Stripe | Financial Infrastructure for the Internet (2024)

FAQs

What is Stripe infrastructure? ›

Stripe is a financial infrastructure platform that enables businesses, from ambitious startups to large enterprises, to accept payments, grow revenue, and accelerate new business opportunities.

A fully integrated suite of financial and payments products

Reduce costs, grow revenue, and run your business more efficiently on a fully integrated platform. Use Stripe to handle all of your payments-related needs, manage revenue operations, and launch (or invent) new business models.

Stripe collects your information with complete security and purpose. We use Stripe to handle our KYC (Know Your Customer) and AML (Anti-Money Laundering) checks in compliance with federal law in order to process your payments. We do not store any of this information and only use it for compliance checks.

Stripe is a reputable and secure payment processing platform trusted by millions of businesses worldwide.

By utilizing widely adopted programming languages such as Ruby, Python, and JavaScript, Stripe ensures that developers can rapidly integrate payment functionality into their applications with minimal effort. Another key advantage is Stripe's utilization of popular front-end development frameworks like React.

The customer provides their payment details—like card number or bank account information—at the business's POS, card reader, or ecommerce checkout. The payment information is securely transmitted to a payment gateway, which encrypts the data and forwards it to the payment processor.

Stripe supports over 135 currencies and can automatically handle foreign currency conversions. This feature enables global business expansion and makes it convenient for businesses to accept international payments and receive payouts in their preferred currency.

“Stripe caught on because it didn't sell to companies,” said Dmytro Okunyev, who is the founder of Chanty. “It sold to developers. That is, Stripe offered an alternative to PayPal and Authorize that was so much easier to implement that developers around the world were naturally inclined to use it.”

Most payment processors require you to open a merchant account at your bank in order to accept online payments. Stripe, however, uses their own merchant account on your behalf. This saves you a lot of time, hassle, paperwork, and a waiting period. Generally, merchant accounts come with their own set of fees.

Form 1099-K is the official tax document third-party payment processors like Stripe use to report your income. If you have enough activity on a platform, it'll send completed copies of the document to you and the IRS.

Does Stripe send info to IRS? ›

Stripe provides a 1099-K form for each unique tax identification number (TIN), such as a Social Security Number (SSN) or Employer Identification Number (EIN), that meets the IRS or state processing threshold.

A date of birth and the last 4 digits of a Social Security Number are required as part of Stripe's mandatory identity verification requirement: Stripe must collect, verify, and maintain information on the individuals associated with every US Stripe account, as required by their regulators and financial partners.

Slow Search Functionality: Many reviewers have mentioned that searching for information within Stripe is slow and frustrating, particularly when looking up customer details. This issue hampers their ability to efficiently retrieve the information they need.

After the cardholder discovers the fraudulent use of their card, they dispute the payment with the card issuer. If the dispute is resolved in favor of the cardholder, the business suffers a loss equal to the amount of the payment, and the cost of any goods or services already provided.

Stripe's partner can only obtain financial account information as authorized by you. Stripe doesn't sell your data to unaffiliated third parties.

About Stripe

Stripe wants to make it easier than ever for developers to process payments on their web and mobile applications. Using AWS provides Stripe with access to a world-class infrastructure that helps it scale seamlessly and increase developer productivity.

Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world's largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities.

Some companies offer both payment processing and payment gateway services as part of an integrated solution. For example, Stripe provides end-to-end payment services for businesses, simplifying the management of online transactions.

By consolidating the payment gateway and processor functions, Stripe ensures a consistent level of security across the entire transaction process. With Stripe's integrated solution, businesses can access and manage all transaction data, customer information, and payment analytics from a single Dashboard.