Accounting Small Business Advice

Stripe: Why your business should be using the ultimate payment gateway

4 Mar 2018

As e-commerce becomes an integral part of the majority of businesses across the world, the need for a sophisticated and reliable payment gateway is greater than ever.


That’s where Stripe comes in. It securely authorises credit card and direct debit processing through your website. Nowadays, offering a secure payment gateway is a vital part of your online offering as it is likely to influence whether or not a potential customer completes a purchase.


Although established in 2011, Stripe still feels like a fairly new technology. This is at least partly due to the fact that upon its launch, Stripe was so far ahead in terms of operation and application.


It’s one of the only payment companies that supports multi-currency and can process credit cards from over 110 different countries, without the need to set up separate merchant facilities.

As a team who specialise in online accounting, Accounts & Legal acknowledge the benefits of adopting and integrating new technologies, and the huge impact they can have on your business' performance.


Reaping the rewards of revolutionary technology

One of the biggest benefits of integrating Stripe is it lets customers stay on your site when making a payment, rather than being redirected elsewhere. Furthermore, there is no set up cost or monthly fees and installation is instant.


In addition, Stripe offers its users the following:

  • Easy to setup recurring payments
  • Trial periods with a delayed payment
  • Ability to easily rebill a customer without storing credit card details
  • Seamless checkout experience means increased conversions
  • Option to set up subscription payments
  • If a customer changes their subscription mid-billing, Stripe gives you the ability to pro-rata charges
  • Can offer your customers discounts and coupon codes
  • Excellent reminder system
  • No refund fees
  • Informative interface of graphs and charts, makes data comprehensible and clear

How the customer benefits

Stripe much more powerful and streamlined in comparison with PayPal, which takes your users offsite when making a payment.


Stripe has the freedom of not being tied to a specific bank and is one of the only payment companies in the UK that supports multi-currency without the need to apply for an Internet Merchant Account.


Finally, Stripe has very secure interaction with its, meaning your customers’ data is protected at all times. All in all, with no set up fees, no monthly fees, no minimum charges and no card storage fees, Stripe makes everything easy.


Don’t just take our word for it, though. Finchcocks have recently set up payment for their piano courses through Stripe, ensuring their customers have completely secure and straightforward payment.


Cyber security for small businesses

Dubbed "Radar," Stripe uses machine learning to examine the hundreds of thousands of businesses processing transactions on their platform every second.


By looking at purchasing patterns, and spotting irregularities, the system helps to bolster defences and curb fraud. Stripe also receives signals from its financial partners, including credit card companies, to determine when a transaction seems suspect.


Need advice on implementing systems like Stripe to help further your business? Speak directly to one of our expert business consultants today, or try our Instant Accounting Quote tool and get a fee in just 60 seconds.