Payment Processes

Allow a consumer to make a payment with their smartphone

Payment Processes

Running your own business always works much better when your customers actually pay you for the products and services you provide for them. Paying for purchases has become a lot more complicated in the modern world than it used to be. It wasn’t all that long ago that cash and paper checks were the preferred payment methods, but now consumers increasingly prefer credit or debit cards. Online payments, while commonplace today, have only been available for a little over twenty years. The recent introduction of NFC-based payments, which allow a consumer to make a payment with their smartphone (or smartwatch), adds yet another way for your customers to complete a purchase.

Stripe is the latest payments alternative to launch. It’s a good solution for merchants to begin processing payments at a reasonable cost, with minimal hassle, in the early stages of their business. In addition to the nice API, the primary reasons people choose Stripe are: Stripe’s sign-up process requires very little information from the merchant and Stripe may end up costing less than Braintree in some cases. Paypal has been in the mobile payments business for well over a decade. It's is an online financial service that allows you to pay for items using a secure internet account. You simply add your bank account, credit card or debit card details and whenever you pay using PayPal, you can choose which of your cards or accounts it pays with. You can also set one to be the default payment method and that will be used unless you choose otherwise. In addition to paying for items using PayPal, you can also receive money through the service. Any money received sits in your PayPal account and can be used when paying for something, with the balance topped up by your assigned cards or bank account.

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Features of Stripe

1. Miscellaneous

Stripe is widely regarded to have outstanding support, and while I wish I could talk about some specific experiences, the truth is that accepting payments with Stripe has been so easy and straightforward that over this past year and a half i haven’t yet had any reason to get in touch with their support staff.

2. Simple Integration

Stripe has broad support among all the major eCommerce platforms (including almost every WordPress platform), so integrating it with your cart software is generally as simple as copying and pasting in your secret keys found in your Stripe dashboard.

3. Transparent Pricing

In keeping with their principle of simplicity and convenience, pricing is 2.9% + $.30 per successful transaction. While the transaction fees are higher than what can perhaps be found with some of the traditional processors, this is offset by the lack of a signup or monthly fee.

4. Safe and secure

Stripe is an online payment service that is trusted by thousands of businesses across the world.

5. Quick set up

You don’t have to call your bank and fill out seemingly endless forms. Also, your customers don’t need to have a Stripe account.

Features of Paypal

1. Easy Withdrwal

Easy withdrawal via a Bank or Credit Card:you can withdraw your PayPal funds via a credit card of through your bank account. The transaction is usually concluding within 3-5 working days.

2. Multiple Currency

Multiple currency and automated Conversion Process: Another unique feature of PayPal is that it supports multiple currencies of different countries and has an automated currency conversion process based on the current exchange rate. This eliminates unnecessary bank conversion fees when withdrawing via your local bank account

3. Security

Transaction Protection: PayPal has a unique transaction dispute resolution mechanism that protects both the buyer and the seller. It can hold up the money in an account for up to 180 days if there is enough proof of a transaction fraud or scam. This is to ensure that any money lodged in an account can be used to offset any debt owed by the account holder.

4. Customer Support

Efficient Customer Support:PayPal has the reputation of very fast and efficient customer support as replies to queries are answered within two business days via e-mail and instantly via phone calls.

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