5 Payment Processor Alternatives That Will Make You Ditch Stripe
Stripe has firmly established itself as the go-to payment processor for online businesses. This is mainly thanks to its developer-friendly Application Programming Interface, a clear focus on transparent pricing, and the easy option of scalability.
While it is abundantly clear that Stripe remains a dominant force in the fintech space, it’s also fair to say that it is not the perfect fit for every type of business.
High-risk merchants, niche industries, and companies seeking more customization or hands-on support, can often find themselves experiencing notable service limitations with Stripe. If you’re keen on exploring alternatives, the good news is that there are strong competitors offering features, such as sweepstakes software, a better level of flexibility in certain scenarios, and pricing models that might suit your business better than the default option.
With that in mind, let’s look at five viable payment processor alternatives that might just have the credentials to convince you to ditch Stripe.
PayKings is the ideal choice for high-risk and sweepstakes merchants
The harsh reality of operating a business in a high-risk industry, is that Stripe is unlikely to work out for you in the long run. In fact, Stripe definitely has previous when it comes to demonstrating a propensity for deactivating accounts without warning due to risk exposure. That’s a potentially difficult situation that you have the ability to protect yourself from, and where PayKings steps in.
PayKings purposefully aims to specialize in high-risk merchant accounts. It offers tailored solutions for industries that traditional processors are often minded to shy away from, such as CBD, supplements, adult content, travel, and, naturally enough, sweepstakes and skill-based gaming ventures.
Their Sweepstakes Merchant Account is specifically designed for businesses running online games, contests, or prize draws that may be flagged as unsuitable by Stripe and similar platforms.
What makes PayKings stand out is their deep network of acquiring banks and their niche experience gained navigating the regulatory complexity of high-risk sectors.
As a result, they are often comfortable enough to be able to offer high approval rates, good chargeback protection tools, and access to dedicated account managers who understand the unique needs of your business sector. The bottom line is that unlike Stripe, PayKings intends to work with you to prevent disruptions, not cause them.
If you’ve already been burned by Stripe or are launching a business in a sensitive category, PayKings is well worth thinking about. Their level of comfort in these challenging business sectors gives you peace of mind, and a payment solution that you are going to be able to rely on.
Square offers all-in-one simplicity for in-person and online sales
Square is already recognized as a strong competitor to Stripe, especially for businesses with a physical presence. A fundamental difference between the two is that while Stripe is mostly focused on online payments, Square also shines with its popular point-of-sale (POS) systems, mobile card readers, and highly-regarded robust ecosystem aimed at small to mid-sized businesses.In short, Square provides a complete package. That means inventory management, invoicing, customer loyalty tools, and even payroll and employee scheduling. On top of that, its flat-rate pricing is predictable and user-friendly, especially for brick-and-mortar retailers, restaurants, or service providers.
While it’s fair to say that Square’s online capabilities aren’t quite as customizable as Stripe’s, they’ve definitely come a long way in recent times. That means their platform now adeptly supports recurring payments, online stores, and integrations with major e-commerce platforms.
In a nutshell, if you run a business that wants the simplicity of having everything in one dashboard, both online and offline, Square is a serious contender.
Authorize.net is a long-standing provider with excellent flexibility
It is perhaps not surprising when you consider it is owned by Visa, but Authorize.net is a trusted name in payment processing and could prove an appealing option if you are seeking a good level of reliability, broad payment method support, and a decent range of fraud prevention tools.
Authorize.net offers features like virtual terminals, recurring billing, and customer information management. These are some prime examples of the various options that make it ideal for subscription-based businesses or B2B merchants.
There is clear blue water between Authorize.net and Stripe, when comparing terms for certain industries. Without question, Authorize.net is more accommodating to businesses in moderate-risk categories.
In reality, it’s not as sleek as Stripe in terms of developer experience, but its proven track record, robust fraud detection, and extensive integrations with third-party platforms make it a solid alternative. If you want to be able to rely on a mature, stable system with flexible capabilities, Authorize.net checks most of the right boxes.
Braintree is supported by the power and presence of PayPal
If you want a solution that delivers the flexibility of Stripe and has the backing of a major payment brand, Braintree, which is classed as a PayPal service, should be on your radar.
It does what it says on the tin, by supporting online and mobile payments, subscriptions, and even marketplace payments with split-payout capabilities. What really sets Braintree apart is its wide range of payment options. In addition to credit and debit cards, it supports PayPal, Venmo, Apple Pay, Google Pay, and ACH.
If you want to maximize payment convenience for your customers, giving them so many payment options could give you an edge over your competitors.
Braintree also goes further by offering advanced features like vaulting, fraud detection, and white-labeling options. For tech-forward companies that want more control over the payment experience without Stripe’s occasional rigidity, Braintree can be seen as offering the best of both worlds.
Helcim is good for its transparent pricing and customer service focus
Helcim also warrants consideration because it is a growing and ambitious payment processor that sets itself apart through its interchange-plus pricing model, which is often more transparent and cost-effective than Stripe’s flat-rate model.
Helcim also offers robust e-commerce support, good invoicing options, recurring billing capabilities, and a fully integrated POS system. Ultimately, their platform is designed with small and medium businesses in mind, and unlike Stripe, they don’t charge monthly fees or lock you into contracts.
But what really helps Helcim stand out from the crowd is its commitment to customer service. Where Stripe is self-service by nature and not ideal for businesses that need hand-holding, Helcim offers real human support, which is accessible via phone and email options. This can often prove crucial for new business owners or anyone switching processors who wants all the support they need for a seamless transition.
As you can see with these viable alternatives, although Stripe has carved out a massive niche in the payment processing world, it shouldn’t be viewed as a one-size-fits-all blinkered solution.
Whether you are perceived as a high-risk merchant who fears getting shut down without warning, or simply need better support or pricing, there are plenty of reasons to consider talking to other platforms.
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