Stripe vs Elavon
This article examines Stripe vs Elavon by concentrating on the main features that a payment processing tool should offer. The data has been collected from Stripe’s and Elavon’s websites and help articles. We also checked their reviews at Capterra to find the aspects that the actual users are emphasising.
Customer Review
In Capterra, Stripe has a rating of 4.7, with the highest score for Features.
Trustpilot introduces Stripe as an Average tool with a 3.3 TrustScore.
In Capterra, Elavon has a rating of 3.6, with the highest score for Features.
Trustpilot introduces Elavon as a Great tool with a 3.9 TrustScore.
Secure Payment
Stripe holds the highest possible level of PCI certification in the payments industry, which is PCI Service Provider Level 1.
Stripe implements the use of HTTPS and TLS (SSL) to guarantee the security of all its services, including its public website and dashboard.
The company frequently evaluates its implementation, including the certificates provided, the certificate authorities utilised, and the ciphers supported. Additionally, Stripe uses HSTS to make certain that all browser interactions with their platform are conducted through HTTPS. Stripe is recognised and included in the HSTS preloaded lists of both Google Chrome and Mozilla Firefox.
In Stripe, all credit card numbers are securely encrypted using AES-256 encryption. The decryption keys are kept on separate computers to ensure the safety of the information. The internal servers and processes used by Stripe cannot access unencrypted card numbers, but they are authorised to send the card information to selected service providers. The infrastructure used by Stripe to handle, decrypt and transmit credit card numbers operates within a standalone hosting environment and does not share any credentials with the primary services of Stripe, such as their API and website.
3D Secure
Stripe supports 3D Secure 2 to increase security against fraud. If a payment is verified through 3D Secure (3DS), the responsibility for any fraud disputes is transferred from the merchant to the card issuer. These disputes are managed internally by Stripe and do not appear on the dashboard or result in funds being taken from the merchant’s account.
Stripe automatically activates 3DS if it is mandated by regulations, such as Strong Customer Authentication. Alternatively, you can use the API or Radar rules to decide when to prompt customers for 3DS verification. So, you can make decisions for each individual user based on set criteria.
Fraud Detection
Stripe Radar offers instant protection against fraud. Radar uses machine learning, trained on vast data from numerous worldwide businesses, to identify and stop fraud. Its algorithms swiftly adjust to changing fraud patterns.
3D Secure
To increase security, Elavon supports 3D Secure 2 (3DS2). The 3DS2 ensures adherence to the Strong Customer Authentication (SCA) mandate, which is considered the top-level benchmark for card authentication throughout Europe.
Fraud Protection
Elavon can manage and mitigate data security risks at every stage of the payment process.
Their payment security solutions include:
- Encryption: By using encryption, the card information is made unidentifiable to unauthorised individuals during its transmission through different systems and networks and is only decoded at Elavon’s safe data centre. Encryption is particularly suitable for businesses that process card transactions in person, or in an environment where the card is physically present.
- Tokenisation: This is a method of safeguarding card information both during use and while stored. It substitutes the cardholder data with a distinctive token value that can be used for future transactions. This approach eliminates the risk of card data theft since the authentic card details are not kept in your system. Tokens are useful in situations where the card is not physically present, such as in e-commerce or MOTO scenarios, or can be combined with encryption for card-present transactions.
Safe-T: Safe-T Solo is a suitable option for small businesses and sole proprietors. It is a non-integrated solution that offers a triple-layered protection system and includes up to $250,000 of breach assistance if card data is compromised. Safe-T Link is a software application that has been validated by PCI and operates within Elavon payment terminals. It can be seamlessly integrated with POS or PMS systems to provide both encryption and tokenisation. Safe-T Link with P2PE Protect is a semi-integrated solution that has received PCI validation to safeguard payment card information, and also to reduce the scope of PCI DSS compliance validation.
Reporting
Stripe’s financial reports help you in tracking and reconciling account activity. The reports can be viewed as a summary in the dashboard or as a detailed and downloadable CSV file of transaction data.
To access and create custom reports for your Stripe data, you have two options: Stripe Sigma or Stripe Data Pipeline. Sigma is for accessing the data within the Stripe dashboard, while Data Pipeline is for centralising your Stripe data with business data in Snowflake or Amazon Redshift.
Elavon Connect includes a user-friendly dashboard that assists you in efficiently navigating your payments data.
Elavon Connect provides a variety of reports to help you track and analyse your payment data.
Some of the reports available include transaction details, settlement summaries, chargebacks, and fee summaries. Additionally, you can generate custom reports to fit your specific business needs.
Elavon Connect provides you with updates on the latest industry news and informs you of any upcoming product releases.
In addition, Elavon offers an interactive customer portal named Payments Insider. With Payments Insider, you can view a range of reports that cover everything from a comprehensive summary of your account payments to more specific transaction details. After creating your preferred report, you can save its format for easy retrieval and also export it for analysis when offline.
Recurring/Subscription Billing
Stripe handles recurring charges for you automatically. This includes:
- Invoicing customers and attempting payments automatically when billing cycles begin.
- Using the Smart Retries feature to automatically retry failed payments based on dashboard settings if the card is declined.
To increase recovery of overdue payments, you can send a dunning email to customers. If a payment requires 3D Secure, you can set up your billing settings to send a link for customers to complete the process.
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Refunds and Chargebacks
Stripe allows you to refund any successful payment partially or in full. The refund request is sent to the customer’s bank or card issuer, and the refund will be reflected on the customer’s bank statements in real-time, subject to the card network and issuing bank. Once issued, refunds cannot be cancelled.
Stripe will send an email notification to the customer about the refund only if the following conditions are met:
- The initial charge was made to a customer in your Stripe account.
- The customer’s email address is stored.
- The “Email customers for refunds” option is enabled in the dashboard.
Refunds can be processed through the Refunds API or the dashboard. Multiple refunds can be issued for a single charge, but the total refund amount must not exceed the original charge amount.
Refunds can only be returned to the original payment method. It is not possible to refund to a different destination, such as a different card or bank account.
Elavon’s online case management software streamlines the chargeback management process and allows staff to respond to requests via an online platform. This software provides a feature that enables the prioritisation of chargeback cases according to some important factors, allowing for a faster response time.
The chargeback management system includes a daily summary of the case activity and automatic notifications. You can choose which alerts you want to receive based on new cases, updates on existing cases, large amounts, and/or how long a case has been open. Moreover, this system offers a wide range of reports to help you manage your work and track your performance.
Accounting
Stripe integrates with several popular accounting software, such as QuickBooks, Xero, and Zoho Books. This integration allows merchants to easily import their financial data from Stripe into their accounting software for more efficient bookkeeping and financial management.
For accounting software, Elavon offers integrations with popular platforms, such as QuickBooks, Xero, and Sage. These integrations allow for easy reconciliation of payment transactions and streamlined accounting processes.
Pricing
Stripe offers a simple and straightforward pricing scheme. It has no setup or monthly fees. Pricing fees are different based on the location:
- For European Economic Area cards: 1.4% + £0.22 (+1.1% for UK cards)
- For international cards: 2.9% + £0.22
It also offers a custom package, available for businesses with large payments volume, high-value transactions, or unique business models.
To date, Elavon has not made the service prices available on their website. To obtain an estimation, users need to visit the Elavon website and request payment solution services.
Stripe vs Elavon: Which Payment Processing Tool to Choose?
Elavon and Stripe are both popular payment processing services that offer a range of features and benefits for businesses.
Stripe is known for its ease of use and simple setup process. It offers more customisation options, allowing businesses to match their brand and design preferences more easily. Elavon provides robust security features like tokenisation and encryption to protect sensitive data.
Stripe is an excellent option if you’re seeking an easy-to-use payment processor that offers a wide range of features and customisation choices. However, if you prioritise security, Elavon may be a more suitable fit for your business.
We are committed to ensuring that all our comparison articles are factually entirely correct and accurate. If you have spotted anything that you feel is wrong or misleading in this article, we’d appreciate hearing from you.
