PayPal is an online financial service that allows you to pay for items using a secure internet account. You simply add your bank account, credit card or debit card details and whenever you pay using PayPal, you can choose which of your cards or accounts it pays with. You can also set one to be the default payment method and that will be used unless you choose otherwise.
In addition to paying for items using PayPal, you can also receive money through the service. Any money received sits in your PayPal account and can be used when paying for something, with the balance topped up by your assigned cards or bank account.
Stripe was founded in 2010 with the mission of making it easier to accept payments over the internet. At the time, taking credit cards meant working with a legacy processor or a middleman broker who would provide you with access to a processor.
Then there were the banks you had to deal with, the credit card companies themselves, and a slew of additional services that were often poorly explained and sold by various third parties. Long story short, accepting credit cards was an incredibly complicated and poorly explained process.
Stripe set out to fix a lot of that by streamlining the process. They added services and features like fraud protection, fixed rates regardless of network, and an application programming interface (API) that allowed app makers to easily incorporate card processing into their apps.
Why their integration is so important?
Stripe and PayPal are the most used and most popular payment systems in the world. PayPal is very common and Stripe provides turnkey credit card billing solution that you can setup almost instantly with basic business info.
If you want to bill your customers online you need to use one of these or both services.
Online payments are very important for the automation of your system and the quality of service you provide to your customers. Therefore, the more reliable and popular the online payment system you use, the higher the number of online payments you get.
For integration PayPal and Stripe to OnlineBookMe.com Appointment Booking Solution, you need to go to General Settings, Payment Settings and enable them. More information to setup these can be found in here.
After this step, the only thing you need to do is enter your account information related to these payment gateways. After your customers complete their payments, their appointments are completed and recorded in their system. We do not handle actual payments or get commission from your payments.