What is Stripe? Stripe Review

Supported Regions

Currently, Stripe supports 25 countries and regions, but does not include mainland China, so sellers who want to use Stripe to collect payments must register a Stripe account through Hong Kong or other overseas accounts. Shopify sellers can also register Stripe by applying for a Payoneer account.

Stripe payment account registration information

1. Prepare an overseas mobile phone number. An overseas mobile phone number is required. Domestic mobile phone numbers are not supported.

2. Hong Kong ID card. You need an ID card to register a Stripe account, and it must be an overseas ID card.

3. Payoneer account. Payoneer account is mainly used for receiving payments, and it is also needed to register a Stripe account.

4. Shopify store. It is best if the Shopify store has uploaded some products and is in the same category.

5. Overseas address. Stripe may require sellers to provide overseas address for verification.

Stripe fees

1. Individual

3.4% of the total order amount + HK$2.35 will be charged for each successful card swipe. No monthly fee, account opening fee, refund fee, and cancellation fee HK$85.00

2. Enterprise

Each time you pay with a credit or debit card, Stripe charges a fixed fee and handling fee of 3.4% + HK$2.35. Stripe charges the same price for all cards. There is no additional fee for international cards or payment failures. More payment methods, such as Alipay and WeChat Pay, which are very popular in China, charge a fee of 2.2% + HK$2.00.

Stripe payment withdrawal

When a customer pays via Stripe, the money will be transferred to the seller's Stripe account. To withdraw money to a bank account, you can set up automatic withdrawals and manual withdrawals.

1. Automatic withdrawal

In Stripe, the default setting is a pre-generated spending plan based on the user's location and industry. Generally, it takes 7 days for the funds to arrive.

2. Manual withdrawal

If you would like to manually withdraw funds from your Stripe account, you can turn off automatic payments through the Stripe control page.

Security and Compliance

All card numbers are encrypted on disk using AES-256. Decryption keys are stored on different computers. Stripe’s infrastructure for storing, decrypting, and transmitting card numbers runs in separate hosting infrastructure and does not share any credentials with Stripe’s main services.

Compliance: PCI DSS Level 1 certification; SSAE18/SOC 1 and SOC 2 reports; US MTL license; Australian AFSL, European E-Money License and Canadian MSB license; PSD2 and SCA compliance.

Development History

Stripe was founded in 2010 and was originally called "/dev/payments". Later, because it was often misspelled and caused confusion, it was renamed "Stripe".

In June 2010, Stripe received seed funding from Y Combinator.

In May 2011, Stripe received $2 million from investor Peter Thiel and investment firms Sequoia Capital and Andreessen Horowitz.

In February 2012, Stripe received $1.8 million in a Series A financing led by Sequoia Capital, with a valuation of $100 million.

In March 2013, Stripe acquired the task management app Kickoff.

In March 2014, CEO Patrick Collison announced that Stripe would support Bitcoin payments.

References