Anastasia SuWhen it comes to e-commerce businesses, owners need a reliable payment processor that is easy to work with. Stripe and PayPal are two providers of these services that stand out from the pack.
However, it’s important for some users and owners to understand if Stripe and PayPal can work together and if using accounting software with Stripe is beneficial to their business. Both platforms have, over the years, gained reputations for being highly secure and trustworthy. For most e-commerce owners, choosing the platform that aligns with their business objectives is of the utmost importance. Therefore, you must compare both services using various metrics in order to make the right decision and improve your sales margins. This analysis requires that businesses take a closer look at Stripe versus PayPal.
Key Points About Stripe and PayPal
Before you begin to compare Stripe and PayPal or establish whether they can work together, it’s best to learn some basics of both payment gateways, especially if you haven’t used them before and don’t know much about their functionality.
A Look at Stripe
Stripe is an all-in-one payment-processing service that assists e-commerce business owners with customer financial transactions. Companies worldwide use Stripe with its added application interfaces to manage their businesses, send invoices, make payouts, and accept payments. These features are why most owners are eager to find out how to add Stripe to Shopify.
Stripe is highly customizable and offers additional services such as a point-of-service (POS) terminal for in-person transactions. It’s seen as the ideal gateway option for many owners and developers because of its different functionalities that can accommodate a wide range of needs.
A Look at PayPal
PayPal is another payment platform that allows users to transact, send, and receive payments online. According to various e-commerce reports, PayPal currently has more than 426 million users worldwide and is one of the largest e-commerce brands in the business. It also allows for POS payments with PayPal Zettle.
Can Stripe and PayPal Work Together?
Online users consider Stripe and PayPal two of the most e-commerce-friendly payment platforms that allow invoicing and recurring billing. However, some businesses feel that despite PayPal being the primary brand and incredibly user-friendly, Stripe provides more in-depth features with its powerful developer tools. Some merchants also find that Stripe is usually less expensive than PayPal on a per-transaction basis.
Now to the big question: Does Stripe work with PayPal? For the most part, it doesn’t, although the two platforms can work in tandem should a business decide to offer both services on their online store to accept and process payments.
If you want to use both Stripe and PayPal on your e-commerce site, you’ll also need to set up accounts with each platform so your customers can choose their preferred payment method. Stripe also supports international payments and more than 135 currencies.
Choosing the Right Payment Platform for Your Online Business
Even though you may now be somewhat familiar with Stripe and PayPal, before you make a choice and decide which payment platform to use, there are several questions that you should ask yourself to be sure you’re making the right decision.
- Will the payment platform allow my customers to make online payments through their mobile phones?
- How easy or difficult will it be to integrate the payment platform with my e-commerce site?
- How many payment options does the platform offer?
- How much do transactions cost?
- How reliable and secure is the payment gateway for my business and my customers?
Final Thoughts
Based on the information provided, it’s clear that both Stripe and PayPal are operating and competing in similar market spaces as they offer many of the same standard features. However, as a smart e-commerce business owner, you’ll find that some key differences emerge upon closer examination; these differences may be consequential based on the type of business you operate. Pick a payment platform that is best for the sustainability and growth of your business!
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