Payment processing is a vital part of any business. It’s how consumers can use their credit and debit cards to pay for goods and services, and it’s how companies get paid for the work they do. In this article, we’ll be comparing two of the biggest payment processors in the world: Stripe merchant account and Square. We’ll look at what each company offers, examine its strengths and weaknesses, and help you decide which one might be best for your business — or if neither will fit your needs!
Stripe merchant account vs Square: Which Payment Processor to Use in 2023?
Stripe vs Square: Which Payment Processor to Use in 2023?
You may be wondering, “What is a payment processor?” And why do I need one? A payment processor is an online service that allows you to accept credit card payments from customers. You can then deposit the money into your bank account and use it for business expenses or take advantage of cash back rewards programs. The benefits of using a payment processor include:
- Being able to accept all major credit cards (Visa, MasterCard, American Express and Discover) without having to pay the fees associated with each individual card type;
- Having access to more advanced features like recurring billing or accepting international payments;
- Having access to better customer support than what’s provided by most banks;
Why should you choose Stripe merchant account?
Stripe is a global payment processor that offers a wide range of payment options and is open to any business. It has a good reputation for being secure, reliable, and efficient.
Stripe also has excellent customer support services available 24/7 through its website or through the phone if you need help with something specific (like setting up your account).
Why should you choose Square?
Square, a payment processing service that was founded in 2009, is a great option for small businesses. The company offers both hardware and software-based solutions to help you accept payments at your business. If you’re looking for an easy-to-use, flexible payment processor that can integrate with other systems, Square might be right for you!
The company’s main product is the Square Reader (pictured above), which plugs into an iPhone or iPad via headphone jack and allows customers to swipe their credit card through its magnetic stripe reader. The device also includes an LCD screen so customers can enter their email address or phone number–but this is optional; if they don’t want their information stored on record (or just aren’t comfortable sharing it), there’s no need for them to provide this info.
Square charges 2% per transaction plus 15 cents per transaction–so assuming someone spends $100 at your store: $2 + ($100 x .15) = $3.50 total cost.
It’s important that you work with a payment processing company that is reliable, secure, and trustworthy
In this section, we’ll take a look at the pros and cons of both Stripe and Square.
Stripe merchant account is a great choice for processing payments in the US because it offers low fees, plus it has a reputation for reliability and trustworthiness. It has been around since 2010, so you can be sure that your money will go through safely and quickly. Plus, they’re constantly adding features to their platform as well as improving their user interface so that you don’t have to worry about anything falling through the cracks while using their service!
On top of all this good stuff being said about Stripe (and other payment processors like PayPal), there are also some things worth noting about them too: First off—they charge 2.9% + 30 cents per transaction fee on each sale made through them (if paid with American Express cards). This may seem high compared to some other services out there but keep in mind that this fee includes more than just credit card processing fees—it includes everything else involved with processing transactions including sending emails informing customers when they’ve been approved or declined etcetera…so while yes it’s high compared dollar amount paid per sale made by customer who used cards issued by Bank A instead bank B would likely cost less too).
In conclusion, Stripe merchant account and Square are both excellent payment processing companies. They are reliable, secure and trustworthy. Stripe has a wide range of features that will meet your needs as an eCommerce business owner or online seller. The same can be said for Square’s services which include invoicing software, point-of-sale systems and cash management tools in addition to its payment processing capabilities.
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Stripe’s customer service is also top notch: if you ever need help with anything related to your account or transactions made through Stripe’s platform (or even if there’s a bug), they will respond quickly via email or phone call within 24 hours guaranteed!
We hope that this article has helped you decide which payment processing company is best for your business. If you’re still unsure, we recommend doing some research on both Stripe merchant account and Square to see which one seems like the best fit. Remember that they both offer great features at different price points so there’s no need to rush into making an uninformed decision!