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LawPay vs Stripe: What are the differences?
Integration with Legal Industry: LawPay is specifically designed for law firms and legal professionals, offering features tailored to the unique needs of this industry such as trust account compliance. In contrast, Stripe is a more general payment processor suitable for a wide range of businesses.
Trust Account Compliance: LawPay ensures compliance with ABA and IOLTA guidelines, making it suitable for handling client funds securely, which is crucial in the legal industry. Stripe does not provide specific features for trust account compliance and may not be as suitable for legal professionals dealing with client funds.
Custom Branding and User Experience: LawPay allows law firms to customize their payment pages with their branding, providing a seamless and professional experience for clients. On the other hand, Stripe offers more generic payment pages without specialized customization options tailored to law firms.
Customer Support: LawPay offers dedicated support specifically for legal professionals, with knowledge of the industry's specific needs and challenges. Stripe provides support to a wide range of businesses and may not offer as specialized assistance for lawyers and law firms.
Recurring Payments Functionality: LawPay provides convenient options for setting up recurring payments, a common need for law firms with clients on retainer or payment plans. This feature is not as customizable or specialized in Stripe, which may be limiting for law firms with recurring billing needs.
Transaction Fee Structure: LawPay and Stripe have different fee structures, with LawPay offering transparent pricing specifically tailored for law firms. Stripe may have competitive rates but lacks the specialized pricing model that LawPay has developed for legal professionals.
In Summary, LawPay offers specialized features for law firms such as trust account compliance, custom branding, and tailored customer support, making it a more suitable payment processing solution for legal professionals compared to Stripe.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
With COVID-19 looming over us, businesses are, more than ever, looking for ways to set up online payments.
And having recently gone through implementing both Stripe and GoCardless to get monthly subscriptions set up and automated on my company website, I felt there was no better time to write this blog post!
If you're currently looking at working with a Payment Gateway provider API, or you're currently working with one but are not a fan, are looking to automate things a bit more, or are just generally thinking about changing, then you should have a read of my latest blog post where I compare Stripe and GoCardless.
I compare APIs in depth, specifically the subscription checkout flow that both offer (they're very similar, with some BIG differences).
There are plenty of code examples on how to set it up in a Node.js environment and right at the end, I rate each API based on the following factors:
- API ease of use
- API documentation
- Payment pages
- Costs / fees
- Security
- Developer appeal
- Customer experience
- Free Trial
So feel free to check it out, and I hope you like it. Please leave any feedback as it is very helpful. Thanks!
Stripe was made with developers in mind first so the extensibility of it is great! This makes it very easy for us to integrate and automate as much as we need with its APIs and SDK. It allows a lot of customization of exactly what we need to build our applications. They also manage all of our customers from a tax and accounting perspective which makes it easy from a business standpoint.
Pros of LawPay
Pros of Stripe
- Easy setup302
- Developer friendly292
- Well-designed api248
- Great documentation191
- Clear pricing169
- Secure75
- Reliable74
- Full integration with webhooks63
- Amazing api43
- Great customer support38
- Easy11
- Credit cards never hit your server - no pci worries6
- Recurring billing5
- No merchant account/gateway required4
- BitCoin3
- Easy to integrate3
- Support for SCA (Strong Customer Authentication)2
- Fast UI2
- Great app2
- Beautiful1
- Connect1
- Checkout.js1
- Great UI1
- So easy to use1
- Payments without own backend (using Stripe Products)1
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Cons of LawPay
Cons of Stripe
- Connect4
- CANNOT withdraw USD to a Canadian Bank Account2
- Does NOT have a currency conversion option like Paypal2
- They keep 25% of the income for 60 days2
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What is LawPay?
What is Stripe?
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