When ecommerce store owners are setting up their business, typically, they might think of using tried and tested payment solutions that take debit and credit card payments, such as PayPal or Stripe. However, there are loads of other options out there, including smaller players that are by no means to be discounted – particularly if you’re solopreneur or SME.
Since the start of the COVID-19 pandemic, online businesses, large and small, are reporting a massive increase in ecommerce sales. In fact, recent figures from Adobe's Digital Economy Index show US ecommerce sales have gone up by a whopping 49% in April alone!
In light of this surge, more and more businesses are doing all they can to adjust their online sale strategies to make it easier for consumers to continue spending during this challenging period
And many small to medium-sized operators have found a solution to help them achieve exactly that…
In May 2020 San Francisco-based payment giant, Square, launched a new service called Square Online Checkout. It’s important to note this isn't the same as Square Online Store.
Whether you’re searching for an offline card reader, a way to take credit card payments online, or a POS app, you’ve probably come across both PayPal and Square in the past.
Both Square and PayPal are incredibly popular tools for merchants and business owners. They offer an easy way to start making money through your online or offline store, whether you’re taking digital payments, or credit cards. PayPal is pretty much a household name among consumers and businesses today. There’s a good chance that many of your favorite stores even offer customers the option to pay for their products using a PayPal account.
On the other hand, while Square doesn’t have exactly the same status that PayPal does, it does benefit from a large and growing consumer base. Square has a very extensive set of features, including some credit card processing systems and readers that are a lot more impressive than PayPal’s.
You’ve got the most amazing selection of products, competitive prices, and some pretty successful marketing on your online store. However, you won’t be able to pluck success from the ecommerce world until you’ve got one more thing right: your payment gateway.
The payment gateway on your ecommerce site is how you accept and process payments from your customers when they visit you online. Choose the right gateway, and you’ll give your customers a reliable and trustworthy experience that makes them feel comfortable about buying from you. Choose the wrong payment gateway, and you risk losing a potential conversion forever.
So, how do you decide which tool you need?
Not sure how to choose between Stripe vs Square?
You're not alone.
At first glance, both Stripe and Square seem pretty similar.
Both of these tools are market leaders in the payment industry, along with other popular solutions for card payments like PayPal.
These credit card payment processing tools are crucial for business owners, offering features that transformed the way that we pay for the things that we need. What's more, both Stripe and Square are on the cutting edge of payment technology, giving businesses access to more efficient and reliable ways of accepting and managing their transactions.
However, while Stripe and Square do have a lot in common – they're not the same tools – and they shouldn't be treated as such. All payment processing solutions, from Braintree and PayPal, to Stripe and Square, have their unique pros and cons to offer.
To put it plainly, Square is a far more diverse all-in-one payment processor that can handle everything from ecommerce payments online, to in-person transactions with immersive register hardware. On the other hand, Stripe is a digital-only company, with a focus on mobile and eCommerce, and plenty of powerful tools for subscription-based brands and marketplaces.