What is Stripe?
What payments does Stripe take?
How do payments work with Stripe?
- The customer provides their card information, either online or in person.
- Those card details enter Stripe’s payment gateway, which encrypts the data.
- Stripe sends that data to the acquirer, which is a bank that will process the transaction on the merchant’s behalf. In this step, Stripe serves as the merchant (with the business owner as a submerchant). This means Stripe users don’t have to set up a merchant account, which can be cumbersome.
- The payment passes through a credit card network, such as Visa or Mastercard, to the cardholder’s issuing bank.
- The issuing bank approves or denies the transaction.
- That signal travels from the issuing bank through the card network to the acquirer, then through the gateway to the customer — who sees a message telling them the payment has been accepted or declined.
- Stripe customers can receive payouts when transactions have finished processing (usually around two business days).
- Payouts can also be made on a schedule of your choosing (daily, weekly or monthly).
- 2.9% plus 30 cents for online transactions.
- 2.7% plus 5 cents for in-person transactions.
- 3.4% plus 30 cents for manually keyed transactions.
- 3.9% plus 30 cents for international cards or currency conversion.
Are Stripe payments safe?
How to accept payments using Stripe
- Create a Stripe account. You can do this with just your name and email address.
- Provide business details. This will include the address and legal structure. Stripe will also request personal information about you, including your full name and date of birth.
- Link a bank account. This is where you’ll receive payouts from Stripe.
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