Stripe, an online payment system developer has launched Stripe Connect as of October 10 to serve as a tool that eliminates as many extra steps as possible to simplify the acceptance of mobile payments for various retailers.. The new system lets e-commerce sites that want to accept online payments to give Stripe’s user friendly service to customers almost immediately following a few simple steps.
The painless payment processing that San Francisco-based Stripe offers users has made it the darling of web developers and investors alike. With a solid customer base in the U.S. and Canada the company recently closed a funding round from Sequoia Capital and General Catalyst for $20 million. In all, the start-up has a $500 million valuation and is growing by leaps and bounds.
Stripe Connect makes accepting online payments much simpler than competitive products because it lets its users concentrate on selling rather than worrying about coding. The online payment process is actually quite complicated, with many users have to deal with outdated processes that can take weeks to allow their websites to accept payments. Knowing these facts, Stripe takes care of all the gateways, subscriptions, credit card storage, banks, regulations and compliance standards so that users can start accepting payment right away.
Stripe Connect has a very good start to its life and is already integrated with Shopify, Skillshare, and Reddit. The system should get more big names in the future as Patrick Collison, the co-founder and CEO of Stripe, explains the system and its benefits by stating that, “What we’ve seen happen in the last couple of years is that a lot of new marketplaces have sprung up online–more companies are turning their users into sellers, like Airbnb or Kickstarter. Stripe Connect enables any of these services to integrate Stripe’s technology into their platform and offer it to all of its users. There is no company that does this. To do this on your own, you’d literally have to build a little payments company internally, which is obviously a huge barrier to entry.”
Strip Connect allows the user another major advantage and that is the ability to move their data around and share it with other applications without hassle because everything relating to their payment processing is available in one place. Collison explains that, “It’s a really big deal for users, because now they have a single payments identity they can bring anywhere. So you’re selling through this one store or your getting invoices paid through another service and then you want to share all this payments data with a CRM tool or with analytics software–Stripe Connect allows you to plug in your payments information anywhere, so you can both accept payments in more places and bring that data to more places.”
Source: FastCompany
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