We have a website redesign in the works right now, and we're switching to Stripe to process credit/debit card payments instead of PayPal. One of the main reasons is that PayPal uses out-of-date currency conversion rates and pockets the difference--UK customers were reporting paying a few GBP extra when purchasing libraries, for example. Stripe works more efficiently and actually does not have any hidden fees or charges, even with currency conversion.
That being said, I'm trying to get an idea of whether or not I should continue supporting PayPal, maybe as an alternate payment method. Do you use a PayPal account for the sake of convenience, rather than paying by card?
Last edited by Gregjazz on Tue Feb 12, 2013 10:17 am, edited 1 time in total.
To be honest, I'd never heard of Stripe until this thread. I went to their website to read about the service they offer. Clearly, they are very focussed on the benefits for the small business, and are giving away loads of code to embed and associated technical advice.
The problem for end-users is that it only takes one vulnerability to expose some very sensitive financial data which can take a LOT of work for the end-user to clear up afterwards. ID theft as an example.
Paypal is under constant attack from highly skilled international criminals with access to immense financial backing and resources. And yet Paypal has managed to stay in business - quite an accomplishment in that environment ! I wonder how Stripe will fare when they become big enough for the criminals gaze to turn in their direction !
I don't mind paying a little premium for some reassurance and peace of mind.
Paypal, in my opinion, is indeed evil. First hand experience with them from both sides of a transaction. I would only use Paypal if there was no other option. Fortunately, there are now several.
As a developer, I've implemented Stripe on a couple of websites and must say they are the new way of doing things, both from a dev perspective and from a security perspective. They meet all PCI requirements of a payment processor (level 4) and also make PCI compliance for the merchant a breeze. That's a significant benefit since the costs associated with the old approach have reached ludicrous levels and now prevent many small businesses from participating.
I will never again use a traditional payment processor or Paypal when I can avoid it.