Stripe Payment Methods: Top Payment Methods Supported By Stripe
- Written by NewsServices.com
Founded in 2009, Stripe is a fully-fledged payment method with impressive global coverage. It is a payment gateway as well as a third-party payment processor. In other words, it lets you process credit and debit cards online.
Today, Stripe supports renowned brands around the world. Stripe’s Application Programming Interface (API) makes integration with other applications a breeze. So, you can integrate it with your business website to let your customers make online payments. That is how Stripe makes cash transactions for businesses flow and reduces the fraud that comes when your employees handle money directly however stipe isn't only used in the business world but it is also used in the online gambling world as this makes it easier for yourself to deposit your money or withdraw your wins from a no deposit casinos.
And now…
Here are top payment methods supported by the platform:
Card Payment Methods
Card payments are an essential part of payment systems used by financial institutions around the world today, especially banks. Card payments entail using a credit or debit card to pay for goods or services by transferring funds electronically. Stripe supports major payment cards, including the following:
Visa
Visa is a popular payment processing network that uses debit cards, credit cards, and prepaid cards. The cards have a unique number comprising 16 digits inscribed or printed on the front. Besides, they have a microchip that protects you against fraud. You can link your Visa card to your Stripe. As a result, you will be able to use Stripe Checkout to make payments online.
MasterCard
MasterCard is another renowned payment method Stripe supports. It is also available in branded credit, debit, and prepaid cards. You can choose whichever card is convenient for you when opening a bank account.
Once you have your card, you can add it to Stripe . Don’t worry, will show you how to add payment methods later.
American Express
American Express was initially famed for its charge cards that enable you to make purchases and pay later. The company later ventured into the credit card business and became part of the global card networks catering to millions of merchants around the world.
In fact, Forbes named American Express as the 23rd most valued brand on a global scale in 2017.
Discover
The Discover credit card is a product of Discover Financial Services, a financial services company from America. The company owns and manages Discover Bank, which offers several services, including loans and savings accounts. If you have a Discover credit card, integration with Stripe is a straightforward process.
Japan Credit Bureau (JCB)
Japan Credit Bureau is a Japanese credit card company located in Tokyo. Their credit card is popular among merchants in the region and beyond. Today, JCB credit cards are accepted in over 20 countries around the world.
Mobile Payment Method Integration with Stripe
Stripe supports mobile payment methods, too. Mobile payment, also known as mobile money, allows you to make payments on your phone without using a third party. It is being adopted around the world at a fast pace. Since the advent of the mobile payment method in
1997, a lot of transformation has been witnessed. Here are top mobile payment methods Stripe supports:
Apple Pay
This payment method by Apple Inc. allows you to make payments using an iOS app. Besides, you can use it online via Safari mobile browser. Apple Pay is works on the iPad, iPhone, Mac, and Apple Watch. It is a payment method with superb authentication methods, including passcode, PIN, Face ID, and Touch ID. Face ID and Touch ID are biometric authentication options that roll back fraud significantly.
Google Pay
Google Pay is another prominent mobile payment method you can link with Stripe and transfer funds. For instance, you can use it to send or receive money to someone. Moreover, you can use it to pay for goods or services. You can download Google Pay from Google Play Store at no cost and instal it on your Android phone.
WeChat Pay
WeChat Pay is a mobile payment method by WeChat, a Chinese company. It allows you to make mobile payments and send money to other users. Note that non-Chinese WeChat Pay users have to go through additional identity verification for certain functions of the application to become active. Therefore, you have to provide a photo of a valid ID and your photo
Alipay
Alibaba Group is the brand behind the Alipay mobile payment method. Alipay is a market leader in the mobile payment methods industry. It boasts hundreds of millions of subscribers from diverse corners of the world.
If you have a smartphone, install the Alipay Wallet app, and you are ready to get started on an exciting mobile payment journey. Stripe’s integration with Alipay makes things even more intriguing.
Other Payment Options Supported By Stripe
The platform also supports other payment methods that are popular within a specific region. Here are some of them:
SEPA Direct Debit
SEPA (Single Europe Payments Area) is a payment method used by European Union (EU) countries to synchronise payments across the Eurozone. SEPA uses three payment schemes to control cash flow in the region. These are the SEPA Direct Debit (SDD), SEPA Credit Transfer (SCT), and SEPA Cards Framework (SCF).
All transactions on the platform are in the Euro currency. However, currency exchange is possible if you need some conversion to complete a transaction.
ACH (Automated Clearing House)
ACH is an electronic network used to process local low value payments between financial institutions. It can support both direct debit and direct credit. ACH is fashioned to process large volumes of transactions in batches.
How to Create your Account
Ready to get started with Stripe? Go ahead and create an account. Here is a step-by-step guide for you: Step 1: Open your web browser and make your way to https://dashboard.stripe.com/register.
Step 2: Fill out the registration form with all required details, including your e-mail address, full name, country, and password.
Step 3: Click on ‘Create account.’ After that, the company will send you a verification link via your e-mail address.
Step 4: Open the link, and Stripe will create an account for you.
Step 5: Add your business details. Under this section, you will have to add bank details, support details, fulfilment details, two-step authentication, and so on.
Step 6: Click on ‘Activate Account.’ Once your account is approved and activated, you are ready to get started.
Features of Stripe
Stripe has tons of features that help you manage your business cash transactions smoothly. Let’s take a peek at the main features:
· Invoicing: You can request payments from your customers. The platform enables you to create and send invoices to customers in minutes. Furthermore, no code is required, and you can customise bills to match your business brand. You can also use the Invoicing API to automate your mode of collecting and reconciling payments
· Stripe Radar: This is an inbuilt fraud detection mechanism. The Stripe Radar fraud system integrates with your payments. It detects and blocks any transaction that looks fraudulent on Stripe’s global network comprising millions of users
· Dispute Handling: There is an automated process for handling disputes, which works with the card networks. So, Stripe helps settle disputes among users (buyers and sellers). Only complainants with sufficient evidence get their disputes settled in their favour
· Financial reporting: You can create financial reports using available data and the built-in reporting feature. Alternatively, you can use the API to create customized reports
· Third-party integrations: The solution has several prebuilt e-commerce integration plug-ins. That way, you can integrate payments into your business model and start accepting payments via Stripe and other integrated payment methods·
How to Add a Payment Method to Stripe
Businesses and buyers the world over use different payment methods. Therefore, a businessperson should accept an array of banking options. That way, your customers will have the freedom to choose what they are comfortable working with.
As a result, you enhance your odds of landing new customers and improve conversion. Of course, every businessperson desires to improve conversion and scale up their revenue. Stripe makes things easier by letting you add payment methods for your customers to make a choice.
Here are the steps to follow when you want to add payment methods to Stripe:
1. Log in to your account.
2. Click on ‘Settings.’
3. Click on ‘Payment methods.’ You will see a list of all supported payment methods.
4. Click on ‘Request Access’ corresponding to the payment method you would like to add.
How Does Stripe Link to a Bank Account?
You can accept payments via your bank using Stripe. However, that is only possible when it is linked to Stripe. Here are the steps to follow if you want to achieve that:
1. Log in to your Stripe account.
2. Move to the side menu and click on ‘Settings.’
3. Click on ‘Bank accounts and scheduling.’
4. Click on ‘+Add bank account.’
5. Key in the required bank details, including account holder name, routing number, and account number.
6. Click on ‘Add bank account.’ to complete the process.
Stripe Checkout
Stripe Checkout is a hosted payment page designed for conversion purposes. It is the quickest way businesses can use to accept payments online in a secure environment. Besides, it is perfect whether you offer subscriptions or one-time purchases.
Stripe Checkout works seamlessly across various devices and has a built-in error messaging function. It is responsive with Apple Pay and Google Pay, and supports 20+ languages. Moreover, you can use it to send e-mail receipts and apply discounts.
The Payment Page
The payment page lets you accept payments from your customers. The customers get redirected to the page after adding items to a shopping cart. After that, they can select their preferred payment option and enter any other data required to complete the payment process. For instance, using a card payment method entails entering your name, card number, phone number, and card expiration period.
Supported Currencies
Stripe allows you to process payments in over 130 currencies. The beauty of this is you can charge your customers in their native currency. At the same time, you will receive payments in your native currency. And that is ideal when your business has global coverage.
Here is a list of some of the accepted currencies:
· USD (United States Dollar)
· EUR ( Euro)
· GBP (Great Britain Pound)
· CAD (Canadian Dollar)
· AUD (Australian Dollar)
· JPY (Japanese Yen)
· NZD (New Zealand Dollar)
· PLN (Polish Zloty)
· CHF (Swiss Franc)
· SEK (Swedish Krona)
· NOK (Norwegian Krone)
· RON (Romanian New Leu)
· MYR (Malaysian Ringgit)
· INR (Indian Rupee)
· AED (United Arab Emirates Dirham)
· BGN ( Bulgarian Lev)
· CZK (Czech Koruna)
· MXN (Mexican Peso)
· HUF (Hungarian Forint)
Advantages of Using Stripe
· Easy integration with other applications
· Automates the billing process
· Supports several currencies
· Keeps customer payment records for future reference
· Has comprehensive reporting
· It is transparent and does not charge you any hidden fees
· The platform is user-friendly
· It has custom libraries for most programming languages, making it easy to integrate the API in the codebase
· The pricing is reasonable and perfect for businesses because there is no monthly fee charged
· Their customer service crew is responsive
Safety and Security
The platform uses a 128-bit secure socket layer (SSL) encryption technology. By any standards, SSL is the world’s leading online security solution. Therefore, your funds and confidential details are secure. The two-step authentication process adds an extra layer of security that protects your account from unauthorised access.
Customer Service
There is efficient 24/7 customer service to help you out whenever you get stuck. In addition, you can count on the available communication channels whenever you need help. You can use the live chat facility to communicate with a customer support executive or drop them an e-mail.
Alternatively, you can request a callback. A member of the customer service crew will contact you.
Final Thoughts
Stripe is an excellent payment gateway that helps businesses improve conversion significantly. It supports integration with other software and allows you to add payment methods you are comfortable working with. Besides, it has built-in features that help you manage your business effectively
