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Stripe vs Xoom: What are the differences?
Introduction
In this article, we will explore the key differences between Stripe and Xoom, two popular online payment service providers.
Target Audience: Stripe is primarily targeted towards businesses and developers who require a comprehensive platform to accept online payments. It offers a wide range of features and APIs to integrate payment functionality into various applications. On the other hand, Xoom is mainly focused on individuals who want to send money internationally. It provides a simple and user-friendly interface for money transfers across borders.
Coverage: Stripe operates in over 40 countries and supports various payment methods, including credit cards, digital wallets, and local payment methods. It allows businesses to accept payments from customers worldwide. Xoom, on the other hand, predominantly facilitates international money transfers, enabling individuals to send funds to more than 130 countries.
Payment Options: Stripe offers a multitude of payment options, including recurring payments, subscriptions, and one-time payments. It supports custom payment flows and offers advanced fraud prevention mechanisms. Xoom mainly focuses on remittances and enables users to send money to international bank accounts, mobile wallets, or cash pickup locations.
Pricing Structure: Stripe follows a transparent pricing structure, charging merchants a percentage-based fee for each successful transaction. The fees vary based on factors like transaction volume and country. Xoom, on the other hand, levies fees based on the transfer amount and the destination country, which can include a fixed fee and a currency exchange fee.
Integration Complexity: Stripe provides powerful APIs and comprehensive documentation, making it easier for developers to integrate payment functionality into websites and applications. It also offers various pre-built integrations with popular e-commerce platforms and services. Xoom, on the other hand, has a simple user interface and requires minimal technical expertise. Users can easily set up and initiate money transfers with a few clicks.
Level of Support: Stripe offers 24/7 customer support, with dedicated account managers for larger businesses. It also provides extensive documentation, resources, and developer support. Xoom offers customer support during business hours and provides assistance through phone, chat, or email. It also offers an online help center with FAQs and guides.
In summary, Stripe is a comprehensive payment platform primarily targeted at businesses and developers, offering advanced features and extensive customization options. Xoom, on the other hand, focuses on international money transfers for individuals, providing a user-friendly interface and a wide coverage of destination countries.
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 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
Pros of Xoom
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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
Cons of Xoom
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What is Stripe?
What is Xoom?
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