Stripe Vs Checkout—Let’s Resolve This Mystery for You
Today, there are numerous payment gateway providers in the market. And it is not just the subscription business market where payment gateways have become the need of the hour. Many other businesses cannot think of surviving without payment gateways.
So, there is always hot debate about the comparison of leading payment gateways in the market. If you are also facing this ambiguity for the time being, then team SubscritionFlow has come up with a comparison of two payment gateways: Stripe vs Checkout.com.
Delving into the details of Stripe Vs checkout.com.
Who’s the Market Leader?
SusbcritpionFlow—our subscription management platform offers integration with both checkout.com and Stripe, but we will be fair to compare these gateways for our users.
Stripe is a big name when it comes to payment gateways, so established subscription businesses prefer opting for Stripe. However, checkout.com is no less than Stripe. Executives of checkout.com claim to always target and hunt big clients in the market. Therefore, they are giving tough competition to Stripe. Also, the fact that the company generated millions of dollars within a year is not easy to neglect. Still, when it comes to credibility and market share, Stripe is ahead of checkout.com.
Online Payment Security
One of the biggest factors that no one neglects while looking for a payment gateway is online payment security. Both Stripe and checkout.com claim to offer maximum payment security. Nonetheless, Stripe uses Radar and Sigma to maximize its security which is in the end, machine learning-based mechanisms. So, extensive data science concepts and techniques to provide customers with the maximum online payment security. Sigma allows users to create customized reports about subscriptions or payments etc. based on data analysis. So, it is clear enough that the payment security mechanism of Stripe is optimal.
Likewise, checkout.com is a platform that uses sophisticated tools to offer customized fraud management that can suit your business needs. Fraud prevention has always been a challenge for subscription-based businesses. However, checkout.com offers fraud detection to bring ease to the business community in the subscription business market.
Ideal Customers for Stripe & checkout.com
Though both platforms are available for all sizes of businesses, Stripe leads the market when it comes to market share and the top 10K websites. However, the executives of checkout.com claim that they always target tech giants to sell their payment gateway. Also, they claim that they know their merchants by name and their details because they prefer spending time and resources to cater to established businesses rather than hunting any client coming their way. So, probably checkout.com has fewer retailers on board in comparison to Stripe, but they know their customers and ways to earn sufficient revenue from these customers.
On the flip side, Stripe caters to all sizes of businesses. Also, checkout.com does not follow a hard and fast rule that they will always facilitate big clients rather they strive to bring established businesses on board and cater to SMEs side by side just like opportunities that come their way.
Ease of Use
It is crucial for tech companies to design and develop tech products that are super easy to use for all their users because not all their clients are equally tech-savvy. Also, sometimes the software that companies purchase is so complicated that even their trained staff fails to use this product to the fullest. Coming towards ease of use of Stripe and checkout.com, both products are easy to use—reviews on these products show that.
However, checkout.com offers in-person training sessions to their clients. Also, they come online to facilitate their clients. Even if the software is a panacea to all problems of a business, it is useless if the user does not understand how to use it. And checkout.com has understood this fact.
When it comes to Stripe, they offer webinars, documentation, and videos to their clients to help them understand how to use Stripe for online payment processing. This effort of Stripe and checkout.com facilitate them in making their clients understand their payment processing software.
Checkout.com Vs Stripe: What to Choose in 2023
When it comes to Checkout vs Stripe and choosing between them, then that will completely depend on the nature and size of your business. The digital world and the digital economy are evolving every day. Every business, whether established or a startup, needs to build a strong fintech stack t have a competitive edge in the market. And both Stripe and checkout.com can be the best choice for a business. The thing that you need to pay heed to before opting for any payment gateway, your business needs ought to be clear. Only then you can choose the best gateway for your fintech stack.
If you are running a subscription business and want to have the best payment gateway to be part of your fintech stack, then first thing first, go for multiple payment gateway integration. If one gateway is down, the payments will be processed through the other gateway. And if you need to integrate Stripe or checkout.com, then SubscriptionFlow is here to offer the integration of both.
