You obviously must be wondering between these two; WePay vs Stripe, which of them is better and offers the best payment?
In this comparative guide, I will highlight the key similarities and differences between WePay and Stripe to help you make the best choice which is best for your business
WePay is an online payment service provider based in the United States. It provides an integrated and customizable payment solution, through its APIs, to platform businesses such as crowdfunding sites, marketplaces and small business software companies. It also offers partners fraud and risk protection
The Platform delivers payments you can bank on. Its integrated APIs make flexible, integrated payments possible via referral, white-label or payment facilitator models, so customers can focus on their core strategy.
Amazing Features on WePay
There are 3 features available on WePay, core, link and clear
1. WePay Link
WePay Link functions as a basic payment processor. Once you integrate your account, merchants on your platform can accept credit, debit and e-check payments within the United States, the U.K. and Canada.
Fortunately, WePay Link features instant onboarding, which means that you can set up your account within minutes. There is a 2.9% plus 25 cents processing fee when completing credit card payments. However, note that WePay’s Terms of Service list a slightly different price.
2. WePay Clear
WePay advertises Clear as “a white-label solution to power your payments business.” WePay Clear helps to create a seamless branding and shopping experience.
However, while you can use your branding visuals, the term “Powered by WePay” will be visible to customers. The fees for this plan aren’t listed.
3. WePay Core
Platform operators who want total control over the transaction process may look to WePay Core. Integrating directly into Chase’s core infrastructure allows you to manage merchant accounts, offer support and handle risk and compliance directly on the merchant platform.
The company does not post pricing for this product, meaning you’ll need to contact them directly to request a quote.
WePay Supported Countries
WePay is currently only accepting new customers with bank accounts in the United States, the United Kingdom and Canada.
This is a clear indication that WePay is only available for countries like the US, UK and Canada
Advantages of WePay
There are massive advantages and benefits of using WePay when you compare it to Stripe. Some of these pros could be highlighted below
1. Flexible Customization
WePay makes it very easy for all merchants on the platform to have greater control over customization options for the signup and checkout processes, and even emailing customers.
With other payment service providers, like PayPal and Stripe, you see their branding during the checkout process. White-label payments allow you to input your branding at the checkout screen, offering customers a seamless shopping experience with your store.
2. Ease of Use
WePay offers instant onboarding, meaning the signup process is quick and easy — something customers frequently point to as a pro. Users report that they didn’t need any technical knowledge to start using WePay right away.
3. Compatible With Chase Bank Accounts
In addition, WePay delivers same-day deposits to your account if you use a Chase account, which means you won’t need to wait days to transfer the funds from your merchant account to your bank account.
This should be especially attractive to businesses that already use Chase, as account freezes are something business owners may need to plan for with these kinds of aggregate payment service providers
Drawbacks of WePay
WePay is not 100% perfect. There are some challenges or difficulties you could experience with this payment service provider
1. Transparency With Pricing
The website only lists the payment processing rates for WePay Link. If you’re interested in buying WePay Clear or WePay Core, you would need to contact a WePay sales representative to receive a quote.
Also, WePay’s Terms of Service lists a slightly different fee: 2.9% plus 30 cents, as opposed to the 2.9% plus 25 cents fee listed on its product pricing page.
2. Lack of Customer Support
WePay offers tons of customization options with its products, but, unfortunately, it lacks customer phone support. If you have any questions or run into problems, you will need to submit a support ticket.
Ticket support is only available on weekdays, so it may take days to receive a response if you submit a ticket on Thursday or Friday.
Stripe, Inc. is an Irish-American financial service and software as a service company dual-headquartered in San Francisco, United States and Dublin, Ireland. The company primarily offers payment processing software and application programming interfaces for e-commerce websites and mobile applications.
Over the years, Stripe has risen to the top as one of the most commonly used payment service providers — you’ve probably used them at some point to make a payment online or through an app. Stripe has served some prominent business names like Kickstarter, Shopify, Slack and Pinterest.
With Stripe, you can manage all of your business transactions, including accepting payments and resolving payment disputes. It offers a wide range of ways to implement its various products with your e-commerce site because it built everything with developers in mind.
Stipe is powerful, built to accept payments from major credit card companies, mobile wallets, ACH payments and more. A convenient feature of Stripe is that it also offers a payment terminal for in-person card transactions if you have a brick-and-mortar store.
Patrick Collison is the owner of Stripe
Amazing Stripe features
There are good features available on Stripe which are beneficial to all merchants.
1. Stripe Connect
Stripe Connect is targeted toward larger payment platforms, like Kickstarter. With Stripe Connect, you can process over 100 types of currencies and complete transactions in over 30 different countries.
Connect offers a highly customizable experience for your customers, where you can control signup, onboarding and payout timing and get financial reporting.
You can choose from pre-made user interface components or customize everything yourself with access to the Stripe API.
The Standard version of Stripe Connect has no platform-specific fees, but a custom version starts at $2 per account per month, with a 0.25% charge on payout volume and 25 cents per payout.
2. Stripe Sigma
Stripe is known for its built-in reporting features through Stripe Sigma. Sigma can generate in-depth reports and is fully customizable if you can write in the programming language SQL. Sigma will cost 2 cents per transaction.
3. Stripe Relay
Stripe Relay streamlines the checkout process on mobile phones for your customers. With Stripe Relay, merchants can use this API to list products to sell on mobile or link their e-commerce sites. Relay can even allow instant purchases on third-party sites like Twitter. Relay is free to Stripe customers.
Stripe Supported Countries
Stripe is currently supported and available in 47 countries worldwide and can accept payments from anywhere in the world.
- Czech Republic
- Hong Kong
- New Zealand
- United Arab Emirates
- United Kingdom
- United States
Advantages of Stripe
Here are the advantages for Stripe users:
1. Transparent Pricing
Research is easier for small-business owners when companies post their pricing online, and Stripe is very clear that its credit card processing fee is a flat 2.9% plus 30 cents for online transactions. It also lists add-on prices for other features, like Stripe Sigma.
Pricing is quote-based for its custom Connect plan, but aside from that, Stripe pricing is laid out.
Stripe’s services make the payment process a seamless experience across all devices, including desktop, tablet and mobile devices. It accepts a wide range of currencies and alternate types of payment.
Finally, it has several tools that it frequently updates specifically to help you create a highly customized checkout experience for your customers.
Drawbacks of Stripe
Below are the challenges of Stripe
Stripe website and products are customized for developers’ use only. That means that if you’re not the most tech-savvy business owner, there might be limitations to how you’ll be able to use Stripe’s API and subsequent tools.
2. Frozen Accounts
There have been a myriad of instances where merchants discovered their accounts were cancelled or frozen.
Unfortunately, this can happen with third-party payment service providers, where merchants can instantly be onboarded.
Stripe reserves the right to suspend or freeze your account whenever they want. Regardless of whether or not you’re a high-risk merchant, this is a pretty frightening clause
WePay vs Stripe: Which of Them Offers The Best Payment Structure?
As a business owner, comparing WePay vs Stripe could be a bit confusing because both platforms offer slightly different services for your business
Looking at the general overview between these two platforms, you should be able to at least pinpoint the strengths and weaknesses of these platforms,
1. Based on Pricing
Stripe also allows you to design a custom package for your business. According to Stripe’s website, your rate may vary depending on volume discounts, multi-product discounts and country-specific rates, though it does list starting rates.
WePay on the other hand offers a baseline rate starting at 2.9% plus 25 cents for transaction processing with WePay Link. However, it does disclose in its Terms of Service that certain platforms and products would carry additional charges, and it also notes a slightly higher fee.
2. Based on Customer Support
Both WePay and Stripe offer support by way of email, live support and tickets. However, Stripe is usually preferred in this category because it offers 24/7 live chat and phone support.
WePay’s customer support is only available on weekdays from 9 a.m. to 9 p.m. ET, and it usually responds through customer tickets.
Many business owners enjoy speaking with a live representative on the phone. This is attractive for small-business owners who want phone support to help address concerns in real time. Moreover, Stripe offers training support to help its new clients get familiar with its tools.
3. Based on Currency and Service
When it comes to this criteria, Stripe outranks WePay. WePay’s tools are only available to the United States and Canada. This makes it inaccessible for other countries to use WePay’s services.
Stripe, in contrast, supports a variety of customers from different countries and can process over 135 currencies. Languages that Stripe supports include Chinese, Spanish, French, Dutch and Italian.
Conclusively, If you are starting your business in the United States but hope to expand overseas, then Stripe’s additional language support will greatly serve you.
Conclusion: WePay vs Stripe
Conclusively, from our comparison, Stripe offers superior customer support, caters to a global customer base and has designed an API with mobile shoppers in mind. WePay, on the other hand, offers a white-label payment system that is easier to integrate into your store, which might be important to your branding strategy.
One thing to note as a small-business owner is that WePay targets large platform operators, rather than individual merchants.
Ultimately, the choice rests in your hands. There are many options for payment service providers, so be sure to continue your search if you’re not completely sold on these services.
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