The team behind our favourite payment gateway have made things even better
As WordPress web designers we are always on the lookout for better, cheaper, and easier ways to allow our customers to take payments from customers on their websites. Since Stripe was launched in 2010/2011 we have never found anything that even comes close. The only other real competitor is PayPal, however it is too much fuss to set up, is confusing for the customer to use and manage, and is more expensive than Stripe. They also charge a monthly fee to take ‘manual’ payments over the phone, where Stripe offer the facility for free.
This is why we were really excited to hear that Stripe are rolling out a new faster payment method, that sees your money automatically moved to your account in less than half the usual time. For years Stripe has paid out to your bank on a one week rolling basis, (this was still better than PayPal which requires the user to manually draw down their earnings). However, Stripe are now introducing a three day payout cycle that matches (and beats some) expensive merchant bank payment gateways.
It seems like a small change in the grand scheme of things, but this really is a game changer – especially for small businesses where cash-flow is paramount. This gives the same merchant bank processing speeds, with all the simplicity, features, and low costs that have made Stripe the best in their market since the day they launched.
As a legacy and a large volume user of Stripe, we have been one of a small group of selected businesses to experience and test the new faster payout system. We look forward to it rolling out to the general public very soon, and with Stripe’s track record, that won’t be long.