What is Stripe?
The HOA Board has chosen to use Stripe as the online payment gateway to accept payments using bank transfers. Here is information about Stripe:
Stripe is an online payment processing and credit card processing platform for businesses.
When a customer buys a product online, the funds need to be delivered to the seller; Insert Stripe. Stripe allows safe and efficient processing of funds via credit card or bank and transfers those funds to the sellers account.
Stripes software includes both a payment processing platform, as well as a credit card payment gateway, and both are required in each successful online transaction– making it the most efficient and simple software to choose for online payments.
How Does It Work?
Stripe has simplified the process of their service for business owners so it’s easy to understand and navigate.
Stripe Payment Process:
- When you create an account for your business, Stripe software will connect to the purchasing page of your shop platform.
- Once a customer is ready to purchase an item or service and ‘checkout’, they will input their financial information in the purchase page.
- The information will then be sent from the website, through the Stripe software that will verify that the funds are available (payment gateway) and process the payment before sending it to the merchant account.
- Merchant receives funds, and a confirmation of sale is sent to both the buyer and the seller.
Who Uses Stripe?
Stripe is known to provide strong security, and some of the best development tools in the payment processing industry– making it a highly sought after resource by online companies. If you’re interested in learning more about using Stripe in your own small-business, consider all of the successful companies that trust Stripes services– Stripe is used by large brands such as Lyft, Amazon, Shopify, and Pinterest.
The company claims that nearly 90% of all personal credit cards have been processed via Stripes software.
Chances are you’ve used Stripe in your own purchases, so why not use Stripe to power your business transactions?
Business Models Supported by Stripe:
- Ecommerce sites
- Retail online stores
- B2B Platforms
- Software as a service
- B2C Marketplaces
- Nonprofits and fundraisers