Like Square and PayPal, Stripe is a payment-processing platform that offers users an affordable online transaction tool with several customization options. Like any new system, it might take a little time to master Stripe. But once you get used to the platform, you’ll find that the secure Stripe payment integration for accounting is very straightforward and has an easy-to-navigate user interface.
If you run an e-commerce business, you can use Shopify payments by Stripe for online credit card payments and trade with other global companies. The platform supports currency conversion and is available in forty-seven countries.
Like any responsible business owner, you’ll still want to make sure Stripe is safe before using it.
Does Stripe Have a Safe and Secure Online Payment Process?
Many e-commerce business owners often express concern with online payment-processing platforms. In addition to knowing how to add Stripe to Shopify, you want your customers to feel comfortable and confident that when they make purchases on your online store that their financial information is secure. Without this level of trust and guaranteed security, a payment-processing service is worthless.
There are a number of well-known companies and brands that currently use Stripe. While this is a good indicator that Stripe is a reputable and safe platform, it’s still vital to do some research to be sure.
How Secure Is The Stripe Payment Platform?
According to the founders of Stripe, payment security is one of the platform’s top priorities. This is evident in the measures they put in place to protect users’ credit card information. Some of the steps Stripe takes include:
- PCI Level 1 Certification – this is the highest Payment Card Industry Data Security Standard level found in the online payment industry.
- Use of encrypted data and communication – this involves using PGP keys needed for safe and secure transmission.
- Necessary money transmitter licenses – Stripe complies with any relevant legal regulations put in place for online payment platforms.
Does Stripe Have FDIC Insurance?
Businesses that use Stripe can set up an account that is Federal Deposit Insurance Corporation (FDIC) insured, something particularly important in the online payment platform world. If something goes wrong, you’re protected for up to $250,000 and won’t have to go into capital reserves to make certain payments.
For instance, in the unlikely event that Stripe goes out of business, the FDIC will reimburse you for the amount up to $250,000 you lost.
Does Stripe Require My SSN?
To comply with current legal parameters regulating the online payment sector, users of Stripe must provide their Social Security Number (SSN) to verify their identity. It’s similar to the process of submitting a voided check to an employer to verify your account for automatic deposit.
Stripe also requires your SSN to establish that you can act on behalf of your business. This helps weed out scammers and identify fraud attempts, which are ongoing problems for online companies.
When customers make purchases using cash or check, their payments can be deposited into your business’ bank account. On the other hand, if they want to pay for products or services using credit cards, customers need a trustworthy payment processing platform like Stripe to facilitate these electronic transactions.
Stripe is a secure platform that allows e-commerce businesses to accept and process electronic payments via credit and debit cards, mobile wallets, ‘buy now, pay later’ platforms. If you want to use Stripe for in-person payments, the platform offers a point-of-sale system called “Stripe Terminal.” Both electronic and in-person transactions with Stripe are safe.