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Payyo vs. Stripe: Which payment gateway should you use?

Payyo vs. Stripe: Which payment gateway should you use?

Apr 17, 2024
5 min read

This article was brought to life through the combined efforts of the TrekkSoft marketing team and the invaluable input from the Payyo team. Their contributions have enriched our analysis and understanding of payment gateway solutions, ensuring we bring you the most relevant and informed comparison between Payyo and Stripe.


Did you know that the first legitimate online transaction happened in 1994?  Dan Kohn sold a CD to a friend using credit card encryption for security. We’ve come a long way since then, with seemingly endless ways to pay digitally such as payment gateways. These gateways are what protects your data when you’re shopping online and have made the process quick and easy for both the sellers and buyers. 


Payment gateways are a crucial part of the online payment process for all types of e-commerce, including tour and activity operators. In this article, we’re going to talk about two powerful payment gateways, Payyo and Stripe. Both have advantages and disadvantages, which is why using both could be beneficial to your business. 

Understanding payment gateways

Before we get into comparing Payyo and Stripe, it’s important to understand what payment gateways are. Simply put, a payment gateway is a service that authorizes and processes payments for online and offline businesses. Think of them as a tech bridge between a customer’s payment and your bank account that protects everyone’s data along the way. 


The payment gateway industry is growing at an incredible rate. In fact, it’s estimated that the market will grow from $32.05 billion in 2023 to $37.59 billion in 2024 at a compound annual growth rate of 17.3%. This should not be surprising considering how much business is done digitally. 

Payyo: an overview

First, we’re going to talk about Payyo, a payment gateway known for its industry-specific approach to payment processing. It offers tailored solutions that cater to the unique needs of businesses in industries such as tour and activity operators. This niche-specific approach allows Payyo to provide features and services that are directly aligned with the operational requirements of these industries. 


Key features 

Payyo has several key features that make it a stand-out payment gateway. 


Personalized support and individualization 

Payyo specialized in its commitment to understanding and addressing the specific needs of each merchant and integrator. This personalized approach ensures that solutions are not just generic but are customized to fit the particular requirements of businesses, providing a more tailored and effective payment processing experience. 


Industry-specific solutions

The platform is known for offering solutions that are specific to certain industries, such as travel and experiences. This means that Payyo is adept at handling the unique challenges and demands of these sectors, offering relevant features and functionalities. 


Comprehensive reporting tools

Payyo provides advanced reporting capabilities, offering merchants a detailed and insightful view of their transactions. These tools can help businesses track their financial activity efficiently, providing various documents and files for a thorough understanding of their payment landscape. 


Diverse payment options

Another key feature within Payyo is that it supports an extensive array of payment methods. This includes traditional options such as credit cards and bank transfers, as well as a variety of alternative payment methods. The platform accepts all major credit and debit cards, as well as payments such as Alipay, Apple Pay, Google Pay and more.


Global reach 

Payyo’s platform is designed to support a significant number of countries and currencies, which makes it a fantastic choice for businesses looking to expand their operations globally. This coverage helps merchants easily process payments across borders without hassle. 


Split-payment functionality 

Payyo also offers the ability to split payments, which is a very useful feature for businesses that need to distribute funds among multiple parties. For instance, if there's a need to distribute a payment among various merchants, this functionality simplifies the process.


Flexible payout options

The payment gateway provides flexible options for payouts, accommodating the various needs of businesses when it comes to accessing their funds. This flexibility is crucial for managing cash flow and financial planning effectively. 


Disadvantages to Payyo

As with any service, there are always going to be some disadvantages. 


Industry specific

While being a strength, Payyo’s focus on specific sectors may not be suitable for businesses outside those sectors, which limits its applicability for a broader audience. 


Narrow brand recognition

Payyo is on the newer end of payment gateways, so some may not want to leave better known brands for it.


Complexity for very small businesses 

Payyo has many advanced features and customization options which can make it beneficial to businesses with those specific needs. This can also cause a steep learning curve for businesses who may just need general functions from a payment gateway. 

Stripe: an overview

Stripe has been in the payment gateway game for quite some time, and remains one of the most popular brands. It’s a comprehensive payment gateway that’s designed to facilitate online and mobile transactions with ease and security. It’s a powerful tool for businesses of all sizes, enabling them to accept payments over the internet. Stripe stands out for its simplicity, developer-friendly nature, and robust set of features that cater to a wide range of business needs. 


Key features 

Stripe is packed with features that make it a great option for e-commerce businesses. 


Global currency support 

Stripe currently accepts payments in over 135 currencies, and will also automatically convert them. This makes conducting business overseas very easy. 


Subscriptions and billing management

For businesses that offer subscriptions or recurring billing, Stripe provides tools to manage these processes seamlessly. This includes handling trials, discounts and variable billing cycles. 


Customizable checkout experience 

Stripe offers a customizable checkout experience that can be tailored to match the look and feel of your business. This helps in providing a consistent brand experience for customers during the payment process. 


Disadvantages of Stripe 

While Stripe is known for its versatility, ease of use, and comprehensive set of features, there are a few aspects that might be considered disadvantages depending on the specific needs of a business. 


Complex pricing structure 

Stripe’s pricing can be complex, especially as you start to use more of their specialized features or operate in multiple countries with high international transaction fees. 


Customer support challenges

Users have reported challenges in being able to reach customer support and get timely solutions which can be a problem for real-time issues. 


Integration and compatibility issues 

While Stripe offers extensive integration capabilities, there might be occasional compatibility issues with certain e-commerce platforms or business applications. 

Choosing between Payyo and Stripe 

Deciding between Stripe and Payyo can be a difficult decision. You may wish to consider the following when deciding:


  • Industry specificity: If you’re in an industry such as travel and hospitality, you will benefit from Payyo’s tailored approach. For more general e-commerce businesses, Stripe’s versatility may be better. 
  • Global reach: Both Stripe and Payyo are great for international business due to the acceptance of many payment methods. 
  • Technical resources: For businesses that have a strong technical team, Stripe’s developer-friendly platform can offer great flexibility and customization options. 
  • Personalized customer support and customization: Payyo emphasizes personalized support and individualization in handling requests, which can be crucial for businesses that require specific operational needs. 
  • Flexible payout options and payment splitting: Payyo offers split payments and flexible payout options, while Stripe does not. 

Final thoughts

Both Stripe and Payyo emerge as stellar choices for payment gateway services, each with their unique strengths and capabilities tailored to different business needs. When making a decision, it is crucial to  consider your specific business needs and objectives.


If you would like to explore these alternatives further, as we offer both payment gateways, we invite you to schedule a demo with us. This is an invaluable opportunity to delve deeper into how each could serve your business more effectively. Our team is at your disposal, ready to guide you through the nuances of Stripe and Payyo, ensuring you make a well-informed decision that aligns with your business goals.


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Devin Bohbrink
Posted by Devin Bohbrink
Content writer interested in all things travel and tourism. When she’s not writing, Devin is either snuggled up with her cats, or planning her next trip.
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