Credit Card Processing Solutions
Top Companies in 2024
Stripe vs Square
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- International credit card processing services
- No monthly fees
- Affordable and portable chip reader
- Cross-border payment options for 50+ countries across 135+ currencies
- Transparent prices and fees
- Many hardware options
- Free introductory option
- Transparent pricing
- Free proprietary mobile app
- One-stop shop for payments, payroll, and marketing solutions
- Free 30-day trial for Plus plans
- Extensive third-party software integrations
- Reports of frozen funds and deactivated accounts
- Lack of transparency on high-risk cases
- Have to pay for "premium" support
- Doesn't support high-risk businesses
- Reports of frozen funds
- May not suit high transaction volumes
Stripe is a merchant services provider that offers payment processing solutions for businesses of all sizes. They offer both merchant accounts and related services, including payment gateways, online transaction processing, point-of-sale (POS) systems, and credit card readers. Stripe is a payment processor that allows business owners to accept payment from a variety of methods or sources, including mobile wallets and "buy now, pay later" services. The company offers lots of additional services, including billing, invoicing, and sales tax automation. Stripe is renowned for its straightforward pricing model, where a flat rate is charged per transaction. It is a preferred option for businesses that predominantly operate online, as its distinctive features are primarily tailored toward enhancing online sales. Stripe is accredited with the BBB and has an A+ rating with them, but they have an average review score of 3.1/5 on Trustpilot. Their website offers two service options: an integrated "pay-as-you-go" plan that charges 2.9% +30¢ per card charge or a customized plan that involves interchange-plus pricing for businesses with higher volumes. Prospective clients must contact sales to discuss pricing for the latter plan.
Square is a leading financial services and digital payments company owned by Block Inc, which is a financial services and technologies company that also deals in blockchain. Square was founded in 2009 by Jack Dorsey and Jim McKelvey and has become a common way for businesses to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. They cater to all business types and sizes and offer their clients a comprehensive list of tool integrations and hardware. Square offers a range of transaction-processing options and supports invoicing, recurring payments, and international credit card payments. They have a great reputation among clients for their responsive customer support and the flexibility they offer to clients with their many tools and software and have a 4.3/5 on Trustpilot. There are many things to consider when it comes to costs with Square, but their website lists pricing and processing fees clearly. They offer three plan tiers, including a free one where they only charge processing fees for accepted payments.
- Transaction Speed : 24 hours
- Customer Experience : Good
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Interchange plus; separate feature rates & charges
- Trustpilot Score : 2.8 out of 5
- BBB Rating : A+
- Transaction Speed : 1-2 days (same-day available at an added fee)
- Customer Experience : "True"
- Money-Back Guarantee : True
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Fixed monthly fee, Interchange plus
- Trustpilot Score : 4.3 out of 5
- BBB Rating : A+
- International credit card processor (50+ countries)
- Extensive related services & features
- Affordable and portable chip reader
- Targeted solutions for startups & specific industries
- Free features such as payment gateway and PCI compliance
- Competitive flat-rate transaction fees
- Jam-packed mobile app for both Android and Apple devices
- Billing & Invoicing
- Electronic Receipts
- Free Hardware—Undisclosed
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- Annual Subscription—Undisclosed
- Free Trial
- Freemium—Undisclosed
- Monthly Subscription—Undisclosed
- One-Time License—Undisclosed
- Annual Subscription—Undisclosed
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License—Undisclosed
- Processing Services
- Accounting Software
- POS
- Productivity Software
- Processing Services
- Accounting Software
- POS
- Productivity Software
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
Stripe vs. Square
Uncover the difference between Stripe and Square in the credit card processing realm. Whether you're drawn to Stripe's global finesse or Square's simplicity for in-person transactions, this comparison provides a straightforward guide to help you find the right fit for your business.
Value-added benefits
Stripe and Square offer distinct benefits. Stripe's developer-friendly platform provides pre-built integrations with third-party platforms like WordPress, allowing developers to build customizable checkout options and extensive multi-currency support for global transactions.
In contrast, Square provides software and an Application Programming Interface (API) tailored for seamless online and in-person payments. While it emphasizes versatility in processing a range of domestic and international cards, it does require a certain level of coding proficiency to accept digital wallets online and lacks explicit support for charging in different currencies.
Usability
Stripe, known for its developer-friendly platform, provides businesses with flexibility in payment options and advanced processing features, making it ideal for those needing a customizable online checkout experience. In contrast, Square is designed for swift in-person transactions, catering to businesses prioritizing simplicity and quick Point of Sale (POS) systems. Both platforms ensure accessibility through web-based interfaces and mobile apps, offering user-friendly payment gateway processes. In essence, Stripe suits businesses with complex processing needs, while Square excels in simplicity and speed for in-person transactions.
Level of data security
Stripe and Square provide a single integrated merchant account for businesses to accept online payments. Stripe is renowned for its strong emphasis on security, particularly for online transactions, offering tools for complete control over billing and firmly ensuring fraud prevention. On the other hand, Square takes a specialized approach by providing software and point-of-sale hardware designed to cater to the unique security needs of physical businesses, such as restaurants and retail stores.
Pricing
Stripe and Square prioritize transparency in their credit card processing pricing models, eliminating hidden fees and long-term contracts. Both platforms display clear pricing details on their websites. Stripe avoids monthly fees and maintains straightforward pricing by charging a flat rate of 2.9% + $0.30 per online transaction. In contrast, Square adopts a tiered structure with fees of 2.6% + $0.10 for in-person payments and 2.9% + $0.30 for online transactions. Square offers various plans, including a free option, the Plus plan priced at $29 per month, and a customizable premium plan. Both platforms may apply extra charges for specific services, like chargebacks or international transactions. The clarity in pricing from both Stripe and Square allows businesses to make informed decisions without any surprises.
When exploring the differences between Stripe and Square, it becomes evident that each business caters to different needs. Whether your preference leans towards Stripe's global capabilities, developer-friendly features, or Square's simplicity tailored for face-to-face transactions, the choice ultimately hinges on the specific requirements of your business. Consequently, the decision between the two should be guided by your business model's unique demands and priorities.
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