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What is Stripe used for?

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Stripe is a global online payment processing platform that allows businesses to send and receive payments over the internet. Its comprehensive suite of functionalities has made it a highly favored tool for eCommerce businesses and online transaction providers.

Online Payment Gateway

One of the main uses of Stripe is its function as an online payment gateway. It enables businesses to accept payments from customers all over the world, dealing with the vast number of differing banking infrastructure systems. Stripe's robust API integrates seamlessly with websites, mobile apps, and even third-party platforms such as shopping carts.

Stripe supports a wide variety of payment methods, including credit/debit cards, ACH, Alipay, Apple Pay, and Google Pay. Having a flexible selection of payment methods improves the chances of successful transactions as customers enjoy the convenience of using their preferred payment mode.

Billing and Subscription Management

Another key feature of Stripe is its comprehensive billing and subscription management system. In the subscription economy, businesses often need to bill customers on a recurring basis. Managing subscription billing manually can be complex and prone to errors. Thankfully, Stripe offers automated solutions to handle this task with precision and reliability.

With Stripe, businesses can easily create subscription plans, add customers to these plans, and the system takes care of the rest. It sends automated invoices, handles recurring payments, manages free trials and prorations, and even handles failed payments and customer dunning procedures.

Fraud Detection and Prevention

Stripe also excels in its robust fraud detection and prevention mechanisms. In the world of online transactions, fraud is a major concern. Stripe's built-in fraud tool, known as Radar, uses machine learning to detect and prevent fraudulent activity without adding unnecessary friction to legitimate transactions.

Moreover, Stripe maintains rigorous security standards, including PCI compliance, helping to protect sensitive customer data. The combination of fraud prevention and strong security makes Stripe a reliable choice for handling online payments.

Financial Reporting and Analytics

A further valuable use of Stripe is its financial reporting and analytics capability. Proper analysis of payments-related data is crucial for businesses to make informed decisions and forecasts. Stripe helps in simplifying this task with comprehensive reporting tools.

Stripe collects a vast array of data for each transaction, and businesses can use this data to generate insightful reports. The Stripe dashboard provides a clear view of sales performance, payments, balances, and more. In addition, it is possible to export data for further analysis or import it directly into accounting software.

September 25, 2023
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