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Openpay vs Stripe: What are the differences?
Key Differences between Openpay and Stripe
Openpay and Stripe are two popular payment platforms that offer different features and capabilities. Below are the key differences between Openpay and Stripe:
Payment Methods Supported: Openpay supports a range of payment methods, including credit cards, direct debit, and in-store payments. Stripe, on the other hand, primarily focuses on online payments and supports a wide variety of payment methods such as credit cards, digital wallets, and bank transfers.
Target Audience: Openpay primarily targets retailers and merchants who want to offer installment plans and interest-free payment options to their customers. Stripe, on the other hand, caters to a broader range of businesses, including e-commerce stores, subscription-based services, and marketplaces.
Geographical Availability: Openpay is available primarily in Australia, the United Kingdom, and New Zealand. Stripe, however, is available in numerous countries worldwide, making it a more global payment solution for businesses looking to operate internationally.
Payment Model: Openpay operates on a buy now, pay later model, allowing customers to make purchases and spread the payments over a specific period. Stripe, on the other hand, operates as a payment gateway, securely processing transactions between customers and businesses in real-time.
Customization and Branding: Openpay provides options for retailers to customize the payment experience and integrate it seamlessly into their website or app. Stripe, on the other hand, offers a high level of customization and branding capabilities, allowing businesses to provide a consistent user experience throughout the payment process.
Pricing Structure: Openpay charges a monthly fee to businesses using their platform, along with transaction fees and potential additional fees for certain services. Stripe, however, has a more flexible pricing structure, allowing businesses to choose between different plans based on their specific needs, and charges transaction fees based on the specific payment method used.
In summary, Openpay specializes in providing installment payment options for retailers, with a focus on specific regions, while Stripe offers a broader range of payment solutions for businesses worldwide, with more flexibility in customization and pricing options.
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 Openpay
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 Openpay
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 Openpay?
What is Stripe?
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