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Lemon Way vs Stripe: What are the differences?
Introduction
Lemon Way and Stripe are both popular online payment processors that offer a range of services designed to facilitate secure and efficient online transactions. While both platforms provide similar services, there are key differences between them that may impact a user's decision when selecting a payment processing solution. The following are six main differences to consider:
Pricing Structures: Lemon Way and Stripe have different pricing structures for their services. Lemon Way charges a fixed fee per transaction, while Stripe offers various pricing plans based on the user's payment volume and the specific features they require.
Supported Currencies: Lemon Way supports a limited number of currencies, primarily focused on the Eurozone. Stripe, on the other hand, supports a wide range of currencies, allowing businesses to transact globally.
Payment Methods: Lemon Way primarily supports credit and debit card payments, while Stripe offers a more extensive selection of payment methods, including credit and debit cards, digital wallets, and alternative payment options like ACH transfers.
Industry Focus: Lemon Way specializes in serving businesses within the European market, particularly those in sectors such as crowdfunding, e-commerce, and marketplaces. Stripe, on the other hand, caters to a broader range of industries worldwide, including e-commerce, subscription-based services, and platforms.
Integration Options: Both Lemon Way and Stripe provide integration options, but they differ in terms of available libraries and plugins. Lemon Way offers specific integrations for various e-commerce platforms, while Stripe offers a larger selection of libraries and plugins, making it more flexible for integration into different systems.
Fraud and Risk Management: Stripe has a robust fraud and risk management system in place, utilizing machine learning algorithms to identify potential fraudulent transactions. While Lemon Way also offers fraud prevention measures, the level of sophistication and automation in Stripe's system may provide additional security for businesses.
Summary
In summary, Lemon Way and Stripe differ in their pricing structures, supported currencies, payment methods, industry focus, integration options, and fraud prevention capabilities. These differences should be considered based on the specific needs and requirements of a business when choosing between the two payment processors.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
With COVID-19 looming over us, businesses are, more than ever, looking for ways to set up online payments.
And having recently gone through implementing both Stripe and GoCardless to get monthly subscriptions set up and automated on my company website, I felt there was no better time to write this blog post!
If you're currently looking at working with a Payment Gateway provider API, or you're currently working with one but are not a fan, are looking to automate things a bit more, or are just generally thinking about changing, then you should have a read of my latest blog post where I compare Stripe and GoCardless.
I compare APIs in depth, specifically the subscription checkout flow that both offer (they're very similar, with some BIG differences).
There are plenty of code examples on how to set it up in a Node.js environment and right at the end, I rate each API based on the following factors:
- API ease of use
- API documentation
- Payment pages
- Costs / fees
- Security
- Developer appeal
- Customer experience
- Free Trial
So feel free to check it out, and I hope you like it. Please leave any feedback as it is very helpful. Thanks!
Stripe was made with developers in mind first so the extensibility of it is great! This makes it very easy for us to integrate and automate as much as we need with its APIs and SDK. It allows a lot of customization of exactly what we need to build our applications. They also manage all of our customers from a tax and accounting perspective which makes it easy from a business standpoint.
Pros of Lemon Way
Pros of Stripe
- Easy setup302
- Developer friendly292
- Well-designed api248
- Great documentation191
- Clear pricing169
- Secure75
- Reliable74
- Full integration with webhooks63
- Amazing api43
- Great customer support38
- Easy11
- Credit cards never hit your server - no pci worries6
- Recurring billing5
- No merchant account/gateway required4
- BitCoin3
- Easy to integrate3
- Support for SCA (Strong Customer Authentication)2
- Fast UI2
- Great app2
- Beautiful1
- Payments without own backend (using Stripe Products)1
- Connect1
- Checkout.js1
- Great UI1
- So easy to use1
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Cons of Lemon Way
Cons of Stripe
- Connect4
- CANNOT withdraw USD to a Canadian Bank Account2
- Does NOT have a currency conversion option like Paypal2
- They keep 25% of the income for 60 days2
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What is Lemon Way?
What is Stripe?
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