3 Ways E-commerce Businesses are Using Stripe to Power their Business

 

Introduction

Payment processing is a critical function for every company; but, with so many options available, it can be difficult to know where to start. In this post, we'll look at how Stripe works, why it's a good fit for e-commerce organizations and three different ways that e-commerce businesses may utilize Stripe to make their business operations more efficient.

Using Stripe makes payment processing more expedient, less cumbersome, and more secure. It provides a safe gateway that customers can trust and rely on, making it possible for them to pay you in the same straightforward manner that they do today online.

The clumsy point-of-sale (POS) equipment that was used to process credit cards has given way to a more dependable internet-based solution that processes payments for merchants. Payment gateways have gone a long way since their inception. Traditional brick-and-mortar stores coexist in the online retail arena alongside innovative companies that operate solely online. According to a recent article published by TechCrunch, online consumers spent a total of $234 billion in 2016, making the e-commerce industry a massive business that shows no signs of slowing down. Because of this, accepting payments is an essential component of an e-commerce firm, particularly given that, in contrast to brick-and-mortar stores, online retailers can process recurring payments at any time of day or night.

 

Here is how using third-party payment services can be helpful.

It's great for businesses to be able to offer their products and services online, but e-commerce merchants must contend with several obstacles and ambiguities on how to safely collect payments from their customers. E-commerce business owners are looking for a comprehensive payment processing solution that will enable them to take payments through various channels. Stripe presents a solution.

E-commerce enterprises are faced with more than a dozen different payment alternatives, so they must know where to turn. Several different extensions can assist you in processing payments online if you are working with a platform such as WordPress, Shopify, or Squarespace.

The number of people who shop online continues to rise. According to the findings of eMarketer, the United States will be responsible for nearly one-third (33%) of the global total of $1.5 trillion in annual sales generated through online commerce. Additionally, more than half of those sales are expected to be done through the use of mobile devices. It is becoming increasingly obvious that growth in e-commerce will not be slowing down anytime soon. However, operating a successful online retail store is no walk in the park. Accepting payments through credit cards is essential, even though doing so is frequently difficult and tedious.

Who uses Stripe?

Numerous individuals in large numbers. Although it was a challenge for us, we were able to glean some information from a survey that Stripe had conducted in the past. Even though they did not disclose any statistics regarding the industry, they did let us view the responses that people gave: 55% of them were software or internet enterprises, 41% were "little businesses," 23% were marketing or advertising organizations, 18% were financial services companies, and 8% were retail businesses (americanexpress.com). After conducting some research on eCommerce and online businesses, we discovered that owners of online businesses are utilizing Stripe not only for accepting customer payments but also for processing their payroll and other financial transactions.

 Many people are aware of Stripe's capabilities as a third-party payment processor; however, they are unaware that it may be utilized for purposes more than simply taking credit card payments.

An online retailer can utilize Stripe in one of three primary ways, which are as follows:

• Accepting credit cards

• Processing ACH (Automated Clearing House) payments

• Storing customer data

Stripe is a payment processing platform that is provided by a third party that enables e-commerce enterprises to accept payments from their consumers via credit card and ACH transfers. The company provides solutions that are usable both by web developers and retailers. Here are three ways that online retailers are leveraging the payment processing platform Stripe to power their businesses:

1. Building an online store with Shopify

2. Accepting credit cards with Magento

3. Selling on Amazon

Stripe is one of the most widely used payment platforms in the world, and it provides a diverse selection of payment options for retailers who conduct business both online and offline. You may accept credit cards, debit cards, bank transfers, Bitcoin, Apple Pay, and many more payment methods by using Stripe. Here are two examples of how companies are putting Stripe to use:

 1. Payment options for shoppers

Customers want to know that they can pay using the method of their choice, whether it be a credit card, debit card, or PayPal account; therefore, if you accept more than one type of payment, you will increase sales and customer satisfaction. Customers want to know that they can pay using their preferred method.

2. International Sales

Accepting international payments with Stripe might benefit your company's growth if you do business with customers from other countries. When you use Stripe's international pricing plans, you won't need to be concerned about currency conversions or fees associated with foreign exchange. In addition to this, it is compatible with over 130 different currencies from across the world and allows you to accept numerous currencies at the same time.

There are several advantages to adopting Stripe for your online retail firm, including the following:

1. Everyone is allowed to use it at no cost.

2. A method that is fast and simple to start up.

3. There are no recurring fees or initial investments required to get started.

Conclusion

Because of this, an increasing number of retailers are choosing Stripe as their preferred method of payment processing. Businesses no longer need to worry about managing several credit card processing accounts or dealing with chargebacks and refunds thanks to Stripe, which makes it simple for them to accept payments in-person as well as online. The following are three ways that online retailers are putting Stripe to use:

1. Promptly and easily disbursing payments to their workforce

2. Support for Apple Pay and other forms of electronic payment

3. Managing subscriptions

Hope this helped you get some interesting insights into the use of Stripe. If you are passionate to know more about similar topics, then Keep reading our blogs!.