To demonstrate its commitment to transparency, Stripe utilizes the website Chilling Effect Clearinghouse to act on third party requests to stop doing business. For every successful charge, Stripe is charging a fee of 2.9% plus $0.30. This rate may be higher than the fees charged by conventional credit card processors. However, Stripe believes that this will result to lower total costs because Stripe does not charge setup fees, minimum charges, monthly fees, validation fees, card storage charges, and late payment charges.
In an article that world renowned author Paul Graham wrote, he cited that online payments is “one of the most important component of the world’s infrastructure” but it is also one of the most “painful” experiences. He praised the perfect timing of Stripe’s founding as an appropriate fix to the problem.
Stripe is becoming popular because it is arguably the simplest and most developer-friendly way for online payment. Stripe understands that the root of the problem in enabling online transactions is not the finance but the code. The dullness and the complexity of online payment processing have been the hallmark of similar transactions and Stripe is committed to fix the problem.
Using Stripe does not require a gateway or merchant account because Stripe handles everything – subscriptions, card storage, and direct payout to the user’s bank account.
Stripe is also composed of developers who have extensive experience in handling problems related to online payment acceptance. Its team is dedicated to building the simplest but the best payment solution.
Stripe is used by a number of large and established companies, emerging startups, side projects, and all kind of institutions in between. Among the businesses that have enjoyed Stripe are Mockingbird, Lala, GroupSpaces, Auctomatic, Observer, and Encyclopedia.
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