Flutterwave vs Stripe: Which One Is Better?

FLUTTERWAVE VS STRIPE: 

Are you having difficulties deciding on whether to use Flutterwave or Stripe for receiving or processing payments online? Then, you are in the right place.

In this article, we will be doing an in-depth comparison between these payment platforms, which will help you make a decision on which one to use.

But first of all, let's take a quick look at these companies.

What is Flutterwave?

Flutterwave is a fintech company that helps startups and businesses process digital payments in more than 30 currencies, from customers and clients within and across Africa.

https://harnixtech.com.ng/flutterwave-introduces-a-new-brand-identity-new-logo-improved-products-and-services/

The fintech company which aims at enhancing the growth of African start-ups and businesses provides a solution to the digital payment problems faced by the brands in the continent.

To achieve this, the company set up payment products and services such as Send, and Barter, and provides payment methods like Master Card, Paypal, Mobile Money, Bank Transfer, Paga, Visa QR, etc.

Furthermore, in its 3.0 event held in March 2022, the $3billion-valued company launched improved products and services such as Capital, Fintech as a Service (FaaS), Checkout, Card Issuing, etc., and added payment methods such as Google Pay and Apple Pay to serve its customers better.

To know more about these improved products and services, click here — https://harnixtech.com.ng/flutterwave-introduces-a-new-brand-identity-new-logo-improved-products-and-services/

Presently, Flutterwave — https://flutterwave.com/us/blo... — is used by 1million+ businesses to process payments, with over 200 million transactions worth $16 billion being carried out across 34 nations in Africa, since its inception.

What is Stripe?

Stripe is a payment processing company that helps businesses to accept payments and carry out financial transactions in 135 different currencies using different payment methods.

https://www.linkedin.com/pulse/stripe-raises-600m-95b-valuation-flutterwave-partners-linas-beli%C5%ABnas

Stripe is renowned globally and is used by Amazon, Spotify, and other top companies to receive payment online.

To enhance the effective transactions of businesses online, Stripe introduced products such as Atlas, Sigma, Climate, Treasury, Issuing, Payouts, Billing, and Connect, among others.

Stripe — https://stripe.com/global#:~:text=Available%20for%20businesses%20in%2047%20countries. — is used in 47 countries globally, and is presently used by 3.1 million active websites for payment processing purposes.

Flutterwave vs Stripe: What are their differences?

Flutterwave Vs Stripe: Methods Of Payments

• Flutterwave:

° Barter.

° Mobile Money.

° PayPal.

° Visa QR.

° Debit and Credit Cards.

° USSD.

° Migo.

° Google Play.

° Voucher.

° Bank Transfer.

° Apple Pay.

° POS, and

° Paga.

• Stripe:

° Bank Debits.

° Vouchers.

° Bank Transfers.

° Wallets.

° Global and Local Cards.

° Buy Now Pay Later, and

° Bank Redirects.

Now, let's take a look at the transaction fees of both companies.

• Flutterwave

Flutterwave's transaction fees vary based on the location in which the transaction is being carried out.

For example, In Nigeria, the company charges 1.4% for local transactions done with both cards and mobile money.

However, In Cameroon, it charges 3.5% for each local transaction done using a card and 2.5% for each local transaction done using wallet and Mobile Money.

It also charges 3.8% for every international transaction done in Nigeria. Meanwhile, in Ghana, it charges 3.5% for every international transaction.

Furthermore, it charges 45 naira for each transfer done to the bank account and 150 naira for every transfer done to Mobile Money.

In Cameroon on the other hand, It charges 4 US Dollars for each transfer done to bank accounts and 2% for each transfer done to Mobile Money.

To check the transaction fees for your geographical area, click here — https://flutterwave.com/cm/pri... charges:

• 2.9% + extra 30 cents for each successful card and wallet transaction.

This will include an additional 1% charge if the card is an international card and an extra 1% charge if currency conversion is needed.

• 0.8% for every bank debit and transfer. However, this charge must not be more than $5.

• 1% for each instant payout, with the minimum charge being 50 cents.

• 25 cents for updating renewed or expired card information, if your account has custom pricing.

• 3 cents for each 3D secure authentication that is carried out before an online purchase is done.

Does Stripe Work In Nigeria?

No. Presently, Stripe doesn't work in Nigeria yet.

Is Flutterwave a payment gateway?

Yes, it is. It is certified by both the Payment Application Data Security Standard (PA-DSS), and the Payment Card Industry Data Security Standard (PCI-DSS), which qualifies it as a safe and secure payment gateway processor.

Flutterwave Vs Stripe: Which One Should You Use?

Flutterwave and Stripe are both exceptional payment processing platforms that you can use to process your online transactions.

However, Flutterwave has a better grip on the African financial market hence its operation in 34 countries in the continent and just a few countries outside it.

This is opposed to Stripe, which doesn't have any single African nation among the 47 counties that it operates in.

So, if you are looking for a payment platform for operations and transactions in Africa, you can go for Flutterwave.

And if you are looking for a payment platform for transactions in countries that aren't in Africa, you can go for Stripe, as it is more operational in non-African countries.

Lastly, if you are targeting the International market, you should go for Stripe, as it processes payments in 135 different currencies as opposed to Flutterwave which processes payments in 30+ currencies.