WooCommerce Payments vs Stripe: Which is best?

WooCommerce Payments and Stripe both offer business owners an easy way to receive online payments.

Both solutions can help you manage transactions, track revenue, and handle disputes. The payment service providers work for various business models such as recurring revenue subscriptions and in-person retailers.

This post will compare WooCommerce vs Stripe so you can decide which is best for your business.

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📝 In this article:
WooCommerce Payments vs Stripe: Overview What’s better: WooCommerce Payments or Stripe? WooCommerce Payments vs Stripe: Final verdict

WooCommerce Payments vs Stripe: Overview

Fee	WooCommerce Payments¹	Stripe²
Credit card	2.9% + $0.30 USD for transactions from U.S. issued card +1.50% for transactions made from cards issued outside the US	2.9% + 30¢ for each transaction +0.5% for manually entering card information starting from November 10, 2022 +1% for using international cards
In-person sale	2.6% + $.10 per transaction for US merchants that accept in-person payments + 1% for payments made in-person with international cards	2.7% + 5¢ per successful card transaction
Currency conversion	+2%	+2%
Dispute fee	$15	$15

What’s better: WooCommerce Payments or Stripe?

To give you a clear idea of how the two services fare against one another, here are some key factors you can use to compare them:

Cost

Stripe vs WooCommerce Payments costs can be tricky to compare as the two services offer comparative rates with minor differences.

Cost	Comparison
In-person sales	For in-person sales, WooCommerce charges 2.6% plus $0.10 USD per transaction with an extra 1% charge for international cards. Stripe charges a flat rate of 2.7% + 5¢.
Dispute charge	Both services charge $15 per dispute for US-based businesses.
Card payments	There’s a 2.9% plus $0.30 USD fee for both Stripe and WooCommerce card payments. However, Stripe will introduce a 0.5% fee increase starting November 2022 for manual card information entry.¹⁰
Currency conversion	Both services charge a 2% currency conversion fee.
International card transactions	WooCommerce charges 1.50% for transactions made from a card issued outside the US whereas Stripe charges just 1%. You can also connect Stripe to Wise Business.

To wrap up, the costs for using both services are similar. Stripe fees can be more affordable for international transactions. For manual card information entry, WooCommerce Payments may be the better deal in the long-run.

💡 Wise Business lets you receive international transactions from Stripe with ease. Traditional banks can charge fees and offer bad exchange rates for receiving foreign currencies. With Wise, you can get access to EUR, GBP, CAD account details, and more - all in one account. This means you’ll receive payment into the same currency, giving you the freedom to spend, hold, or exchange funds at the real mid-market rate.

Speed

Speed refers to how quickly you receive funds in your account through the payment processor. WooCommerce and Stripe both offer standard transaction services along with expedited fund delivery for an extra cost.

WooCommerce Payments:

For WooCommerce Payments, there are two stages funds go through before arriving in your account.

• Pending period - The pending period refers to how long your funds are held which depends on the country you run your business in.
• Deposit schedule - The deposit schedule determines when the funds are released to your account following the pending period.

There’s also a 7-day waiting period for new accounts, after which the pending period will begin.³

If you’re looking to expedite payments, you can use the Instant Deposit service.

With Instant Deposit, you can receive funds to a debit card in a matter of minutes. The service works around the clock, even on holidays.

To use the Instant Deposit service, your account must meet the following criteria:⁴

• US-based
• At least 90 days old
• Processed more than $1,000 in the previous 90 days
• Less than 1% of your transactions have led to a dispute in the previous 90 days
• Debit card listed as the payout method

Stripe:

As with WooCommerce Payments, Stripe offers a secure transaction of funds to your account after an initial pending period. This pending period varies based on the country your business operates in.

Stripe users can also use Instant Payouts, to send or receive payments instantly to a debit card or bank account. This service works 24/7, including holidays, and funds will typically appear within 30 minutes.⁵

Instant Payouts is available to Singapore, Canada, the UK, and the US. You can contact Stripe if your business is in another country and you wish to use the service.

New users aren’t eligible for Instant Payouts, and existing users can check their eligibility in the dashboard.

Availability

Which countries can you use both services in?

WooCommerce Payments supported countries:

Stripe supported countries:⁸

Australia Austria Belgium Canada France Germany Hong Kong Ireland Italy Netherlands New Zealand Poland Portugal Singapore Spain Switzerland United Kingdom United States

Australia Austria Belgium Brazil Bulgaria Canada Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Gibraltar Greece Hong Kong Hungary India PREVIEW Ireland Italy Japan Latvia Liechtenstein Lithuania Luxembourg Malaysia Malta Mexico Netherlands New Zealand Norway Poland Portugal Romania Singapore Slovakia Slovenia Spain Sweden Switzerland United Arab Emirates United Kingdom United States

WooCommerce Payments isn’t available for outlying territories of the US, except Puerto Rico.⁶

Supported currencies

WooCommerce Payments	Stripe
100+ currencies.⁷	135+ currencies.⁹

Customer service

WooCommerce Payments

Stripe

FAQ - Access answers to commonly asked questions about WooCommerce Marketplace, WooCommerce Payments, and more. Community forum - Ask the WooCommerce community questions about the service. Contact form - Fill in your details and a customer service representative will get back to you. WooExpert program - Contact WooCommerce experts through the WooCommerce Marketplace and receive a response within two business days. Subject to fees.

Stripe docs - Guides on how to integrate and use Stripe Discord developer chat - Discuss issues with Stripe developers on Discord Stripe support - Read popular articles on topics such as billing, payouts, and refunds. 24/7 contact support - Sign into your account and contact a customer support representative for assistance.

WooCommerce Payments vs Stripe: Final verdict

When comparing the reviews from Trustpilot (an independent review site), Stripe overall was rated 3.3 out of 5 with positive comments highlighting customer service, and some negative points on payments being held.¹¹ WooCommerce received a rating of 2.8 out of 5 overall. Positive reviews mentioned ease of use, while some negative reviews lacked customer service support.¹²

These reviews offer a picture of WooCommerce and Stripe as a whole, however, and not their specific payment services.

WooCommerce Payments integrates seamlessly with WordPress, so if you already use the website-hosting platform, it can be a good choice for your business.

Stripe is available in more countries and is generally more cost-effective for international business use. You can also connect Stripe to Wise to receive international payments for less. This is a great bonus for businesses with international customers.

Receive international payments with Wise Business
Join Wise Business today

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Sources:

1. What are the fees for WooCommerce Payments?
2. Pricing & fees | Stripe Official Site
3. When will I receive deposits for my WooCommerce Payments account balance?
4. Instant Deposits with WooCommerce Payments
5. Receiving payouts | Stripe Documentation
6. WooCommerce Payments in Your Country
7. What currencies can I accept with WooCommerce Payments?
8. Find Stripe in Your Country
9. Supported currencies | Stripe Documentation
10. Price change for manually entered card payments : Stripe: Help & Support
11. Read Customer Service Reviews of woocommerce.com
12. Stripe Reviews | Read Customer Service Reviews of stripe.com

All sources checked September 13, 2022.