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Skrill vs Stripe: What are the differences?
1. Pricing: Skrill and Stripe have different pricing models. Skrill charges a transaction fee for every payment made, which can vary depending on the recipient's country. On the other hand, Stripe offers a transparent pricing structure with a flat fee for each successful transaction, regardless of the recipient's location. Additionally, Stripe also provides discounted rates for high-volume businesses, making it more cost-effective for larger organizations.
2. Payment Options: Skrill focuses primarily on providing digital wallet services, allowing users to make payments using their Skrill account balance or linked credit/debit cards. In contrast, Stripe offers a wider range of payment options, including credit/debit cards, various digital wallets (such as Apple Pay and Google Pay), and even bank transfers in certain countries. This versatility in payment options gives Stripe a broader reach and makes it more convenient for customers to make payments.
3. Integration: Stripe offers a highly flexible and customizable platform for integrating its payment system into websites or applications. It provides developers with extensive documentation, APIs, and SDKs, allowing them to build tailored payment experiences. Skrill, on the other hand, provides a more limited integration experience with fewer customization options. While it offers basic integration methods, it may not be as suitable for businesses that require advanced customization or specific payment flows.
4. Global Reach: Stripe has a wider global presence compared to Skrill. Stripe operates in more than 40 countries, accepting multiple currencies and offering localized payment methods to cater to diverse markets. Skrill, although it supports a significant number of countries and currencies, may not provide the same level of coverage as Stripe. This difference in reach can be crucial for businesses that operate internationally or target customers from various regions.
5. Risk Management: Stripe has a built-in suite of risk management tools to help businesses identify and prevent fraudulent transactions. These tools use machine learning algorithms to analyze transaction patterns and flag suspicious activities. Skrill also provides certain fraud protection measures, but it may not offer the same level of sophistication as Stripe. This difference can be important for businesses that require robust fraud prevention capabilities.
6. Payouts: Stripe offers automatic and flexible payout options to businesses, allowing them to schedule regular or custom payouts to their account holders. This feature is particularly beneficial for platforms, marketplaces, or businesses that deal with recurring payments or handle payouts to multiple individuals. Skrill, while it supports payouts, may not provide the same level of automation and flexibility as Stripe in this aspect.
In summary, Skrill and Stripe have key differences in pricing, payment options, integration capabilities, global reach, risk management, and payout functionalities.
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 Skrill
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
- Payments without own backend (using Stripe Products)1
- Connect1
- Checkout.js1
- Great UI1
- So easy to use1
- Beautiful1
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Cons of Skrill
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