Payment processing company Stripe has a growing base of U.S. fans, and it's about to get some love in the Great White North. The company is launching its beloved online credit card processing service in Canada. If you don't accept credit cards online, that may not sound revolutionary, but the move is one small step in Stripe's plan to take easy payment processing global.
Before Stripe, if you wanted to accept credit cards for your online venture you had essentially two options: Get a merchant account or use a payment gateway. To get a merchant account, you have to convince a bank that your business is valid and that your credit risk is low. Once you get approved, you have fees for each transaction, as well as monthly dues to keep your merchant account current. Payment gateways, like those offered by PayPal, Intuit, or Authorize.net, though easier to deploy, aren't dramatically cheaper. Rather than having your own merchant account, payment gateways accept credit cards on your behalf, but also slap you with monthly and transactional fees.
Backed by PayPal founders Peter Thiel, Elon Musk, and Max Levchin, Stripe launched in 2011 to offer a third option. The company sets up merchant accounts with banks so you don't have to. All you do is drop a few lines of code into your website and you have a payment form that you can brand anyway you like. There are no monthly or set-up fees, but for Stripe's trouble it keeps 2.9% of the purchase and a $0.30 transaction fee. According to co-founder Patrick Collison, the same merchant account woes that American merchants face exist all over the world. So, naturally, that is where he is headed next, outside the United States.
Stripe's first stop is Canada, a logical choice and the first international foray for many U.S. companies because of the geographic and cultural comfort level it offers. Canada also offers Stripe a population of would-be online merchants who suffer long waits, onerous requirements, and antiquated technology, says Stripe beta-tester Colin Percival, who runs Tarsnap, a Vancouver, BC-based UNIX backup service. "For a long time, accepting credit cards in Canada meant dealing with banks — not a problem if you have millions of dollars of revenue, but far from a friendly process for a small business just starting up," says Percival. "Stripe makes all the problems of credit card processing go away."
With $38 million in its own bank account, Stripe is intent on taking its business – and hearing that sentiment – all over the world.
Sarah Mitroff 20 Sep, 2012
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Source: http://feeds.wired.com/~r/wired/index/~3/awFDOntstbE/
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