Founded in 2010, Stripe (payment infrastructure for the internet), a developer-friendly digital wallet, has become one of the most popular payment processing solutions in the merchant services industry.
The company was ranked 2nd on Consumer News and Business Channel Disruptor 50 list for 2021.
Also, Stripe has quickly garnered dominance in the market. That’s because it’s a full-stack payment processor and offers a complete suite of essential features such as:
- Relay System: The relay system is best for payment, ordering, partnering with other suppliers, and product publishing.
- Stripe Sigma: Payment solution uses SQL that provides in-depth reporting.
- Connect: It allows you to make payments without having to worry about security, legal compliance, and accountability. The solution charges a small fee.
It is no surprise that over 817,000 live websites use Stripe, and it was valued at $95 billion as of March 2021. Here’s why:
- Subscription Management and Billing: Stripe allows you to offer subscription-based products or services as it supports recurring transactions.
- Flexible Customization: If you know computer programming, you will have a great playground to work in and can customize as per your business needs.
- Global: Doing business outside the border is indeed an overwhelming endeavor. However, Stripe makes it easier than ever as it supports over 135 currencies (available in 34 countries) and guides you through local policies.
Although the solution is one of the most valuable technology startups, it may not fit the requirements of small businesses. The payment solution is developer-centric, so companies that have just started might not sign up for the solution.
The good thing? Stripe isn’t the only dedicated digital payment solution in the market. Let’s take a look at the top 10 competitors to Stripe that any business can opt for if Stripe isn’t their first choice.
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Top 10 Stripe Competitors and Alternatives
An in-depth analysis of top alternatives and competitors to Stripe will help you make an informed decision.
Square
- Founded: 2009
- Pricing: Charges 2.9% plus 30 cents for each transaction.
Square started as the mobile point of sale terminal; now evolved into an entire business ecosystem that supports online and in-person sales.
The solution offers advanced inventory and catalog management, customer database management, and employment management at no additional charges.
If you are looking for a solution that extends beyond online payments, Square can be the answer to your business woes.
Albeit the solution doesn’t match Stripe when it comes to the availability of integrations, people would still prefer Square. That’s because it would be hard for business owners who aren’t tech-savvy to get familiar with Stripe’s interface.
Square’s in-person point of sale system allows business owners to accept payments using customers’ mobile phones, and this feature may entice sellers to switch to Square.
Square is indeed an all-rounder as the third quarter of 2021 welcomed a revenue of $3.8 billion.
PayPal
- Founded: 1998
- Pricing: Charges 3.49% plus 49 cents for each transaction.
The company has remained at the forefront of the online payment processing industry for two decades and generated $6.8 billion in revenue in the third quarter of 2021.
It has always been a go-to payment solution for all, including; business owners and individuals. PayPal offers a convenient, secure, and affordable payment solution.
PayPal prioritizes the safety of its customers and doesn’t reveal your confidential information such as credit card no, email address, etc.
It’s easy to use, and a fast setup makes it a popular choice for all as it allows you to send money in a matter of seconds.
What’s more, if you already have a merchant account, you can use PayPal’s services to accept online payments, whereas, with your Stripe account, you can only use Stripe as the payment aggregator.
2Checkout
- Founded: 2006.
- Pricing: Offers three different plans that cater to the needs of your business while charging 3.5% plus 35 cents for each transaction.
If you are looking for global reach, 2Checkout is exactly what you need. The digital payment processor focuses exclusively on online payments and allows you to accept online payment in a way that works the best for your company.
The company excels in international commerce as it is available in over 20 countries and accepts 45 types of payment methods. Also, the platform is accessible in 30 languages and supports 87 currencies.
Furthermore, the digital payment solution optimizes transactions utilizing multi-currency management tools and intelligent payment routing, making it an ideal option for businesses that are selling all around the globe.
- Apart from that, the 2Checkout provides over 300 fraud checks for each transaction.
Payoneer
- Founded: 2005.
- Pricing: Charges 3% for credit cards transaction, echecks are charged 1%, and Payoneer customers make payments free of charge.
Payoneer is a global digital payment solution that caters to the need of over 4 billion freelancers and businesses from over 200 countries.
The payment solution works the best for small and medium-sized businesses whose emphasis is on online advertising, vacation rentals, and eCommerce.
Payoneer issues debit cards to its users to go with their online account, so customers can withdraw money from the banks or ATMs regardless of the location.
Upwork, Fiverr, Google, Airbnb, and Amazon are some of the few examples of companies that accept Payoneer to make payouts.
Its integrated platform and top-notch efficiency make it a top Stripe competitor. Also, the company reported a revenue of 122.7 million in the third quarter of 2021 – an increase of almost 35%.
Dwolla
- Founded: 2010.
- Pricing: Charges 0.5% each transaction (minimum 0.5% and maximum 5%).
The payment solution offered by Dowlla is a little different because it doesn’t accept debit and credit cards. So, why is it even on the list in the first place?
Stripe accepts automated clearing house (ACH) payments which, in turn, is a very convenient feature, right? Similarly, this feature is also Dwolla’s wheelhouse.
So, if you are seeking ACH processing, it’s worthwhile to consider Dwolla if you don’t want the entire ecosystem of Stripe.
What’s more, the company offers customizable APIs enabling businesses to tailor the checkout process. These tools aren’t just easy to use but help you establish brand awareness and build your company’s identity.
- The best part? The platform automates your payment and sends 5000 secure payments in a single go.
Adyen
- Founded: 2006.
- Pricing: Charges 0.6% plus 20 cents for Discover, Visa, and Mastercard, 3.95% plus 12 cents for Amex, and 37 cents for ACH debit card.
Adyen’s payment solution was designed to cater to the needs of large corporations with higher transactions, especially those that are selling globally.
The company offers a merchant account that is completely dedicated to your business once you sign up for the Ayden account.
Furthermore, Ayden offers transaction optimization and risk management tools so businesses can make the most out of every transaction.
For large businesses that want to make the most out of their payment processing, try giving Ayden a shot. Adyen generated a revenue of 445 million euros in H1 2021.
Amazon Pay
- Founded: 2007
- Pricing: 3.9% plus 30 cents is charged for international payments, while 2.9% plus 30 cents for domestic USA transactions.
The platform is designed for the needs of millions of consumers and sellers on Amazon. This payment solution empowers online sellers to offer a seamless shopping experience to their customers.
Amazon pay has an intuitive interface enabling users to log into their account, use their already saved information, and check out using the same interface with zero hassle.
What’s more, the payment solution is packed with essential tools that enable online retailers to retain customers, ease their shopping process, and boost customer loyalty utilizing customizable recurring payment features.
- The best part? You can use the app on all devices, so retailers and consumers can manage their payments from anywhere.
Google Pay
- Founded: 2017
- Pricing: Bank transfer and debit card activities are free, while charges 2.9% plus 30 cents per transaction.
Google pay is another sturdy competitor to Stripe, with over 80 million downloads in 2021. The solution acts as a virtual wallet, allowing you to save your card information within the Google account.
The service is straightforward and fast; you can pay in-store, on websites, and in apps using saved information from your account.
What’s more, sellers can streamline the whole payment process for their customers using Google Pay.
Also, retailers can use the platform to send gift cards, mobile offers, and recommendations to their customers.
Authorize.Net
- Founded: 1996
- Pricing: Charges 2.9% plus 30 cents for each transaction, and the plan starts at $25 per month.
Authorize.net, a subsidiary of Visa, with over 430,000 users, is one of the most popular payment gateway providers globally. It only facilitates the actual payment process and doesn’t offer the merchant account that you need to receive and accept payments.
What’s more, the company collaborated with Everyware and Cybersource in April 2021. The collaboration will provide digital payment solutions to small and medium-sized enterprises.
Also, the solution comes with a customizable and advanced setting to help prevent and detect fraud.
Braintree
- Founded: 2007
- Pricing: Charges 2.9% plus 30 cents each transaction, and custom plans are also available.
Braintree, owned by PayPal, is a payment gateway service provider, allowing businesses to accept online payments.
The solution provides users with a dedicated merchant account as a part of its service. Also, it comes packed with robust features, including data encryption, fraud tools, third-party integration, and plenty more.
Moreover, if you want to add more layers of security, Braintree can help you with that as it offers 3D secure and Kount Standard Protocols for additional charges.
Also, the payment solution enables businesses to accept online payments in over 130 currencies and from more than 45 countries.
Wrapping Up
Online payment solutions are expanding day by day, and it is projected that the online payment gateway market will hit a revenue of $ 60 billion by 2027.
However, it’s not always easy to choose the best payment solution that goes with your business.
Nonetheless, Stripe is indeed one of the best online payment solutions, especially for large businesses. That’s because it offers impressive customization capabilities, add-on options, developer tools, and a lot more.
- Also, it allows retailers to sell globally and support over 85 currencies, making it an ideal contender for global business.
However, it might not be the ideal solution for your business, especially if you aren’t tech-savvy and has concerns regarding account stability.
To ease it for you, we have compiled a list of top 10 competitors to Stripe and explored what they have to offer so you can opt for one that makes the most sense for your startup.
