WePay vs Stripe, which is the one payment processor that you should choose? Both are popular alternatives for PayPal, yet they come with different features and benefits. Depending on your business needs, either WePay or Stripe will be more suitable. Continue reading below for the detailed comparisons between these two payment processors based on their products and services, fees, customizability, and customer support.
Before we proceed further into the comparisons between WePay vs Stripe, let’s first get a good idea about what these services actually are. Both WePay and Stripe are payment service providers (PSPs) but people also call them payment processors. They offer online services for accepting payments through various methods, such as credit card, bank transfer, and even cryptocurrency transfer.
WePay was founded in 2008 and is based in the United States. It was first founded to compete against PayPal, but it has taken a different approach now and by working behind the screen. It has partnered with various platform companies by allowing them to use their own labels. So, these companies are actually using WePay, but they use their own labels on the processing pages. Such approach has attracted many businesses and brought many customers. WePay provides integrated and customizable payment solutions mostly to platform businesses such as marketplaces, crowdfunding sites, and small business software companies. WePay only supports US-based platforms, but the users (merchants) in those platforms can be from anywhere in the world.
On the other hand, Stripe targets both individuals and businesses. It allows the users to accept online payments over the Internet. It was founded in 2011, and is also based in the United States. However, Stripe serves people in multiple countries including the United States, United Kingdom, Canada, Australia, Japan, Hong Kong, Singapore, and several European countries. Stripe has been marketed mostly to small and medium businesses with its attractive no-monthly-fee pricing.
See also : Stripe vs PayPal.
Products and Services
WePay vs Stripe both allow online transactions. But that’s pretty much their similarity. Since these two payment processors are targeted to different groups of users, they do come with different products and services.
Don’t forget that WePay targets platform owners rather than merchants. However, a merchant may encounter WePay on the marketing platform that he/she is using. WePay does not give a detailed explanation on its products and services, but it is more interested in explaining the overall value of the integrated platform payment.
In addition to the standard payment processing, WePay also offers white-label payments, which means that platforms can use their own labels. WePay supports simultaneous on-boarding, meaning that a new user of a marketing platform can automatically get a new WePay account based on the same information. WePay provides risk management and fraud protection services. Finally, what really sets WePay apart is that it supports mobile point of sale units; platforms can use WePay’s apps and mobile hardware to collect payments. There are good, well-documented APIs.
Stripe’s offerings are deceptively simple. However, you will find awesome tools and features that you previously didn’t notice. In general, Stripe provides two kinds of products and services, which are payment processing and developer tools. Stripe supports international payments and accepts more than 100 currencies, including Bitcoin. Stripe supports all major credit cards, Apple Pay, Android Pay, and AliPay.
Perhaps the most impressive thing about Stripe is the developer tools. Stripe comes with awesome APIs that allow great customization. Developers can easily work with Stripe and integrate them into online stores. The APIs also have very good security measures.
Now, let’s see the fees of WePay vs Stripe. Some time ago, the standard transaction fee on WePay was 2.9% + $0.30 – the same amount applied in other payment processing services. However, the transaction fee is applied only to the platform, and the platform may create its own pricing structures for its users. Platforms may further negotiate with WePay to adjust the transaction fee. In the end, the fees that a merchant has to pay depend on the platform.
One e-commerce platform that is a partner of WePay, Ecwid, has four subscription tiers: free, venture, business, and unlimited. The free tier has no monthly fee, but the paid plans have monthly fees. Ecwid supports multiple payment processors, including Stripe, but if you choose Ecwid Payments Powered ByWePay, you will enjoy lower transaction fees based on your subscription tier.
On the other hand, Stripe has a clear pricing for all of its users. There is just a transaction fee that is applied only to each successful charge, and it is as much as 2.9% + $0.30. It has no monthly fee. This is especially great if you are running your own website instead of relying on a subscription-based platform. For ACH and Bitcoin transactions, the processing fee is 0.8% up to $5. Stripe can automatically convert foreign currencies into your local currency at no additional cost.
Both WePay and Stripe are customizable, but they give different meanings to the merchants. With WePay, it once again depends on the platform. WePay does have good APIs and is actually quite customizable. But the platform may create processing pages with limited customizability to the merchants.
On the other hand, Stripe is especially known for its superior customizability. If you have some programming skills, or if you don’t mind hiring a capable developer, Stripe can be a very powerful platform through its APIs. In addition, Stripe’s APIs have inherently secure designs by encouraging sensitive data to be sent directly to Stripe over a secure connection. You don’t need to handle such sensitive data on your own server, thereby reducing your burden.
WePay and its partner platforms can access each other’s customer support records, and both sides have shared stakes in keeping their merchants and customers happy. This may sound great. However, there is no clear order whether you should contact WePay or the platform when you encounter an issue. WePay does have its own ticketing system, but you will be directed to continue working with the platform if your issue is not really payment-related or if you already have an open ticket with the platform. WePay only has email support, and usually responds within one business day.
Stripe arguably has better customer support channels. It has email support and multiple social media channels. You can find Stripe on Facebook, Twitter, and LinkedIn. It has live chat support, too, but not phone support. Furthermore, Stripe has a knowledge base and developer documentation, which are very detailed. And there is status reporting to inform about Stripe’s uptimes and downtimes.
|- A platform for buying and selling cryptocurrencies at set prices||- A crypto exchange for trading cryptocurrencies and fiat currencies|
|- The set prices are close to the ones being traded on GDAX||- The prices depend on a maker-taker scheme|
|- Simple and easy to use||- Has various advanced features, complex interface|
|- Supports bank transfer, credit card, PayPal, and crypto transfer||- Only supports bank transfer and crypto transfer|
|- 1.5% fee for bank transfer, 4% fee for credit card or PayPal||- Typically has 0.25% fee or lower|
In most cases, Stripe is still more recommended. It has more features and supports more payment methods, including Bitcoin and AliPay. It has powerful APIs and great customizability. The pricing is very competitive with no monthly fee or additional charges. On the other hand, WePay is more targeted towards platforms, so what a merchant gets depends on the platform.