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Stripe vs Apple Pay

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5 1

When comparing Stripe vs Apple Pay, the Slant community recommends Stripe for most people. In the question“What are the best services for making online transactions?” Stripe is ranked 1st while Apple Pay is ranked 5th. The most important reason people chose Stripe is:

Stripe is very simple for developers to integrate into their application as it is a "works out of the box" solution with a fantastic API. The Stripe API is incredibly simple to setup, for example creating a new charge with Ruby is simply: require "stripe" Stripe.api_key = "vtUQeOtUnYr7PGCLQ96Ul4zqpDUO4sOE" Stripe::Charge.create( :amount => 400, :currency => "usd", :card => { :number => "4242424242424242", :exp_month => 1, :exp_year => 2014, :cvc => 314 }, :description => "Charge for test@example.com" )

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Common Questions

What are the best services for making online transactions?

Pros

Pro
Very Easy to Setup

Stripe is very simple for developers to integrate into their application as it is a "works out of the box" solution with a fantastic API.

The Stripe API is incredibly simple to setup, for example creating a new charge with Ruby is simply:

require "stripe"
Stripe.api_key = "vtUQeOtUnYr7PGCLQ96Ul4zqpDUO4sOE"
Stripe::Charge.create(
  :amount => 400,
  :currency => "usd",
  :card => {
    :number => "4242424242424242",
    :exp_month => 1,
    :exp_year => 2014,
    :cvc => 314
  },
  :description => "Charge for test@example.com"
)

Pro
Very competitive fees

Pro
Great Documentation

Pro
Supports online marketplaces

Stripe have recently announced support for online marketplaces. This means a service can now enable their users to seamlessly collect payments using the Stripe API.

Pro
Actual credit card number is obfuscated through Tokenization

Pro
Fingerprint authentication adds secondary authentication without requiring to remember anything

Fingerprint authentication adds secondary authentication before a transaction can be initiated. Additionally, it makes sure that nothing get's bought by accident and doesn't require remembering anything such as a password or a pin to use.

Pro
The most widely used option

Apple Pay is used more than all of the competition combined.

Pro
No credit card information is stored on Apple's devices or servers (except during setup)

Apple avoids any contact with real credit card information, except during setup at which point all information is handled carefully using encryption throughout the process.

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Cons

Con
They have very complicated and expensive pricing for marketplaces

See here.

Con
Works only with iPhone 6 or later

Apple Pay is compatible only with iPhones and only those that include an NFC and Secure Element chips which currently is only iPhone 6 and iPhone 6 Plus.