Stripe vs Worldpay
This article examines Stripe vs Worldpay by concentrating on the main features that a payment processing tool should offer. The data has been collected from Stripe’s and Worldpay’s websites and help articles. We also checked their reviews at Trustpilot 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, Worldpay has a rating of 3.6, with the highest score for Ease of Use.
Trustpilot introduces Worldpay as a Great tool with a 4.2 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
Worldpay offers Safekey, the American Express 3D Secure product.
Fraud Protection
The Worldpay Merchant Guarantee offers extra security against fraud-related chargebacks for UK online merchants. The guarantee covers losses due to fraud from external sources on guaranteed transactions (e.g. stolen credit cards).
While this service doesn’t guarantee that chargebacks will not occur, it provides the assurance that there will be no added cost for chargebacks resulting from fraud during the processing of transactions and delivery of goods or services.
When chargebacks occur from external fraud, Worldpay will refund if the guarantee conditions are met.
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.
The company offers a variety of reporting options to help businesses track and manage their transactions.
Here is the list of reports that can be accessed and created through Worldpay:
- Payment Detail
- Transaction with Risk Detail
- User Activity and Hierarchy
- Finance
- References Summary
- Billing
- Process
- Settlement
- Merchant Accounting
- Disputes
- Transactions
- Control
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.
Worldpay recurring billing is a payment processing solution that allows merchants to automatically bill customers on a regular basis, such as monthly or annually.
This type of billing enables merchants to receive payments automatically, and eliminates the need for manual invoicing and payment collection processes.
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.
Worldpay’s details of refunds, chargebacks, and reversals can be found here.
Within Worldpay, a refund is associated with a SEPA DD transaction. Worldpay uses information from its partner bank to offer SEPA Direct Debit (SEPA DD) refunds, which are not subject to the rules of the SEPA DD scheme. The bank information used for the refund is obtained from the successful SEPA DD transaction.
It is important to note that under the SEPA DD scheme, the guest has an “eight week, no questions asked” right to initiate a chargeback. The guest’s bank will process the chargeback, and as a merchant, you and Worldpay will not have the ability to contest it.
Refunds can only be issued for transactions that are in the SETTLED status. This safeguards against loss of funds, as transactions in the SENT_FOR_AUTHORIZATION state may be declined by the guest or their bank.
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.
Worldpay integrates with various accounting software. The specific integrations that Worldpay offers may vary depending on your location and the type of Worldpay account you have. Some popular accounting tools that Worldpay integrates with include QuickBooks, Xero, and Sage.
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% + €0.25 (+1.1% for UK cards)
- For international cards: 2.9% + €0.25
It also offers a custom package, available for businesses with large payments volume, high-value transactions, or unique business models.
Worldpay offers two pricing plans:
Pay as you go: 2.75% + £0.20
- One single rate applies to both credit and debit card transactions.
Pay monthly: £19.95
- A fixed monthly payment + 2.75% (credit cards) and 0.75% (debit cards).
If you perform more than 1,000 transactions per month, contact their sales team for volume discounts or monthly payment options.
Stripe vs Worldpay: Which Payment Processing Tool to Choose?
The choice between Stripe and Worldpay depends on the specific needs of your business. Both companies offer similar features, such as recurring billing and fraud protection. However, they have some differences.
Stripe is a technology company that focuses on providing easy-to-use tools for businesses to accept payments online. Stripe is known for its user-friendly interface, developer-friendly APIs, and low transaction fees. It’s popular among startups and small businesses.
Worldpay, on the other hand, is a more traditional payment processor that offers a wide range of payment solutions for businesses of all sizes, including point-of-sale terminals and mobile payments. Worldpay is often favoured by larger enterprises and traditional brick-and-mortar businesses.
Both companies have pros and cons, and businesses should consider different factors, such as transaction fees, ease of use, security, and customer support, when making their choice between Stripe and Worldpay.
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.
