Stripe Alternatives & Competitors

Stripe is a fully integrated suite of payment products designed for developers, offering powerful and easy-to-use APIs to accept payments and send payouts globally. With support for a wide range of currencies and payment methods, as well as features for fraud prevention, billing, invoicing, identity verification, and more, Stripe is a reliable and scalable solution for businesses of all sizes. Stripe's technology-first approach to payments and finance, along with its machine learning models and enterprise reinvention capabilities, make it the backbone of global commerce.

However, one major drawback of Stripe is that it may not be suitable for businesses that rely heavily on in-person payments, such as retail businesses and restaurants. Additionally, Stripe's open API and tools are difficult for those without software development expertise, limiting its usage to only a few businesses. As a result, businesses prefer agile Stripe alternatives that offer advanced features and are easy to use.

Why Are Businesses Looking for Stripe Alternatives?

Businesses are looking for alternatives to Stripe due to several reasons:

• Technical Expertise Required: Stripe's open API and tools can be challenging to use without software development expertise. This can be a significant barrier for businesses that do not have in-house technical talent. They search for alternatives of Stripe which are easy to use and don’t need technical expertise.
• Limited Functionality for In-Person Retail: Stripe's functionalities for in-person retail businesses and restaurants are limited compared to the alternatives to Stripe.
• Delayed Refunds and Poor Customer Service: Some users have reported issues with delayed refunds, poor customer service and communication. This can lead to dissatisfied customers and damage a business' reputation. Thus, businesses prefer Stripe competitors for a better customer experience.
• High Fees and Long Payout Times: Stripe's fees for same-country payments can be high, and funds are held for 14 days. Some users have also reported bad rates, even as their business scales up.
• Geo Limitations: Stripe can only be used by businesses in 44 countries, and some of its features are available in certain regions. This can limit a business' ability to expand globally, and so they search for Stripe payment alternatives.
• Requires a Developer: Customization of Stripe features involves API key juggling, which requires technical expertise. This can be a significant challenge for businesses without in-house technical talent.
• Lack of Flexibility: Some businesses have reported that Stripe's rigid rules and lack of flexibility can be challenging. For example, Stripe's fraud detection system can sometimes flag legitimate transactions, leading to delays or cancellations. So, businesses try to find the best alternative to Stripe with flexible payment options.
• Limited Usability: Stripe does not currently offer any support or integration for PayPal.

Must-Have Features in Any Alternative to Stripe

Any software similar to Stripe must have a range of features that enable businesses to process online payments, manage finances, and optimize revenue.

• Accepting multiple payment options: Any payment processing software similar to Stripe must support a range of payment methods, including cards, bank transfers, wallets, etc. Its alternatives like PayPal, Square, and Braintree offer diverse payment options and integrations that businesses can leverage.
• Robust security and fraud protection: Best Stripe alternatives must prioritize security and offer fraud protection tools such as 3D Secure and fraud detection algorithms. For example, Adyen, Authorize.net, and Payline prioritize security and offer advanced fraud prevention features.
• Recurring payment options: Businesses that offer subscription-based services must process recurring payments. Stripe alternative software solutions often support automatic recurring payments and offer subscription management tools. Software like Chargify, Recurly, and Zuora specialize in subscription management and recurring payments.
• Invoicing and billing features: Businesses must have the ability to create and send invoices, track payment statuses, and manage payment reminders. Any Stripe alternative payment processing software must also offer customizable invoicing features and options for payment reminders. You will get these features in PayPal, Square, and QuickBooks.
• Integration with third-party platforms: Businesses rely on a range of software tools to manage their operations. Stripe billing alternatives must have the ability to integrate with these platforms, including CRM tools, accounting software, and e-commerce platforms. Alternative payment processing software solutions like Square, PayPal, and Amazon Pay offer integrations with popular third-party platforms.
• Multi-currency support: Stripe alternative should support multiple currencies and offer a seamless checkout experience for customers worldwide.
• Invoicing and subscription management: Businesses need to manage their recurring payments and billing cycles efficiently. A Stripe alternative should offer flexible invoicing and subscription management features.
• Fraud prevention and security: Payment fraud is a serious issue for businesses. A Stripe alternative should provide robust fraud prevention and security features to protect businesses and their customers.
• Mobile-friendly: More customers are using their mobile devices to make purchases, Therefore, a competitor to Stripe should offer a mobile-friendly checkout experience that works across all devices.
• Customizable UI: Businesses customize the checkout experience to match their brand, so an alternative of Stripe should offer customizable UI options.
• Analytics and reporting: Businesses need to monitor their payments and track their performance. Competitors of Stripe should offer robust analytics and reporting features to help businesses make data-driven decisions.

What To Consider When Looking for a Software Like Stripe?

• Payment Processing Capabilities: When considering software like Stripe, it is important to ensure that it offers robust payment processing capabilities. This includes the ability to accept various payment methods, such as credit and debit cards, bank transfers, and digital wallets. Alternative software like PayPal also offers similar payment processing capabilities and is a well-known Stripe alternative.
• Fraud Prevention: Look for Stripe alternative payment methods that offer robust security features such as encryption, tokenization, and two-factor authentication. Fraud prevention tools such as address verification and card verification checks can also help reduce the risk of fraudulent transactions.
• Mobile Support: With the increase in mobile commerce, it is essential to choose software that offers mobile support for both merchants and customers. Consider alternatives to Stripe like Shopify Payments, which offer a mobile app for managing payments on the go.
• Customization options: It is important to choose software like Stripe that can be customized to meet your unique business needs. Look for software that offers a range of customization options, including the ability to create custom payment forms and integrate them with your existing branding. 2Checkout is a Stripe alternative that offers robust customization options, including support for multiple languages and currencies.
• Integration options: Another important factor to consider when looking for software like Stripe is integration. Software like Stripe must integrate with your existing systems and software. Stripe offers a wide range of integration options, including plugins for popular e-commerce platforms like WooCommerce and Magento.
• Pricing: Compare pricing plans of different payment processing software to find the one that fits your budget. Consider alternatives to Stripe payments which offers transparent pricing with no hidden fees or long-term contracts.

Comparison of Stripe Competitors

What Types of Businesses Are Looking for Alternatives of Stripe?

• E-commerce businesses: While building online stores that sell products or services to customers worldwide may need to consider payment processors that offer support for multiple currencies, payment methods, and fraud prevention. Some alternatives to Stripe for e-commerce businesses include PayPal, Braintree, Authorize.net, and 2Checkout.
• Global Businesses: While Stripe supports payments in over 135 currencies and 44 plus countries, some global businesses may require more extensive coverage. Stripe Alternative payment gateways like PayPal and Braintree offer payments in over 200 countries, making them a viable option for global businesses.
• Businesses with High-Volume Transactions: Stripe may not be the best option for businesses with high-volume transactions, as it charges a flat fee per transaction.
• Freelancers: Small businesses and freelancers look for more affordable payment processing solutions that are available at lower fees and ensure a simpler setup process. Stripe Alternatives that cater to these types of businesses include Square, PayPal, and Zoho Checkout.
• Subscription-Based Businesses: While Stripe helps manage recurring payments and subscription billing, some subscription-based businesses require more advanced features like tiered pricing and usage-based billing. Stripe Alternatives like Chargify and Recurly offer advanced subscription management modules, making them better suited for these businesses.
• In-Person Retail Businesses: Stripe's in-person payment options are limited to its terminal product, which may not be suitable for all types of in-person retail businesses. Stripe Alternatives like Square and PayPal Here offer a wider range of in-person payment options, including point-of-sale systems and mobile card readers.

Techjockey’s Verdict

Stripe is a robust payment processing platform that offers a wide range of features and integrations for businesses of all sizes. However, it may not be the best fit for every business, as it has some limitations. If you are looking for an alternative to Stripe, there are several other payment processing platforms that would better suit your needs. It's important to do your research and compare different options before making a decision.