. Having conducted many successful partnership campaigns, Stripe has great potential to compete with solid and well-established market players.
As you can see, many famous companies use Stripe to simplify their online payments. Stripe offers a highly customizable API and pre-built checkout pages to accept payments from customers. It offers additional features like fraud prevention and recurring bills.
If you want to integrate Stripe into your software solution, Axon can help you to use this developer-friendly tool in the best way to accept payments online. It comes with additional features like Stripe Radar that help businesses fight online fraud.