Stripe Payment Processor

What Is The Stripe Payment Processor And How Does It Work?

Whether you operate an on-demand marketplace, a subscription service, a crowdfunding platform or an e-commerce store, the Stripe Payment Processor has all the tools you need to run your online business smoothly.

It’s easy to use, is compatible with a wide range of websites and e-commerce platforms, comes with competitive pricing and has a wide range of features. Founded in 2010, hundreds of businesses around the world are using this payment processor due to its reliability.

So how does it work?

The Stripe Payment Processor Supports Multiple Currencies

Stripe supports more than 145 currencies from different parts of the globe. Therefore, whether you are in Europe or North America, you can view prices of products and services in your local currency.

Its availability in different currencies makes it an ideal online payment processor since some customers avoid shopping online due to huge pricing differences from one currency to the other.

If a customer is paying using a different currency to the one displayed on the site, Stripe will automatically convert the price to the home currency of the customer.

Reporting On Transactions

As an online entrepreneur you need to keep track of all your transactions. As you do this, you will be aware of all your expenses while detecting any abnormal on-goings in your business.

It also helps to protect your business against online fraud. The Stripe payment processor comes with a user dashboard interface where you can check all the transactions happening in your account. You can also download a .CSV file which details all the activities on your account.

Stripe also creates a monthly summary report which is broken down into various categories such as net activity. If you encounter any transactions that you have not authorized or any other issue, then you should file a report immediately.

Refund Policy

Stripe applies a standard fee of 2.9% plus $0.40 when issuing refunds. Refunds can be processed in whole or partial amounts, depending on the user’s needs and preferences.

Users can receive their refunds within 5 to 10 days after filing the notification. Also, Stripe will automatically send an email immediately it has processed a refund. However, you should note that refunds are only sent to the source which helps to prevent fraud.

Receipts And Transactions

Stripe offers a receipt if a user wants to verify the authenticity of a transaction. In short, it makes the entire process easy and fast. One of its main features is the generation of an automatic email which is usually sent to users whenever they make transactions.

This feature comes in handy for online businesses, since it minimizes the administrative work required during the accounting process. Also, Stripe can customize receipts to show your logo. You can also select the language to be used on the receipt.

Transfers

Stripe uses a checkout payment form as the main point of transfer for all transactions. It’s safe and easy to use which means you don’t have to worry about your business or the client.

The Stripe mobile app is also available if you want to make transactions on the go. Plus with Stripe you can choose when and how to process payments.