Elavon vs Stripe – Comparing payment processing providers

In the landscape of digital commerce, the choice of a payment processing provider can be a crucial determinant of a business’s success. A trusted, reliable, and efficient payment gateway not only facilitates smooth transactions but also instils confidence in customers. For UK businesses seeking to select a payment provider, two names often stand out – Elavon vs Stripe.

Both are reputable, global companies, but they offer unique advantages and disadvantages. This article explores each platform’s features, pricing, and customer support to help UK businesses make an informed choice.

Elavon vs Stripe

Feature/Service	Elavon	Stripe
Credit/Debit Card Processing	Yes	Yes
Mobile Wallet Processing (Apple Pay, Google Pay, etc.)	Yes	Yes
Alternative Payments (PayPal, etc.)	Yes	Yes
E-commerce Integration	Yes	Yes
API for Custom Integration	Yes	Yes
Physical POS System and Card Reader	Yes	Yes
PCI DSS Compliance	Yes	Yes
Advanced Fraud Protection	Yes	Yes
24/7 Customer Support	Yes (Phone and email)	Yes (Email and chat)
Pricing	Negotiable and varies; can include setup fees, monthly fees, transaction fees, and hardware costs	Flat-rate pricing: 1.4% + 20p for European cards, 2.9% + 20p for non-European cards; Stripe Terminal: Verifone P400 for £299 or BBPOS Chipper 2X BT for £59
Contractual Commitment	May include long-term contracts depending on the agreement	No long-term contracts
Early Termination Fee	May apply depending on the agreement	No early termination fee
Chargeback Fees	May apply; the exact amount can vary	£15 for disputed payments (refunded if the dispute is resolved in your favour)

This table offers a simplified overview and the specifics might vary depending on the individual agreement or specific needs of the business. Therefore, it is always a good idea to directly contact each provider for a detailed and personalised quote.

Overview of Elavon vs Stripe

Elavon

Headquartered in Atlanta, Georgia, Elavon is a well-established payment processing company, having operated for over 25 years. It caters to various businesses, from small and medium-sized enterprises (SMEs) to large corporations, in numerous sectors including retail, hospitality, health, and public sector organisations. It provides an array of payment solutions, such as mobile, online, in-person, and integrated payments.

Stripe

Founded in 2010, Stripe is a relatively newer entrant in the payment processing market but has quickly risen to prominence due to its developer-friendly features and innovative payment solutions. This San Francisco-based company offers a comprehensive suite of payment services to businesses of all sizes, including e-commerce, mobile applications, and subscription services.

Features comparison – Elavon vs Stripe

Payment options and compatibility

Elavon: Elavon supports a broad range of payment methods, including credit and debit cards, mobile wallets like Apple Pay and Google Pay, and alternative payments like PayPal. They offer in-person terminals and mobile card readers, in addition to their online and mobile payment solutions.

Stripe: Stripe provides a variety of payment options, covering credit and debit cards, digital wallets, and numerous global payment methods. Stripe is particularly renowned for its API-first approach, enabling businesses to build custom payment solutions.

Integration and ease of use

Elavon: Elavon offers several integration options, from simple ‘out of the box’ e-commerce plugins to API solutions for custom integrations. While it supports integration with major e-commerce platforms, some users report that the integration process can be complex.

Stripe: The key selling point of Stripe is its ease of integration. It provides robust APIs that allow businesses to customise their payment process entirely. Its developer-centric approach makes it the preferred choice for businesses with a technical team.

Security

Elavon: Elavon is compliant with the Payment Card Industry Data Security Standard (PCI DSS) and provides a secure encryption service for card data, reducing the risk of data breaches.

Stripe: Stripe also complies with the PCI DSS and implements advanced fraud detection tools. Their machine learning models automatically identify and prevent fraudulent activity, making their system very secure.

Pricing comparison – Elavon vs Stripe

Elavon

Elavon’s pricing structure can be somewhat opaque, with rates often negotiated on a case-by-case basis, depending on factors such as the business’s size, transaction volume, and risk profile. While this personalised approach might result in favourable rates for some businesses, it lacks the transparency that many modern businesses prefer.

Stripe

Stripe, on the other hand, operates on a clear, straightforward pricing structure. For most businesses, they charge a flat rate of 1.4% + 20p for European cards and 2.9% + 20p for non-European cards. They do offer volume discounts for businesses with large payment volumes, and there are no setup or monthly fees.

Customer support

Elavon

Elavon provides 24/7 customer service support via phone and email, which many clients appreciate. However, some customer reviews indicate dissatisfaction with the quality of service, citing difficulties in reaching representatives and resolving issues.

Stripe

Stripe’s primary support channel is via email, with 24/7 availability. They also offer support through chat for urgent matters. Their website contains extensive documentation, guides, and a user community forum. However, they lack immediate phone support, which could be a disadvantage for businesses needing instant resolution.

Comparing physical hardware products

In today’s diverse business landscape, physical hardware products like point-of-sale (POS) systems and card readers are still vital assets for many businesses, especially those with a brick-and-mortar presence. Both Elavon and Stripe offer physical hardware products, but their offerings differ significantly in terms of product range, pricing, and functionality.

Elavon

Elavon offers a wide range of physical hardware options tailored to businesses of varying sizes and needs. Their offerings include countertop terminals, wireless terminals, PIN pads, and mobile card machines. These devices support multiple payment methods, including credit and debit cards, contactless payments, and mobile wallets like Apple Pay and Google Pay.

Elavon’s POS systems are equipped with features like inventory management, staff management, and customer relationship management. They can also integrate with multiple peripherals, such as barcode scanners and receipt printers, making them a comprehensive solution for many businesses.

In terms of pricing, Elavon’s hardware can be more expensive upfront compared to other providers. However, businesses often have the option to lease equipment, which can help mitigate these upfront costs. This approach may be beneficial for businesses that prefer a lower initial investment, but it’s worth noting that the total cost over the lease term could exceed the purchase price.

Stripe

Stripe’s physical hardware offering is somewhat more limited, mainly focusing on mobile and internet-based businesses. Their primary hardware product is the Stripe Terminal, a card reader designed to integrate with the Stripe payment platform. The terminal supports chip and pin, contactless cards, and mobile wallets.

The Stripe Terminal is developer-centric, much like their payment platform. It allows businesses to build custom checkout experiences and is aimed at businesses that want to unify their online and offline payments. However, the terminal doesn’t offer the additional features like inventory management or customer relationship management found in Elavon’s POS systems.

Stripe’s hardware pricing is more straightforward. They offer two models of the Stripe Terminal – the Verifone P400, priced at £299, and the BBPOS Chipper 2X BT, priced at £59. There are no ongoing lease or rental fees, making Stripe’s pricing more predictable and transparent.

Hardware verdict

Elavon offers a more comprehensive range of hardware products, making them a viable option for businesses requiring advanced POS systems. However, their pricing model may be less transparent, and the total cost can be higher.

Stripe, on the other hand, offers a simpler hardware solution that aligns with their digital-first, developer-friendly approach. Their terminal may lack some of the additional features provided by Elavon, but their transparent, upfront pricing is likely to appeal to many businesses.

As with the broader payment platform comparison, the best choice will depend on your specific business needs and circumstances. It’s essential to consider your required features, your budget, and how the hardware will integrate with your existing systems when making your decision.

Conclusion – Elevon vs Stripe

The decision between Elavon and Stripe ultimately depends on your business needs.

Elavon is a more traditional provider, with a range of physical payment options, but their pricing and integration process may be less transparent and more complex.

Stripe, with its robust APIs, transparent pricing, and ease of integration, is particularly suited to digitally-focused businesses.

However, it’s crucial to consider other aspects such as your transaction volume, the complexity of your payment needs, and your preferred level of customer support. It’s advisable to reach out to each provider, discuss your specific needs, and request a tailored quote before making your decision. The right payment processing provider can significantly impact your business’s success, so this decision warrants careful consideration.

FAQ – Elavon vs Stripe