Thinkific has native integrations with Thinkific Payments, Stripe and PayPal; so, what's the difference between these three payment processors?
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.
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.
You can also accept payments with PayPal. PayPal is an internationally reputable payment processor that allows for easy one-time payments.
Differences Between Thinkific Payments, Stripe and PayPal
The Checkout process
We currently offer two checkout experiences:
- Our Two-Page Checkout is the default checkout process for those accepting payments through Stripe and/or PayPal. Our two-page checkout allows for the most customization, making it ideal for creators who want to tailor their student experience. This checkout requires that all students first sign-up and then pay for their purchase.
- Our Performance checkout is the default checkout process for those accepting payments through Thinkific Payments (with or without PayPal). This checkout trades some of the customization away in favour of a sleek, frictionless, one-page checkout that moves prospects through the buying process faster.
PayPal, if enabled, 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.
Recurring (subscription) payments and payment plans
These payment methods are only offered through Thinkific Payments and our Stripe integration. PayPal currently only allows for one-time payments (unless you've configured a custom workaround).
Payouts
When a customer purchases your course, the funds are treated differently depending on the payment method used. PayPal funds are stored in your PayPal account and not paid out directly to your bank account. However, after the first Stripe transaction, revenue will transfer directly to your bank account after a purchase is made. You can learn more about Stripe's payout schedule here. And, you can learn more about Thinkific Payments payouts here.