Thinkific has native integrations with Thinkific Payments, Stripe and PayPal; what's the difference between these three payment processors?
Thinkific Payments
As of May 19th 2022, all new Creators located in Canada or the USA who sign up for Free and Basic plans will have Thinkific Payments set as their default payment processor. Learn more about this update: Thinkific Payments Updates: What to Know
If you’re based in Canada or the U.S, Thinkific Payments is the easiest way to accept credit card payments for one-time purchases, subscriptions and payment plans on Thinkific. As a built-in payment processor, it is a seamless experience for your customer and for you. Thinkific Payments is powered by Stripe.
- Thinkific Payments can be managed from directly within the Thinkific platform - no need to juggle multiple platforms, apps, or websites.
- Ability to set up recurring (subscription) payments and payment plans.
- Payouts are scheduled and deposited directly to your bank account. Learn more about Thinkific Payments payouts here.
- Performance checkout is the default checkout process.
Stripe
Stripe is the easiest way to accept credit cards on Thinkific and is seamless for the purchaser. It's likely that you've already encountered Stripe in an online purchase and didn't even know it — you can find a list of some well-known companies who use Stripe for their payments at https://stripe.com/gallery.
- Requires most functionality to be dealt with from Stripe's website
- Ability to set up recurring (subscription) payments and payment plans.
- After the first Stripe transaction, revenue will transfer directly to your bank account following a purchase. You can learn more about Stripe's payout schedule here.
- Two-Page Checkout is the default checkout process with this payment processor on Thinkific. This checkout requires that all students first sign-up and then pay for their purchase.
Paypal
You can also accept payments with PayPal. PayPal is an internationally reputable payment processor that allows for easy one-time payments.
- Requires most functionality to be dealt with from PayPal's website.
- PayPal currently does not allow for recurring payment types (unless you've configured a custom workaround).
- PayPal funds are stored in your PayPal account and not paid out directly to your bank account.
- Two-Page Checkout is the default checkout process with this payment processor on Thinkific. This checkout requires that all students first sign-up and then pay for their purchase.
A Note on the Checkout process:
PayPal, if enabled along with Thinkific Payments or Stripe, will appear as an additional payment option on both the Two-Page and Performance checkout pages. If selected by the Student as their preferred payment method, the Student will be re-directed to the PayPal site where they will be required to log in to their PayPal account, before being able to make their payment.