Differences between the payment systems Paypal and Stripe
Paypal and Stripe are some of the most popular payment instruments used to processing regular payments. A popular problem among many entrepreneurs is what is the best choice for a website and accepting remote payments from other states. Contact our experts at IT-OFFSHORE for detailed advice.
Differences between systems
Before you open an account with Paypal 2021 or any other payment system, it is advisable to compare the advantages and disadvantages of each system. Pay Pal has over 200 million accounts and is used by several million merchants. It is considered the most reliable and recognizable.
Stripe is considered a relatively new service for making online payments. The system is based on a cloud-based platform. This option is an alternative to Pay Pal. Opening an account in the Stripe payment system is relevant for small businesses.
Who uses payment systems more often:
- freelance individuals;
- online stores;
- non-profit companies;
- E-commerce, etc.
Each of the systems presented offers subscriptions to be used by entrepreneurs when accepting payments on a regular basis. However, Stripe subscriptions include some additional features. These include contacting credit card issuers for up-to-date information regarding card expiration dates.
Using Pay Pal is relatively easy. To make a payment, you need to provide your email address details and create a password and confirm that the details are entered correctly. Using Stripe can be more complicated, as the programming experience is required. You may need a specialist’s help to connect and configure the system.
Each of the platforms is secure and well-protected. These companies do not seek to conduct criminal schemes, value their impeccable reputation, and do not include hidden fees. Each of the systems is well-known and there are no intrusive advertisements.
Pay Pal rates may vary depending on what country the company is registered in and what currency is used. The smaller the incoming payments, the higher the commission charges will be. Stripe has lower fees compared to Pay Pal.
Pay Pal works all over the world, but in some CIS countries working with the system can be problematic. In countries such as Belarus, Ukraine, and Kazakhstan, and Tajikistan, the platform is not available. In this regard, companies that are located in these countries may experience difficulties when withdrawing money. In Russia, this system functions, but the connection may be complicated. The same problems may arise when using Stripe.
Opening a foreign company is considered one of the popular options for setting up and regulating currency payments for CIS citizens. This procedure can be performed remotely.
When choosing a payment service gateway, it is required to take into account the real needs of the company. Each may have different payment processing requirements, unique payment methods and business models.