Running an online WooCommerce store is rewarding. However, it comes with challenges, especially when it comes to collecting online payments. Between declined cards and abandoned carts, an unfriendly payment process can hurt your profits. That’s where Stripe comes in.
Stripe is a leading payment processor trusted by millions of businesses worldwide. With Stripe, you get a stripe payment limit, streamlined checkout, global reach, robust security, valuable insights, time savings, easy integration, and helpful support.
These features directly translate into more sales, happier customers, and operational efficiencies for your WooCommerce store.
This blog post will explore seven key benefits of using Stripe as a payment gateway for your e-commerce business.
Table of Contents
- Streamlined Checkout
- Global Reach, Global Sales
- Security You Can Trust
- Frictionless Data, Informed Decisions
- Effortless Reconciliation, Saved Time
- Developer-Friendly Integration
- Seamless Support, Peace of Mind
- Key Takeaways
- Final Words
Why You Need to Use Stripe
There are so many reasons to use Stripe as your payment gateway. It can easily be integrated with other platforms, such as buyCred Stripe. Here are some reasons mentioned below:
You Get Stability
Stripe has a strong infrastructure and is renowned for its low downtime and seamless transaction processing. These features lessen the possibility of mistakes or hold-ups during crucial checkout times. Stripe further emphasizes security with features like firewalls, intrusion detection systems, and frequent penetration testing.
Additionally, the gateway considers compliance with the Payment Card Industry Data Security Standard (PCI DSS), which guarantees the secure transfer and storage of private cardholder information.
A Universal Payment Gateway
Stripe integrates with various online platforms to make setting up and accepting payments on your website or app simple. For example, myCred is integrated with Stripe. This payment gateway also accepts major credit cards and more than 135 currencies. As a result, its clients can take payments from clients worldwide without having to worry about compatibility problems or currency conversions.
Payment Transparency
For both your company and your clients, Stripe provides a clear charge schedule, fair pricing, and no hidden fees. Businesses are also sent each transaction’s specifics, such as the amount, currency, client information, and any related fees. This degree of transparency makes financial administration and reconciliation simple.
Streamlined Checkout
A smooth, fast checkout experience keeps customers happy and boosts conversions. In fact, Stripe claims a 42% increase in conversion for businesses using Stripe Checkout.
With Stripe, you can:
- Enable one-click payments – Returning customers can checkout instantly using saved payment details.
- Offer Apple Pay and Google Pay – Customers can check out with a single tap using mobile wallets.
- Prevent failed payments – Stripe screens cards and suggests SCA authentication to minimize declines.
- Leverage global payment methods – Alternative options like Alipay increase international conversions.
The above Stripe features create frictionless checkout flows. Minimal form fields, saved details, and global payment methods remove checkout pain points. Customers stay happy, and you sell more.
Stripe Offers Global Reach and Global Sales
Selling globally opens up new revenue streams for your WooCommerce business. With Stripe, you can expand your online business internationally with ease as Stripe lets you:
- Accept payments in 135+ currencies, including USD, EUR, GBP, CAD, AUD, and more.
- Get localized payment methods for over 40 countries like SEPA, Alipay, and more.
- Convert currencies automatically so you get payouts in your desired currency.
For example, UK-based WooCommerce store Cuckoo Candles expanded globally using Stripe:
“We recently expanded to selling in euros and dollars, which again was very easy to set up with the WooCommerce Stripe extension.”
Whether you’re going into international waters or want to grab a global customer base, Stripe makes cross-border e-commerce sales seamless.
Security You Can Trust
Security is paramount when handling customer payments. Stripe eases this burden with next-to-none security measures. Stripe safeguards your store with:
- PCI compliance – Stripe meets stringent card data security standards. No compliance headaches for you.
- Bank-grade data encryption – Customer card details are secure using AES-256 and TLS encryption.
- Fraud prevention – Stripe Radar uses AI to detect suspicious activity and prevent fraud.
- Regular security audits – Stripe undergoes independent audits to identify and address risks proactively.
According to Stripe, these methods have prevented over $1 billion in fraud to date. With Stripe, security is baked in. You can focus on your business, knowing customer payments are in safe hands.
Frictionless Data and Informed Decisions
Home decor brand Ivy Muse increased revenue by 75% in one year after analyzing Stripe analytics to optimize their checkout and product lineup.
Data powers smart decisions. Stripe provides rich analytics and insights into your store’s performance. With Stripe, you gain visibility into:
- Key metrics – Track total sales, average order value, conversion rates, and more.
- Payment trends – See declines, dispute rates, and reasons to optimize your checkout process.
- Customer details – Identify your best customers and shopping behaviour patterns.
Data should inform, not overwhelm. Stripe surfaces key insights so you can make high-impact decisions that boost your business.
Effortless Reconciliation and Saved Time
According to users, Stripe reconciliation saves 2-3 days per month typically spent on manual tasks.
Managing order finances is a chore. Stripe simplifies back-end operations so you can focus elsewhere. Stripe offers conveniences like:
- Automatic payouts – Transfers arrive on schedule with no manual work needed.
- Dispute management – Stripe handles chargebacks and disputes for you.
- Single payments dashboard – All transaction details are in one place for easy reconciliation.
Streamlined finances give you time back. Stripe automates the busy work so you can spend more energy growing your online business.
Developer-Friendly Integration
A payment gateway should fit seamlessly into your e-commerce operations and not cause headaches. Stripe plays nice with WooCommerce. With Stripe payment gateway, you get:
- Officially supported plugin – The Stripe for WooCommerce plugin integrates Stripe in minutes.
- Customizable checkout – Tailor Stripe Checkout or Elements to match your storefront.
- Webhooks and APIs – Build custom integrations using Stripe’s robust developer tools.
- Detailed docs – Examples and guides to integrate Stripe quickly and easily.
Talking about the integration, myCred offers seamless add-on integrations. myCred offers two products:
-
cashCred Stripe
This myCred addon enables users to redeem myCred points into cash using the Stripe payment gateway. You can manually or automatically withdraw points while adjusting currency rates as well. To read more about this addon, click here.
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Stripe – buyCred Gateway
This myCred addon supports point purchases and subscriptions using Stripe’s Checkout script. It enables you to manage clients’ credit card payments by syncing the buyCred Stripe addon with your Stripe account. To learn more about the add-on, click here.
Overall, the Stripe payment gateway works FOR you, not AGAINST you.
Seamless Support with Peace of Mind
Running into payment issues can be stressful. Stripe payment gateway offers dedicated 24/7 support through multiple channels. You get access to:
- 24/7 live chat – Get immediate answers to your questions from a Stripe rep.
- Phone support – For urgent needs, call Stripe support anytime.
- Extensive help docs – Stripe’s searchable knowledge base solves common queries.
- Active community – Ask fellow users questions and get help on the Stripe subreddit.
With reliable support at your fingertips, you don’t have to fret over payment problems on your own. Stripe has your back when you need it.
Is Stripe a Safe Payment Gateway?
The answer to this complex topic largely depends on what you offer and how you sell it. Stripe’s structure and procedures may make it less secure as a payment gateway than other Stripe alternatives. Here is why.
Stripe Does Not Act as a Merchant Account
Stripe is not a genuine merchant account. This type of gateway is known as a 3rd-party payment aggregator. This implies that rather than giving each company a separate merchant account, it aggregates transactions from different companies.
This adds a degree of danger even though it speeds up and simplifies the setup procedure. Without a specialized merchant account, businesses may lack control and support, leaving their transactions more vulnerable to problems and disruptions.
Suspended Accounts and Frozen Funds
If Stripe finds an activity that violates its terms of service or if it determines that a business model poses a significant risk, it has a history of freezing or deleting accounts with little to no notice. This point helps you to ascertain whether Stripe is safe or not.
Stripe account suspensions will be problematic for businesses that sell supplements, coaching services, advice, travel or event tickets, subscriptions, and dropshipping, to name a few.
Transaction Volume Trigger for the Month
Stripe is safe for e-commerce business owners who operate in low-risk categories and handle the amount of less than $20,000 per month.
However, the risks of account termination and freezing rise in tandem with transaction volumes. Further, what company doesn’t desire to increase revenue?
At first, Stripe could be secure, but soon, it may turn into a risk.
Key Takeaways
Integrating Stripe as your WooCommerce payment gateway offers compelling benefits:
- Smoother checkout and higher conversions
- Global sales with multi-currency support
- Bank-level security and fraud prevention
- Valuable store insights using Stripe analytics
- Time savings from automated reconciliation
- Seamless integration with WooCommerce
- Responsive 24/7 support resources
Final Words
If you’re looking to improve your payment operations, Stripe is worth exploring. Its balance of revenue growth features, Stripe payment limit, and back-office efficiencies can transform your online business.
Are you considering integrating Stripe with WooCommerce? Check out the official Stripe plugin to get started with a free 30-day trial.
