Top 10 alternatives to Stripe for processing online payments in 2023
Online businesses are becoming increasingly popular every passing day. So much so, recent forecasts show that eCommerce sales worldwide are expected to cross $8.1 trillion by 2026. While this offers lots of great opportunities for you, it’ll also bring challenges.
The first big challenge? Online payment processing. If your online payment processing platform isn’t working as it should, it’ll create serious cash flow problems for your business.
We’re here to make sure that doesn’t happen. How, you ask? In this blog, we look into alternative platforms, uncovering the top 10 alternatives for Stripe you can use to effectively process your business’ online payments.
Let’s get started.
Top 10 alternatives to Stripe you can use for online payment processing in 2023
We all know online payment processing occurs when a business or its customers conduct digital transactions. Choosing an online payment platform can be a bit tricky. There are lots of things, like pricing and device compatibility, that you need to think about and weigh up.
Let’s look at some of the best online payment processing platforms in 2023.
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Amazon Pay
Amazon Pay is a payment platform for customers with an Amazon account. This platform allows you and your customers to have a seamless payment processing experience. It has market-competitive transaction fees; the best part is that no setup fees are involved.
Using Amazon Pay allows you to have a number of benefits. Some of them include:
- Ease of use.
- Secure payment transfers.
- Removal of unnecessary payment hurdles.
- Speedy transactions.
It’s one of the best alternatives for Stripe. But, it does have a couple of drawbacks that could be a dealbreaker. The platform isn’t really suitable for businesses that need advanced payment features. Also, your customers will have limited payment options if they’re not using major credit cards.
We reduced Connect Cashless' transaction failures by 5%. Want to learn how? Read the story.
GoCardless
GoCardless is an online payment processing platform that offers a streamlined payment system for businesses. This helps you to manage recurring payments. Its easy-to-use dashboard helps you manage customers, payment, and subscriptions all under one roof. GoCardless can be easily integrated with other business tools without any hidden charges.
Some of the many benefits of using GoCardless for your business include:
- Quick payment processing.
- Payment tracking.
- Better customer experience.
- Low transaction fees.
This online payment processing platform is suitable for your business and is one of the best alternatives to Stripe.
PayPal
PayPal is undoubtedly one of the most commonly used online payment processing platforms. It offers payment options like credit cards, PayPal balances, and bank transfers. It also has highly competitive transaction fees, and yes, there are no hidden charges.
There are many benefits of using PayPal for your business. Some of them include:
- Managing payments, invoicing, and consumer data.
- Facilitating both online and on-site sales.
- Ensuring data security.
- Integration with cloud accounting solutions.
PayPal is one of the most recognised online payment processing platforms, but it requires customers to have a PayPal account to make payments.
Axerve
Axerve is a payment processing platform with a pretty comprehensive suite of payment solutions for businesses regardless of their size or requirements. It also allows you to customise the checkout experience to better suit your brand, and its transaction fees are indeed market competitive.
When you use Axerve, you can have a number of benefits, including:
- Integrated alternative payment methods.
- Simplified cross-border transactions.
- Dedicated support for choosing a payment solution.
- Customised local payment experiences worldwide.
Axerve is indeed a comprehensive payment solution for businesses of all sizes. Some of its features may require technical expertise, but its on-hand support team should be able to guide you through the process and help get you set up.
Want to know more about payment orchestration & fraud prevention? 2023 comes with several new changes, like fraud prevention and payment orchestration. We cover all of them in our predictions. Read more.
Shopify
Shopify is one of the best alternatives to Stripe, and allows you to manage your entire online store, including payment processing. It has a user-friendly interface that you can use to manage payments, orders, and customer data. You can easily integrate the platform with other business tools, and there are no setup fees involved.
Some of the many benefits of using Shopify for payment processing include:
- Speedy transactions.
- Secure payment processing.
- Streamlined checkout processes.
- Better payment experience for customers.
Although Shopify is a trusted platform for online payment processing, there are a few things you should know before using it. Such as… payment options for customers who don’t have major debit or credit cards might be limited. In addition, it may not be suitable for businesses needing advanced payment features.
Venmo
Venmo is another convenient payment solution for customers that have an account. Its user-friendly interface makes it easy for you to manage payments and transactions. Venmo is very reliable for peer-to-peer (P2P) transactions. Moreover, you can even integrate with other business tools and software.
Using Venmo allows you to have many benefits, including:
- Payment tracking.
- Quick and convenient transfer.
- Low fee for credit card transfers.
- Rewards on recurring payments.
This platform is the go-to option for many. However, there are a few things you must consider before using it for your business. First, the platform has limited payment options for businesses, so it might not be the right fit for you. Also, it might not be suitable if your business needs advanced payment features.
Square
Square is a payment platform that allows a range of payment solutions for businesses. These can be solutions both in-person and online. It has a user-friendly interface that you can use for payments, orders, and consumer data, and the transaction fees are also competitive. Like many others, it can be integrated with business tools and software.
Some of the many benefits of using Square include:
- No hidden charges.
- Payments are accepted on all devices.
- Secure payment transfer.
- No fees for startups.
This can be considered a reliable payment processing platform, given its benefits. However, it has some drawbacks that might be a deal breaker. Payment options for customers not using major credit cards might be limited. Also, certain features may not be suitable for businesses with large transaction volumes.
Deel
Deel is a global payment solution designed specifically for remote work. You can use it to manage your payments, contracts, and compliance. It offers support for multiple currencies and payment methods. Similar to others, the transaction charges for the platform are market competitive, and there’s no hidden changes.
Using Deel for online payment processing has many benefits, including:
- Quick and convenient payment transfer.
- Automatic payslip distribution.
- Instant and automated invoicing.
- Flexible payment methods.
This platform, given its advantages, can be seen as one of the best payment processing platforms for online businesses. However, there are some things you should know before you choose this platform. Payment options for businesses might be limited, and since the platform is built primarily for remote work, it might not be suitable for all types of businesses.
Klarna
This online payment solution offers flexible payments for your business. It allows you to use pay-later options and instalment plans. Klarna provides a seamless checkout experience for both businesses and customers alike. Their setup fees and transaction charges are competitive.
Some of the many benefits of using this platform include:
- Integration with business tools and software.
- No annual or membership fees.
- Reduced cart abandonment rate.
- Better customer experience.
Klarna is a noteworthy online payment process platform for your business. But, it does have a few minor drawbacks. If your business is outside Europe, you might have limited payment options. Also, some customers might be a bit reluctant about its buy-now-pay-later method.
Judopay
Judopay is a secure online payment processing platform that allows you to accept both web and mobile payments for your business. Judopay, unlike some others, is a highly flexible platform. This means it gives you the freedom to choose a payment setup that is right for your business.
Using Judopay allows you to have tremendous benefits like:
- Accepting payment with a secure link.
- Reducing fraud using detection and prevention tools.
- Gaining data-rich insights about your customer behaviour.
- Ensuring seamless checkout processes.
Judopay is more than just a payment platform. It’s a complete ecosystem, and a payment partner. We help you to offer the best web, mobile, and in-app payment experience for your customers. This innovative payment technology not only helps you to retain existing customers but also helps acquire new customers.
To sum up
There are a number of alternatives to Stripe you can use for your business. Each of these alternatives for Stripe comes with its own set of advantages and drawbacks. To make the best choice, you need to consider whether the features offered by the platform align with your business objectives.
We suggest that before making your decision you should consider:
- The level of customer support you and your team will need to manage and optimise your payments.
- Whether you'll want to accept alternative payment methods.
- Additional features that extend beyond just standard payment processing e.g. credit card vaults, softPOS or a virtual terminal.
Your payments, your way
At Judopay, we provide you with an all-in-one payment solution you can use to optimise your checkout processes. You can even use Judopay to create flexible payment flows and have access to multiple payment methods. Want to know more?
