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Finix vs. Stripe Comparison

The world of payment processing is quickly becoming a crowded place. In 2022, Finix announced that it was becoming a payments facilitator (payfac), putting the SaaS startup head-to-head with payments giant Stripe.

When it comes to Finix vs. Stripe, which embedded payment solution is the best for your business?

In this article, we’ll compare the features and benefits that Finix and Stripe have to offer. Alongside their ease of integration and how quickly it is to onboard merchants. We’ll also check out how Finix and Stripe hold up as payment facilitators compared to Exact Payments.

Let’s dive in.

Finix vs Stripe vs Exact Payments at a Glance

Exact Payments
Integration time (development)
< 1 day
2-3 days
1 day
Fees and pricing
Free to setup
Starting from
2.9% and $0.30 per transaction
No free trial. Finix charges businesses a regular software fee alongside a fluctuating fee dependent on the number of payments they process.
140+ global currencies
135+ global currencies
Data unavailable
Compliance and risk
  • PCI DSS Levels 1-4 certifications
  • Know Your Customer checks
  • PSD2 and Strong Customer Authentication (SCA) compliant
  • KYB, AML/CFT checks
  • EMV® 3-D Secure
  • Tokenization
  • PCI DSS Level 1 certification
  • Money Transmitter Licenses across the US
  • PSD2 and Strong Customer Authentication (SCA) compliant
  • Know Your Customer and AML checks
  • Tokenization
  • PCI DSS Level 1 certification
  • Know Your Customer checks
  • PSD2 and Strong Customer Authentication (SCA) compliant
  • Tokenization
Merchant Onboarding / Underwriting
Almost real-time.
1-2 business days
1 business day
Billing / Invoicing
Customizable UX
POS payments
Recurring payments
Smart payment routing
Business Lending
Transaction monitoring
Customer service
Mon - Fri 7:30 AM – 5:30 PM PDT. Phone and Email support in English only.
24/7 Phone and Chat support in English and Japanese only.
Mon - Fri. 9:00 AM - 5:00 PM PDT. Phone and Chat support in English only.
*Data accurate as of January 2023

What is Stripe Connect?

Stripe is a well-established player in the payment processing space, offering a range of services including online and mobile payments, subscriptions and recurring billing, and fraud prevention.

While Stripe Connect is a separate service from Stripe Payments, it operates under the same company.

Stripe Connect provides payment integration specifically for SaaS platforms and marketplaces. Connect shares similarities with Payments, but it’s designed to handle higher volumes of transactions between users on a single platform.

Stripe Connect Pros

Handles compliance

Connect is one of the easiest ways to set up shop. With intuitive API’s you can get everything you need to build an attractive customer experience and create new revenue streams without having to worry about complying with payment regulations. Stripe handles the burden of KYC verification and PCI compliance.

A wealth of documentation

Stripe Connect is popular among ISVs and developers due to its user-friendly documentation and large developer community. Making it easy to integrate and enroll quickly, and solve problems without needing to contact customer support.

Automated billing and invoicing

Stripe provides a range of methods for businesses to automate billing and invoicing. Clients can use Invoicing to collect payments from customers or send automatic payment links through one easy to integrate API.

Stripe Connect Cons

Not a long-term solution

Many SaaS businesses initially choose Connect as their go-to option because it’s easy to use. However, as the volume of transactions increases, Stripe Connect is not a sustainable solution for software businesses in the long run – due to how downright expensive it is. Stripe Connect also doesn’t offer flexible pricing structures or revenue share.

It may not be an immediate concern, but for software businesses that transact at any volume, becoming their own payment facilitator – or more simply partnering with a payfac-as-a-service provider like Exact Payments – outside of the Stripe ecosystem is a more profitable and long term solution.

Longer merchant onboarding

For customers looking to onboard merchants quickly, Connect may be too restrictive. As you’ll need to wait for Stripe’s approval, which could create bottlenecks.

What is Finix?

Finix, on the other hand, is a newer player in the space and focuses on providing a payments infrastructure platform to businesses.

Finix helps SaaS companies to manage their own payments stack and control their own data, allowing them to build custom payment experiences for their customers. Finix also provides a range of features like instant funding.

Finix Payfac Pros

Works for businesses of all sizes

Finix offers its services to companies from their earliest stages. Any business can use Finix’s APIs from the start – even if they haven’t run a transaction yet. However, to become a payment facilitator and take on more responsibility for risk, underwriting, and compliance operations, Finix recommends an annual transaction volume of $50 million.

Offers more flexibility

In comparison to Stripe, Finix offers a greater degree of flexibility by creating API building blocks that clients can mix and match. While this may be great for clients with in-depth knowledge of the payments space and development time, it may also be a downside for smaller clients.

Real-time fraud monitoring

Finix has developed an intuitive Fraud Detection API that customers can integrate to reduce chargeback losses. The API captures data from customer-facing websites and monitors transactions in real time.

Finix Payfac Cons

Limited customer service

Finix has limited customer service that is only available in the US from 9:00 – 17:00 PDT which could be costly for international clients experiencing problems. Finix is also only able to provide support and documentation in English.

Doesn’t provide invoicing and billing

Unfortunately, Finix does not provide a way for customers to automate their invoicing and billing process. Falling short against Stripe which allows customers to send invoices with built-in support for credit and debit cards.

Suited to North American clients

Finix integrates with the leading processors in North America. As much of their focus and customers are based in the United States – clients based outside of the region may need to look for a local embedded payments solution.

You may be thinking that there’s not much difference between Finix and Stripe, is there a better option out there?

The answer is yes.

Get more with Exact Payments 

What is Exact Payments?

Exact Payments is a robust and reliable payments gateway that offers embedded payments for SaaS – providing a wide range of payment options and advanced features. With an impressive 99.99% uptime and real-time transaction processing, Exact Payments is designed to handle high volume and scale with growing businesses. 

Exact Payments Pros

Low code integration

No matter how complicated your current payment infrastructure or business model is, with Exact Payments you can be set up and ready to go in less than a day. The Exact Payments REST API enables easy integration without eating up valuable engineering resources. Exact Payments developer portal and rich documentation guides teams through each step in the integration process, reducing complexities. Complete with an open sandbox environment that’s available for clients and curious developers.

Onboard merchants in minutes

The underwriting process is notorious for being complex and grueling. Exact Payments automates the underwriting for near real-time account decisioning. Eliminating the need for costly upfront and ongoing expenses such as hiring programmers to build platforms in-house, KYC/AML technology, underwriting/onboarding technology, etc. Meaning your customers will be live and ready to accept payments in minutes!

Customizable model

Whether you’re looking for payment facilitation as a service or becoming a fully-fledged payment facilitator yourself – Exact Payments offers fully customizable and flexible partnership models that grow with your business.

Faster global coverage

By integrating with Exact Payments, software platforms can see a reduction in payment costs and improve revenue. Exact Payments takes away the hassle of becoming a payment facilitator and handles the entire process from A to Z . With over 140+ currencies, and 100+ payment methods, Exact Payments helps businesses to get global coverage quickly and get the most out of global payments. 

Why partnering with Exact Payments is the best solution for SaaS

Exact Payments delivers easy-to-integrate embedded payment solutions. Driven by a passion for technology Exact Payments simplifies payment integration and processing for SaaS. Exact Payments aims to help every Saas company launch, onboard merchants in minutes, and help non-engineers take action on insights that we deliver from their payment data.

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