Payment for Stripe is the most utilized and trusted point of sale app on the market serving over 60,000 customers all around the globe. The Payment App provides an intuitive dashboard and seamless gateway for businesses to charge customers within 30 seconds or less. Officially partnered with Stripe, the app includes various payment methods and can receive funds in 137 different currencies.
Stripe has disintegrated tedious contractual and operational relationships with the payment scheme, eliminating weeks of review and negotiation. Consumers, paired with Stripe, now have the freedom to smoothly pay for services their way, such as traditional eCommerce, subscription, SaaS and mountains of digital goods.
The Payment App massively extends the features of Stripe payment methods by giving merchants an easy way to charge in-person and online. This article will cover the different payment methods available within the Payment App and when using Stripe services.
Stripe Payment Methods Used by the Payment App
While using the Payment App users can charge for goods and services with the following payment options:
- Diners Club
- Apple Pay
- Google Pay
Each option is fully supported by tapping, sliding, inserting, and manual entry using either the Payment app or BBPOS Chipper 2X BT-a Bluetooth card reader that's PCI and EMV certified. Merchants can track each transaction on their application, email receipts, build their customer list, and fully integrate with any other Stripe payment taken on any platform.
Here are supported payment methods when using the Payment App:
Apple, a mogul of the technology industry, released Apple Pay in 2014. Upon release, they intended to banish physical wallets for good. Consumers can store and utilize credit and debit cards within the app for frictionless payments. This contactless technology allows users to make payments through profiles set up on their iPhone, iPad, Mac OS, and Apple Watch.
The real benefit when completing transactions through Apple Pay lies in the security features. The application morphs any card stored into a unique card identity stored in Apple's "secure element." Once called upon for a transaction, it renders a unique identification code, followed by one-touch authentication and biometric face or touch ID.
Growing popularity for digital wallets and cardless technology makes Apple Pay essential for businesses to carry as a payment method. Apple Pay is now available in 33 different countries with thousands of supporting banks.
Payment for Stripe readily charges and accepts Apple Pay online and in-person with options like tap-to-pay and PCI compliant card readers.
Debit and Credit Cards
Cards dominate the global marketplace as a form of payment. Banks and other providers offer credit and debit cards such as American Express, Visa, Mastercard, JCB, Diners Club, UnionPay, Maestro and Discover. All of these are accepted on the Payment for Stripe app and card reader, but there's a difference between credit and debit:
- Debit cards are linked to a bank account and require proper funds for each transaction.
- Credit cards operate under a "promise to pay" system, which accrues interest if new debt isn't settled within the designated grace period.
Nearly all merchants allow the option to pay-by-card, but some use POS systems running on a different payment platform. Using Payment for Stripe will enable you to take card payments in person, online, and on-the-go, siphoning all business income into one simple account.
Regardless of what cards you're using, a study commissioned by JP Morgan Chase noted only 16 percent of consumers have ever used digital wallets, and only 25 percent of small businesses even accepted these payments. These findings illustrate the slow adoption to these technologies by consumers, making cards imperative for the present and near future transactions.
Google Pay is a digital wallet that allows users to store and pay with cards or bank accounts linked to Google Pay. Every user has access to their funds by selecting Google Pay and using their stored payment of choice. Security features include the use of a "virtual account number," which is shared with merchants upon payment instead of the actual credit or debit cards associated with the user's account.
Customers can deploy this virtual pocketbook to complete fast and secure transactions on the Payment for Stripe App, in-person card readers, online eCommerce stores, and even when sending money through Gmail.
Google Pay's goal is to create the best user and merchant experience utilizing its frictionless payment system, decreasing checkout time, and increasing merchant conversions. The platform's worldwide expansion between 2018 and 2020 is forecasted to increase by 61 million users, putting the total at 100 million.
Learn more about how to collect payments with Stripe: Payment for Stripe Guides