Millions of people worldwide use Stripe’s software and APIs to accept payments, send payouts, and manage their businesses online, so why is this platform so popular and what are the key benefits for South Africans?
The top 5 benefits of Stripe for South Africans are the following:
- Fully-integrated system of payments products
- Advanced security system and customization options
- Powerful and easy-to-use API
- Reasonably priced with volume discounts for businesses
- Technology-first approach to payments and finance
Keep reading to find out more about these key benefits as well as how Stripe works so you can decide whether this payment method is for you!
How Does Stripe Work?
First things first, let’s take a closer look at how Stripe works so that you can understand the benefits better.
Essentially, Stripe works by providing a convenient, reliable payment infrastructure through a single, developer-friendly API. So, what exactly does this mean?
Stripe takes charge of the process whereby the customer provides their card information and receives confirmation that the payment has been made. Stripe has simplified this process and made this very simple for individuals and large companies to make and manage their payments.
Stripe Simplified in 5 Easy Steps
- Once your account has been created, Stripe will integrate with the purchasing page of your e-commerce site.
- Once your clients are ready to purchase the products or services from your site they will click on the ‘checkout’ option and fill in their payment information.
- Once this has been done, the card details that your customers have filled in goes through Stripe’s payment gateway after encryption. Stripe will then verify if the customer has available funds in their account.
- Next, the payment goes through the credit card network and finally to the relevant bank. Once this has taken place. the payment can either be accepted or denied.
- Lastly, the confirmation is sent back to your customers (from the bank to the card network to the payment gateway and finally to the client). They will then be notified whether their transaction was successful or not.
As you can see, Stripe can be an incredibly useful and convenient way to manage payments for your business, so let’s take a look at 5 of the key benefits of Stripe!
Top 5 Benefits of Stripe for South Africans
Stripe offers some incredible benefits for South Africans and people worldwide, so let’s take a closer look at these benefits so you can make an informed decision.
1. Fully-integrated system of payment products
Stripe works by combining everything that is needed to develop websites and applications that accept and send payments all over the world. In other words, Stripe functions as both a payment gateway and a credit card processing platform, so each aspect of the payment process is fully integrated.
When it comes to making payments, it is in the businesses best interests to ensure payments are processed as quickly and efficiently as possible. With Stripe, this integrated system allows payments to be posted almost immediately, making this a huge benefit for companies.
When customers want to make an online purchase, they want this to be as fast as possible. They don’t want to spend ages fill-in in all their details, they would rather have a system that allows this to be fully automated so that the payment is immediate.
Without the need to manually fill on transaction details, a business can save plenty of time and money and can also be rest-assured that there will be no mistakes, as Stripe automates this process without the issue of human error.
2. Advanced security system and customisation options
Stripe boasts a PCI-certified platform which is the most stringent level of certification available, putting them at PCI Service Provider Level 1.
Stripe has achieved this by ensuring that they use the best-in-the-game security software and ensuring that all security protocols are adhered to. This includes the following:
- HTTPS and HSTS for secure connections
- Vulnerability disclosure and reward program
- Sensitive data and communication encryption
Stripe takes it upon themselves to regular audit their security systems to ensure that the highest standard of security is met, meaning that companies can be assured that sensitive information is safe at all times.
Since there are so many hackers out there and there is a lot to lose when sensitive information falls into the wrong hands, it’s a huge perk that Stripe takes this matter so seriously, making this number 2 on our list!
3. Powerful and easy-to-use API
Next on this list is Stripes powerful and easy-to-use API software, and I cannot stress the enough the importance of this!
Essentially, API are advanced mechanisms that allow different softwares to communicate or ‘speak’ with each other using a specific set of information and protocols.
Some excellent examples of effective API systems are sending and receiving messages on Facebook and Instagram, and even checking the weather on your phone. These rely on more than one software mechanism to work together and produce a desired outcome.
In this modern day API is everywhere and is the reason behind every successful program. That said, the key is that this system functions smoothly and efficiently, which is exactly what Stripe has gotten right.
4. Reasonably priced with volume discounts for businesses
Another benefit of using Stripe is the fact that they offer a pay-as-you go option for using their services. You pay 2.9% with an addition 30 ¢ per successful card transaction. This means that Stripe won’t cost you anything to setup and you won’t need to worry about monthly or annual fees, you only pay once transactions start going through.
That said, if you have a large business with significant payment volumes you can also design your own custom option with great discounts, which is why so many large companies prefer to use Stripe. You simply need to contact their sales team for an evaluation.
Want to find out more about Stripes prices? Find everything you need here.
5. Technology-first approach to payments and finance
If you’re looking for a company that is constantly innovating and looking for new ways to improve their service, then Stripe is the perfect platform for you!
Stripe offers direct integration with all card services and makes the process of transacting as quick and reliable as possible. Everything is done in real-time and automated, from the moment a payment is made until completion.
In fact, did you know that’s Stripe runs with 99.9% uptime? They even utilise their production API up to 16 times per day, making them the fastest-growing software to manage payments.
That said, it’s no wonder that massive companies such as Twitter, Pinterest, Reddit, Shopify, Zoom, and Slack use their services to help run their massive payment volumes successfully.
Can South African Business Owners Use Stripe?
If you’re a South African business owner you’re probably wondering how you can gain access to the incredible benefits of Stripe!
Unfortunately, if your business is solely based in South Africa then you cannot open a Stripe account (at least not in the traditional way). This is due to strict South African government regulations that make it very difficult to trade in foreign currencies. That said, there are some loopholes through which you can open a stripe account in South Africa, so it is not completely impossible.
In order to maximise sales and growth of your company, you probably already know that having access to a global client-base is absolutely crucial. But, how can you do this without having access to software such as Stripe?
Final Thoughts
The good news is that there are ways you can ‘cheat’ the system without needing to pay someone an exorbitant fee to do it for you, and not many people know about this (in fact, it’s a very well-kept secret).
Switchpayments.co.uk offers a short yet comprehensive course that details a step-by-step on how to open a UK bank account with lower corporation tax, access to the European market, stable currency, and full use of Stripe.
You’ll get an insiders knowledge on how to register a UK company with a UK address so you can operate from South Africa seamlessly and efficiently so that you can transact with over 150 currencies and open multiple accounts.
Want to find out more? Visit Switchpayments.co.uk for everything you need to know.
Don’t let your business fall behind the rest because of your location, allow Switchpayments to help your business thrive!
