Founded in 2010, Stripe payments has emerged as a popular financial services firm due to its slew of solutions. From customer authentication to payment gateway options, and optimization for currencies and countries, it isn’t hard to see why many people around the world work with Stripe payment processing.
But for customers in the U.S. and Canada, Stripe payments also offer traditional payment processing services in the form of conventional point of sale (POS) equipment. This takes the Ecommerce oriented firm from being an online payment solution to a holistic payment platform for many businesses.
With that being said, Stripe is still in the process of expanding its in-person payment operations. As the firm chases widespread integration for various POS machines, its online payment outreach remains the company’s crown jewel. This makes Stripe payments a robust option if you are only looking for an online payment solution that accepts credit cards. But it leaves a lot to be desired if you require a holistic in-person payment service.
In addition, Stripe’s pricing also encounters tough competition from more affordable merchant account service providers such as Stax. Stax offers both online payment solutions and traditional merchant account services. It establishes itself as a viable business contender to Stripe payments.
Due to this reason, you must compare both Stripe payments and Stax’ services with a closer look before choosing between one of them. This ensures that you are getting the services you need and at a price that doesn’t break the bank.
You can expect both payment processing companies to facilitate credit cards, card networks from Visa to American Express, and account for payment gateways, as they work to accept payments for your business.
Here’s a direct comparison of Stripe payments and Stax’ payment processing to help you through the process.
How Well Does Stripe Payments Fare Against Stax?
As mentioned above, the first and foremost component in comparing payments by Stripe against Stax is the popularity of the solutions that both payment processing companies offer to their customers.
Both Stripe and Stax deliver online and in-person payment methods. But Stripe payments is more popular only as an online payment service, while Stax is known for both online and integrated payment services alike. Most customers and developers understand and relate to Stripe as an eCommerce payment facilitator.
Apart from this, the other major difference comes in the form of the payment pricing structure of both providers. While both payments companies hold transparent pricing plans in place, Stax services come at more affordable costs.
Yes, Stripe credit card processing fees and the Stripe transaction fee structure tends to be a bit higher overall.
Here’s how Stripe transaction fees work if you were to obtain a Stripe payments account.
Starting with Stripe’s in-person or retail POS solution transaction fees, the company charges 2.7% + 5¢ per transaction. It has additional pricing in place for its equipment, which can range from $59 to $299. The internet business firm also offers custom pricing for businesses with a larger transaction volume or highly specific needs.
On the other hand, Stax’ POS solutions come with a price point that can vary as it seeks to integrate its software solutions into most POS devices on the market. You can rest assured knowing that the equipment you select when working with Stax will come at an affordable price. As opposed to a Stripe payments account, a Stax account will enable you to accept American Express and work with other card networks in a more affordable manner.
This allows you to select a checkout process solution that stays in line with your checkout experience requirements and budget. From accepting payments, including credit card payments, you can know that Stax offers viable solutions for your business.
The different price mechanism remains at play when it comes to Stripe’s online payment solutions. Stripe charges you 2.9% + 30¢ per transaction, whether it goes through your online shopping cart, mobile app, or invoice creation. But the company also has special pricing for those businesses that process high-volume transactions on a consistent basis.
In comparison, Stax offers its online payment services at a price that varies depending on the size of your business and sales volume. You can expect a flat fee pricing per month and the direct costs of interchange.
The monthly costs can range from $99 to $199 or more for even larger businesses. Variable costs range from six cents per transaction to fifteen cents per transaction contingent on keyed or swiped payments.
This applies to various online transaction methods, such as shopping carts and subscription services. This noticeable difference in pricing sets Stax ahead of Stripe payments in terms of overall affordability. With the pricing details now present, it will be easier for you to go through the rest of each company’s features. This will also help you determine how they can benefit your solutions on an ongoing basis.
POS and Retail Terminals
Since Stripe payments is still trying to branch out in the POS terminal field, it only has two types of devices to choose from. This includes the BBPOS Chipper 2X BT and the Verifone P400.
The BBPOS Chipper 2X BT is a card reader without a display screen and looks like a square box. However, it works by wirelessly connecting with iOS and Android phones and tablets. The payment equipment can accept credit card and debit card payments. This is done via swiping magstripe cards, dipping EMV chip cards, and tapping compatible cards against the payment equipment.
On the other hand, the Verifone P400 comes with its color display touchscreen and a keypad for quick PIN processing. It can also accept transactions through magstripe, EMV chip, and tap to pay payment cards. The device can be connected to a computer to provide a complete POS display. Since its wireless connectivity is limited, it works as a traditional POS terminal rather than a mobile solution.
In comparison, Stax offers you a wide variety of options for your POS equipment. Whether you want to select devices from a lower price point or need to go the traditional register route, their selection of offerings has you covered. By using Stax solutions, you can accept all types of card payments from major issuers. This makes it a more flexible solution for various kinds of businesses.
Mobile Payment Solutions
While Stripe’s primary mechanism heavily focuses on internet payments, it provides support for mobile payments through different avenues.
For instance, both POS devices offer complete support for tap-to-pay payments via NFC through Apple Pay and Google Pay. This makes sure that you can accept in-person mobile payments at your business without any issues. As a result, you don’t have to turn away those customers who want to use these contactless payment mechanisms.
BBPOS Chipper 2X BT is a compelling option when you need to accept payments wirelessly through your own mobile devices. This mobile POS device allows you to process transactions anywhere you go through its wireless connectivity and function. This adds another layer to the company’s mobile merchant services and benefits business solutions that deal with doorstep deliveries, outdoor stalls, and curbside payments.
Stax enables you to conduct keyed and swiped payments through various mediums without hassle.
With its range of mobile POS devices, Stax also lets you accept credit card and debit card payments through your smartphone or wireless equipment. You can also use tap-to-pay mechanisms such as Apple Pay and Google Pay without any hassle. This provides you with a slew of mobile payment services that are right on par with Stripe payments and even go beyond easy setup and optimal user experience.
With Stax, you can rest easy knowing that you will have a compelling team on your side to conduct implementation and solve your problems if you require assistance.
As such, with Stax, you know that you will have the devices that you need to operate within the modern era but can collaborate comfortably with Stax and its fantastic customer service.
Online Payment Services
Stripe payments has an expansive range of solutions in this aspect that surpasses its other merchant services.
In addition to setting up its payment methods within websites, Stripe payments also supports in-app integration and invoice and subscription solutions. This allows you to accept payment cards, web wallets, and even bank transfer payments in more than one way. As a result, you can optimize your overall payments according to your business activities.
While some of Stripe’s solutions, such as its website or eCommerce store integrations, are relatively easy, others such as app deployments, are quite difficult. This is not out of the ordinary, but it is still worth mentioning.
Stripe’s overall online payment management system remains quite robust. However, it still falls behind when it comes to virtual terminals. While you are able to take card-not-present (CNP) transactions through your Stripe payments dashboard, the company recommends that you do it as an absolute last resort. This puts a dent in your operations, especially if a significant source of your revenue comes from mail order/telephone order (MOTO) transactions.
But Stax doesn’t have such restrictions. In addition to its simple online payment setup and optimal transaction management, it also lets you accept payment cards through virtual terminals. With Stax’ solutions, you can easily expand your payment capabilities without feeling constricted.
Stax understands the growth of eCommerce and online payments and has positioned itself to provide customers with the support they need to run their business. From making sure to mitigate any instances of hidden fees to delivering the right support when you face problems, the firm is here to ensure that your business runs smoothly.
Further, you can also take advantage of Stax’ growing list of resources on optimizing your eCommerce and online payment operations through the many resources it offers.
Stripe Focuses Heavily on Online Payments, Stax Has a More Holistic Approach
With Stripe’s heavy focus on online payments, its merchant services are quite limited to that one aspect. Even with its wireless equipment, the company’s POS solutions remain difficult to install. However, its web payments for websites, apps, and invoices are relatively easy to use.
In this case, Stax provides a friendlier payment solution to retail and hybrid business models. The company’s POS equipment and features allow you to find a plan that suits your business’s needs. In addition to that, its online payment mediums also make sure that you don’t have to look towards any other provider to accept digital payments.
Stax’ affordability enhances this value proposition even further. As a result, it emerges as a popular choice for many businesses, especially those who want to improve their bottom line and minimize their expenses.
Which provider is in line with your particular needs?
To choose a provider who is the best fit for you, make sure to speak to a company representative in a detailed manner. This allows you to express your concerns and find the answers you need. As a result, you can pick a provider who can cater to all of your needs as your business grows.
Recall that while Stripe payments offers unique and compelling products, it may not be for everyone as others can take advantage of other offerings that are simple and meet their needs.
Here’s how Stax differs and can be a valuable option for you.
The Stax Difference
Stax has been in the payment processing sector for quite some time and understands what business owners look for in their businesses. That is why it seeks to make the payment processing component of your business as simple as possible.
As you peruse through Stax and its offerings, you will notice that the payment technology and solutions provider offers seamless subscription-style pricing where businesses gain access to the direct cost of interchange. That simple setup and billing structure can make the life of many businesses and business representatives simple and straightforward.
This is so because it enables you to benefit from a monthly subscription cost with full access to direct interchange rates and the variable costs per transaction.
The transparent nature of Stax’ pricing presents minimal headaches with no surprising fees or additional markups.
The industry leader uses this approach because it knows that businesses need transparency to run their businesses.
But straightforward costs is not all that it offers. Stax also offers data and analytics right through their platform. The Stax Platform enables businesses to manage their overall payment experience within one comprehensive platform.
You are covered on the basics such as PCI compliance, statements and can even feel free to switch to another provider without any concerns or hassles.
Finally, Stax is known for compelling customer service with an in-house customer service team that will help you solve your problems as quickly as possible.
Here are a few of Stax’ critical features.
Stax’ Critical Features
Here are the primary features that Stax brings to the table.
- No Switching Costs
- Zero contracts or additional costs
- A Comprehensive Real-Time data and analysis system
- Priority Customer Service at all times
- A wide array of software integrations
- Quickbooks integrations
- PCI Compliance collaboration
- Mobile Processing
- Payment gateways
- Fast funding for the right businesses
- Point of sale system integration for most providers
Stax is simple to implement, understand, and use. But if there are any problems or confusion, you can always count on Stax’ representatives to help you with your various concerns. Remember that Stax’ representatives are in-house and enable you to receive a stellar customer experience with minimal wait times. Finally, Stax will never charge you extra for premium payment processing support.
You can expect each interaction with Stax to be delivered in a premium manner.
While customer service is at the top of Stax’ priorities, providing a comprehensive platform also improves the Stax product experience.
For instance, the Stax hub houses all of your relevant business data from sales trends to outstanding payments enabling you to make business decisions with the right information. You can also expect flexibility in your relationship with Stax with zero contracts.
We are pleased to answer your inquiries and assist in your payment processing needs. From contactless payment processing to other modern payment methods, Stax supports and enables businesses to be at their best when it comes to payment processing.
Reach out to us today to find out how we can help you improve your business operations.