PayPal, being one of the oldest online payment provider, holds a major share in the online payment industry, and is the preferred payment mode for millions of people all around the world. There are a number of developing countries like Sri Lanka where PayPal does not work (for inward remittance).
Negotiations with PayPal currently underway and it has listed Sri Lanka for 2017, Minister of Telecommunications and Digital Infrastructure Harin Fernando said through a Facebook post.
Meanwhile, Stripe is another alternatives to PayPal. It facilitates simple way to accept payments from your customers. Stripe is a viable alternative to PayPal as far as easier acceptance of payment is concerned.
Stripe accepts a variety of payment methods including cards such as Visa, MasterCard, American Express and JCB. In addition, Stripe can process transactions in around 100 currencies.
Currently business should be based in Canada, UK, Australia, United States, Ireland, Australia, Belgium, Finland, France, Germany, Luxembourg, Netherlands, Spain, Denmark, Norway, Sweden, Austria, Italy and Switzerland to receive payments from Stripe. Now Sri Lanka will be added to this list.
Using Stripe, can integrate payment processing into their websites without having to register and maintain a merchant account. Stripe then transfers the funds directly into the bank account linked to the payee.
Brief Comparison of PayPal vs Stripe Service Fees,
|Charge cards from your website||$30 / month ||Free|
|American Express||3.5% ||Same flat rate|
|International cards||1% ||Free |
|Authorize card||30¢ ||Free|
Stripe will be active in Sri Lanka, By a Facebook post Minister Said,
We are proud to announce that we had very fruitful and mutual discussion to facilitate Stripe to enter the Sri Lankan market at Stripe office in San Fransisco. ICTA will work closely with all stakeholders to conclude the paperwork and approvals.
I am proud to say the first step to opening for startups and small business to sell their products and receive payments to their local bank account will be available soon in Sri Lanka
Fore more details on how payment system works on Stripe, click here