Exploring Beyond Stripe: Why it Might be Time to Say Goodbye and Discover New Stripe Alternatives
When it comes to payment processing solutions, Stripe has often been the go-to choice for start-ups, SMBs, Independent software vendors, and software developers. Its seamless signup process and minimal configuration requirements have attracted many. However, while Stripe might serve as a convenient starting point, it may not be the ideal long-term solution to meet your evolving business needs. There are other Stripe alternatives out there that may serve your business better as it matures.
Where Stripe Falls Short
While Stripe’s simplicity and one-size-fits-all approach may suffice for businesses initially, this may not be the case as the business matures and confronts more complex challenges. Consider a Stripe alternative that offers:
1. Merchant Payment Services Tailored to Your Business
If avoiding the complexities of implementing a payment solution was a factor in choosing Stripe, you may have overlooked some essential considerations. Stripe operates as a Payment Service Provider (PSP), consolidating various merchants under a single umbrella account. This means they may have little insight into your business operations, products, or credit history. In contrast, traditional payment service providers offer more personalized services and understand your unique business needs.
For instance, Payway is merchant services agnostic. Payway can help you apply for a with the provider that best suits your business goals. If you already have a merchant services account but need a payment gateway, we can onboard your current merchant account. Payway’s gateway was designed to work with practically every acquiring bank in the United States and Canada.
If you are not familiar with merchant account services, check this quick guide that helps you to understand more in-depth how to start accepting credit cards in your business, and the pros and cons between merchant accounts and payment service providers (PSPs).
2. Transparent Merchant Pricing
Stripe employs a flat-rate pricing structure, where you pay the same fee for every transaction, regardless of the card type. While this simplicity can benefit businesses with low transaction volumes, it may not be the most cost-effective option. The more your business succeeds, the higher the transaction volume, the larger your payment processing costs. Stripe alternatives, like Payway, offer cost-plus pricing, allowing you to pay the actual interchange fee plus a transparent merchant services markup, potentially reducing your processing fees by up to 20%.
3. Customer Support via Phone
The level of customer support you receive with Stripe can vary depending on your subscription plan and transaction volume. Phone support, for instance, is typically limited to larger customers and premium plans. In contrast, exploring other payment solution options can provide more comprehensive and accessible support for your business. This is where Payway is different. We take pride in knowing you can always pick up the phone and talk to a person – no matter how small or large your business.
4. Revenue-Building Features
Payment processing should not just serve your users, it should contribute to your business’s growth. Seek out a payment partner that works with you to create tailored solutions for different segments of your customer base. Look for partners offering competitive margins on payment fees to boost your recurring revenue. For example, Payway’s automatic Account Updater and Amex Cardrefresher can help you maintain steady revenue by avoiding failed transactions or service interruptions. Our FlexCharge® feature can help you reduce declines while removing risk.
5. The Path Beyond Stripe
Stripe’s initial appeal can quickly wear off as you advance in your payment integration journey. If you find your business has outgrown the initial cost-savings achievable through Stripe, it’s time to explore new Stripe alternatives. Simply fill out this form, and a member of our team will reach out to address any questions or concerns you may have.
Your journey to a more flexible payment solution begins here!