Why does myTOM use Stripe?
Why does myTOM require a Stripe account for Practitioners?
In order to make the payment mechanism as easy to use for both users and practitioners, TOM opted to use Stripe on the myTOM platform for a number of reasons:
- Customers can use their bank card details as normal when booking services and do not have to create an account (unlike with Paypal)
- Practitioners can quickly and easily create an account that enables TOM to automatically pay them for any transactions generated through the platform
- Stripe’s integration meant that we were able to offer a simple fast payment mechanism quickly for our users.
- Stripe transaction fees are much more competitive.
- Stripe allows TOM to automatically deduct the commission from a practitioner’s transactions as opposed to creating separate invoices and deductions.
- Stripe will allow TOM to expand the platform and easily offer various currencies in the future.
Although we may offer other payment mechanisms in the future such as Paypal, for the short term we believe that Stripe offers everyone an easy solution for payments.
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