Alternative Payment Processors to Stripe
10 February 2023
Written by Libby James
Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.
Stripe card payment alternatives
Are you an online merchant based in the United Kingdom looking for alternative payment processors to Stripe? This article will explore a range of alternative payment processors that can provide you with diverse payment options and cater to a broader customer base. Whether you’re seeking lower fees, additional features, ditching the monthly fees, or enhanced security, exploring alternative payment processors can offer significant benefits for your business.
Most businesses searching for alternatives are reacting to a problem
Businesses rarely search for a Stripe alternative simply out of curiosity. In most cases it follows rising disputes, account reviews, payout delays, or an unexpected request for more information.
At this stage the goal is not just finding another processor. The priority is finding one that will accept the business and remain stable long term.
Choosing another platform with similar risk criteria often leads to the same outcome again.
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Why Consider Alternative Payment Processors?
Diversifying your payment options and considering alternative payment processors can bring several advantages to your business:
- Expand Payment
Options offering multiple payment methods allow you to cater to a wider customer base. By providing alternative options such as e-wallets, direct bank transfers, or digital currencies, you can attract more customers and increase your conversion rates. - Subscription Payments
If your business offers subscription-based services or products which require recurring payment facilities, alternative payment processors may offer better features and management tools for recurring billing and subscription management. This can streamline your operations and provide a smoother experience for your customers. - International Payments
Expanding your business globally requires a payment processor that supports international payments. Alternative payment processors often offer features such as multi-currency support, competitive exchange rates, and localised payment methods. This enables you to accept payments from customers worldwide and conduct business internationally - Cost Savings
One of the primary reasons to explore alternative payment processors is the potential for cost savings. Different processors have varying fee structures, and you may find alternatives that offer lower transaction fees, reduced monthly charges, or more favourable pricing plans. Switching to a cost-effective processor can improve your profit margins.
Why choosing the wrong alternative causes repeat closures
A common mistake is applying to several well-known online processors in quick succession. Many of these platforms use similar automated risk models.
If the business activity triggered concern once it will often trigger it again elsewhere. This is why some businesses experience multiple shutdowns within weeks.
The objective should be matching the provider’s underwriting approach to the business model rather than replacing Stripe like for like.
List of Alternative Payment Processors
Here are some alternative payment processors worth considering as alternatives to Stripe for your online business in the UK, supercharging your shopping cart software:
Ryft:
Ryft is a UK-based payment infrastructure provider designed primarily for platforms marketplaces and businesses that need to split payments between multiple parties.
Unlike typical plug-and-play payment platforms, Ryft focuses on embedded payments where a business acts as an intermediary between buyers and sellers. This makes it particularly relevant for software platforms, booking systems and managed service models rather than standard single merchant ecommerce.
Because underwriting is aligned to platform style models it can sometimes support structures that mainstream payment facilitators struggle with such as revenue sharing or complex settlement flows.
PayPal:
PayPal is a widely recognised and trusted payment processor that offers a seamless checkout experience for customers. It supports international payments, provides subscription management tools, and offers competitive pricing.
Square:
Square provides comprehensive payment processing solutions, including point-of-sale systems and online payment options. It offers subscription management features, supports international payments, and can integrate with popular e-commerce platforms.
Adyen:
Adyen is a global payment processor known for its extensive payment method coverage and robust security measures. It supports subscription payments, offers multi-currency capabilities, and provides advanced fraud detection tools.
Worldpay:
Worldpay offers a range of payment processing solutions, including card payments, digital wallets, and alternative payment methods. It supports subscription billing, provides international payment options, and has customisable fraud prevention features.
These are not equal replacements
Each provider above specialises in different risk profiles, transaction patterns and business types. A platform suitable for a low dispute ecommerce store may not support subscription digital services or higher ticket sales.
The decision is less about features and more about risk appetite.
Most businesses that struggle after leaving Stripe were technically compatible but operationally unsuitable for the provider they chose.
Terminated by Stripe: Understanding The Importance Of Alternatives
It’s important to be aware that Stripe has the authority to terminate merchant accounts based on their terms and conditions. While Stripe is a popular choice for many businesses, it’s crucial to have contingency plans and alternative payment processors in mind. Being terminated by Stripe can disrupt your business operations and hinder your ability to accept payments. By considering alternative payment processors and instigating a solid fraud protection strategy, you can mitigate the risk of account termination and ensure continuity in your payment processing capabilities.
What you should understand before applying anywhere
Before applying, it helps to know why Stripe was not comfortable supporting the account. Without this step, businesses often unknowingly repeat the same application details and receive another decline.
Understanding the reason first usually determines whether you need a standard merchant account a specialist acquiring bank, or a gateway paired with a different acquirer.
How To Choose The Right Processor For Your Business
When selecting an alternative payment processor, it’s essential to consider your specific business requirements and goals. Here are a few factors to keep in mind during the payment processing platform decision-making process:
- Payment Options
Ensure the processor supports a variety of payment methods that align with your customer’s preferences, including credit cards, e-wallets, and local payment options.
- Subscription Management
If you offer subscription-based services, look for processors that provide robust subscription management features, such as automated billing, plan customisation, and easy customer management.
- International Payments
If you conduct business internationally or plan to expand globally, choose a processor that supports international payments, offers multi-currency capabilities, and provides competitive exchange rates. Local payment methods are a key consideration when choosing a future proof gateway supplier.
- Cost Considerations
Compare the transaction fees, monthly charges, setup costs, and any additional fees associated with each processor. Consider the overall cost structure of Stripe competitors and how it aligns with your business volume and revenue.
FAQs
Are alternative payment processors as reliable as Stripe?
Yes, alternative payment processors are reputable and reliable options. However, it’s important to research each processor’s track record and customer reviews before making a decision.
Can I use multiple payment processors simultaneously?
Yes, many businesses utilise multiple processors to offer a wider range of payment options. However, it’s crucial to ensure smooth integration and manage the associated fees.
Do alternative payment processors support recurring billing or subscriptions?
Yes, most alternative payment processors offer recurring billing and subscription management features. Check the specific capabilities of each processor to find one that suits your needs.
Can I switch from Stripe to an alternative payment processor easily?
Yes, switching payment processors is generally straightforward. However, it’s recommended to plan the transition carefully and communicate with your customers to avoid any disruptions.
Do alternative payment processors have customer support?
Yes, alternative payment processors typically offer customer support through various channels, including email, live chat, and phone.
Can I accept payments in different currencies with alternative payment processors?
Yes, many alternative payment processors support multiple currencies, allowing you to accept payments from customers worldwide. Check the specific capabilities of each processor to confirm.
Are there any setup fees associated with alternative payment processors?
Setup fees vary depending on the payment processor. Some may charge a one-time setup fee, while others may not have any setup fees at all. Review the pricing details of each processor to determine the costs involved.
Do alternative payment processors offer analytics and reporting features?
Yes, most alternative payment processors provide analytics and reporting features to help you track sales, monitor payment trends, and gain valuable insights into your business performance.
