Introduction
If you're running an e-commerce business, accepting online payments is essential. And for that, you need a reliable payment processing technology. Two of the most popular options are WePay and Stripe. Both have similar features but differ in their pricing, user experience, and integrations.
In this blog post, we'll provide an unbiased comparison of WePay versus Stripe, so you can decide which one to choose for your business.
WePay
WePay is a payment processor that offers credit card, ACH bank transfers, and virtual terminal payments. It's designed exclusively for small businesses, nonprofits, and platforms such as marketplaces and crowdfunding sites.
Pricing
WePay charges 2.9% + $0.30 per transaction for credit and debit cards. ACH bank transfers charge 1% + $0.30 per transaction. There are no monthly fees or setup fees, making WePay a great option for small businesses looking for an affordable payment processing solution.
User Experience
WePay's straightforward yet intuitive setup process is ideal for first-time users. However, the user interface could be more streamlined, and the KYC (know your customer) process can take a bit longer than other payment processors, which could be inconvenient for some businesses.
Integrations
WePay integrates with many e-commerce platforms, including Magento, Shopify, and BigCommerce. It also offers APIs that can be used to build custom solutions.
Stripe
Stripe is a leading payment processing technology that specializes in API-based payments. They offer a wide range of payment methods, including credit and debit cards, ACH, and even cryptocurrency payments.
Pricing
Stripe charges the same fee as WePay for credit and debit cards, 2.9% + $0.30 per transaction. However, ACH transfers are free, which could benefit businesses for which bank transfers are a common payment method. There are also no monthly fees or setup fees.
User Experience
Stripe's platform is user-friendly and straightforward, making it easy to navigate for both technical and non-technical users. Stripe offers a deep range of customization options, including a vast range of programming languages and environments.
Integrations
Stripe integrates with many major e-commerce platforms like Shopify, WooCommerce, and Square Space. The platform also works well with a vast range of custom integrations.
Comparison
| Payment Processing Technology | Pricing | User Experience | Integrations |
|---|---|---|---|
| WePay | 2.9% + $0.30 per transaction for credit or debit cards. | Straightforward but KYC (know your customer) process takes a bit longer | Integrates with many e-commerce platforms and offers APIs. |
| Stripe | 2.9% + $0.30 per transaction for credit or debit cards. ACH bank transfers are free. | User-friendly and offers a range of customization options. | Integrates with many major e-commerce platforms and works well with custom integrations. |
Conclusion
WePay and Stripe are both excellent payment processing technology for e-commerce businesses. Both offer competitive pricing and similar features like customizable checkout pages and seamless checkout experiences.
The choice between WePay and Stripe largely depends on your business's specific requirements. For those who prioritize affordability and easy to use setup, WePay is a solid option. On the other hand, businesses that prioritize customized repayment options and more sophisticated integrations could benefit from Stripe.
References
- WePay. (2021). How WePay Works. Retrived 09 October 2021, from https://go.wepay.com/developers/how-wepay-works
- Stripe. (2021). Payment Processing for Developers. Retrived 09 October 2021, from https://stripe.com/docs/payments/integration-builder