In 2000, PayPal launched business accounts, allowing businesses to accept unlimited credit card payments with a standard 2.9% + $0.30 rate per transaction. PayPal was the first major company to pioneer a new online payments method for budding e-commerce sites like eBay, which previously relied on checks and money orders. PayPal and Square emerge as leaders in the payments space This risk is reflected in processing fees, which are higher for online transactions.Īs merchants increasingly turned to e-commerce, new companies have attempted to streamline the historically challenging process of accepting credit cards online. Online merchants also faced challenges around verifying the buyer’s identity with “card-not-present” transactions. Additionally, the company had to underwrite risk and was on the hook in the event of fraud or returned items. This process involved hurdles like regulations, fees, compliance standards, and payment card issuers - all of which became increasingly complex for international transactions.
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Typically, when a company wanted to accept payments online, it had to set up a merchant account - a complex process involving legacy infrastructure and manual tasks that could take days or even weeks.
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Stripe’s business strategy: How the $36B unicorn sets itself apart ‘PayFac’ technology simplifies underwriting and onboarding merchants.
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PayPal and Square emerge as leaders in the payments space.In this report, we dive into Stripe’s unique strategy, growth trajectory, product set, and where the $36B payments giant sees the global online commerce market heading next. And Stripe’s target market includes both small startups and Fortune 500 giants looking for payments services. In April 2020, the company raised $600M from investors including Sequoia, GV, Andreessen Horowitz, and General Catalyst at a $36B valuation. Stripe has broadened its product offerings across the entire payments stack. And the rise in e-commerce sales due to the Covid-19 pandemic has only added to Stripe’s growth rate. Today, it works with companies in over 120 countries spanning every industry, company size, and business model. Over the last decade, Stripe has expanded its platform beyond payments processing to handling more complex marketplace transactions through Stripe Connect, while also offering complementary services to help facilitate online commerce, drive growth for customers, and expand the funnel of internet businesses globally.Īs a result of its product innovation efforts, Stripe has seen explosive growth in product adoption and valuation.
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Stripe’s early success in acquiring customers was largely due to its mass appeal to the developer community. The company’s strategy also includes deference to developers, as well as a focus on directly serving developers who build websites and applications using Stripe’s product. In an interview at CB Insights’ 2019 Future of Fintech conference, Stripe CPO William Gaybrick indicated that businesses are more constrained by developer resources than by capital. Stripe is also pursuing some more unexpected offerings, including resources to help companies build their own internal analytics tools, and Stripe Atlas, which helps entrepreneurs create US-incorporated businesses in minutes. These APIs handle everything from acceptance and processing to settlement and reconciliation, while ensuring compliance and security. To help enable online commerce, Stripe is building a suite of APIs that allow developers to implement its payment capabilities. “Stripe really did come about because we were really appalled by how hard it was to charge for things online.” - John Collison
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Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments. This growth has created major opportunities in the payments space, and companies like Stripe - a payments unicorn valued at a massive $36B - are hungry to capitalize on them.īrothers Patrick and John Collison founded Stripe in 2010 in an attempt to gain share in online payments, a then-nascent market with seemingly boundless growth opportunities. As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years.