The Stripe advantage over PayPal is that Stripe operates more like a merchant account ... Stripe is an ISO with First Data Merchant Services (FDMS, I believe

The Stripe advantage over PayPal is that Stripe operates more like a merchant account ... Stripe is an ISO with First Data Merchant Services (FDMS, I believe now owned or controlled by Wells Fargo) doing the actual processing and, as such, assumes a different legal role than PayPal (which is a VAR for Paymentech). This is how Stripe is, as you say, "basically a white label."