Paypal’s latest US competitor, Stripe, extended its services to Canadian online businesses this month. The expansion comes only one year after Stripe’s launch in the US. Canada has been suffering from limited options in online payments and is expected to quickly embrace Stripe.
“We’ve been testing our service in Canada over the summer. We’re grateful to have received extensive feedback and help from companies including Tarsnap, MetaLab, and Shopify, all of whom have now been using Stripe for a few months,” Stripe states on their blog.
Positive Points
- Website script installation on websites. This means customers aren’t taken to another website to complete their transactions as they are with Paypal.
- Shoppers don’t require a Stripe account to use the payment system.
- Major credit cards are supported without the expense, security & privacy hassles, and waiting period experienced with direct credit card account setup.
- Free to sign up. Stripe’s transaction fees are 2.9 percent of the sale plus 30 cents for every transaction.
Negative points
- 7 day waiting period for payments to be transferred to your bank account
- Geographic restrictions (shoppers must be in the US or Canada for now)
- May alienate Paypal shoppers
It requires a leap of faith to place your online payment system in the hands of a startup. Stripe has signed some recognizable names, however, including Four Square and Fast Company. Canada needs healthy competition in credit card processing so we say “Welcome to Canada, Stripe!”
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Melody McKinnon is an internet entrepreneur with 25 years of experience in a wide range of online business models, backed by a formal business education and enhanced by training and mentorship. She has owned or managed both educational and ecommerce websites. Her book, 7 Recession Proof Online Businesses to Start From Home, is available from all major ebook retailers.
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I’m going to check them out for sure, thanks!
It’s nice to have our options opening up in this country. I hope it’s a trend.