When it comes to payment processing, both Stripe and Shopify Payments offer easy-to-use options that allow businesses to quickly and securely begin accepting payments. However, it's important to consider the fees, features, and other details to determine which processing option is best for your business.
When it comes to fees, Shopify Payments charges a flat fee of 2.9% + 30¢ per transaction, while Stripe charges a 2.9% + 30¢ fee on certain payment methods and 3.9% + 30¢ on others. This means that Stripe could be cheaper or more expensive depending on the payment method you select; but ultimately, both offer competitive rates.
Additionally, Stripe has added features like Stripe Connect, which allows for peer-to-peer payments and lets customers pay businesses directly. This is great for marketplace businesses or those who do a lot of online sales. Stripe also offers additional fraud protection, called Radar, as well as support for bitcoin payments.
On the other hand, Shopify Payments is integrated into the Shopify platform, so it’s incredibly convenient for Shopify merchants. Additionally, Shopify merchants get priority access to Shopify's customer success team and access to the fraud protection tool, Chargeback Protection.
Ultimately, which option you choose will depend on your business type and needs. I recommend researching each option and weighing the pros and cons of each to figure out which option is best for you.
Here are a few helpful resources to learn more about Stripe and Shopify Payments: