Untangling The Complexities Behind Web Transactions in 2017

Orlando Trott
Aug 2, 2017 · 3 min read
Image From Stripe.com

Follow me @landotrott for insights on tech, customer/consumer data & business analytics.

10/03/17 Update: Stipe is launching Elements, a free toolkit that Stripe is rolling out globally for Stripe users to build customised checkout experiences.

Similar to Stripe’s core payment service — which works by way of an API, meaning users simply add a few short lines of code to bring the payment feature into their site or app — Elements is based on “building blocks” that companies can use to add in different features like alternate and localized payment methods, autofilling scripts, mobile payments, and responsive design that adjusts to whatever screen is being used. You can see some examples and test them out (if you are so inclined) here. (Techcrunch)

08/02/17 Original Post:

“We think giving two people in a garage the same infrastructure as a 100,000-person ­corporation — the aggregate effects of that will be really good,” Patrick Collison, Co-founder Stripe.

In the era of unlimited mobile transactions, the need for a more modern yet reliable payment infrastructure haunts CTO’s night after night. At first glance most would think — well doesn’t PayPal already do that? What differentiates Stripe from the traditional PayPal most have used in the past?

With PayPal’s primary merchant services, you’ll typically redirect your customers to a PayPal branded webpage in order to pay and finish the transaction. This can push customers into a completely different user experience that they’re unfamiliar with. If you want to design and host your own payment experience with PayPal, you can use PayPal Payments Pro (which comes with extra fees) and you’ll also need to contend with PayPal’s API.

In today’s developer landscape, product managers want the ability to accept payments in native form. Any redirects, speed bumps or disruptions in flow can ultimately impact sales over time. With this being said, Stripe offers significant advantages to dev teams allowing start-ups and enterprises alike to accept payments without redirecting customers to a third-party landing page.

While most of Stripe’s hundreds of thousands of paying customers are relatively small, a handful of its best-known clients — Lyft, Shopify, Amazon, Warby Parker and Under Armour — process tens of billions in payments combined, much of it through Stripe.

The beauty in Strip is in the charges. Stripe charges you one rate for each transaction (starting at 2.9% + $0.30 per transaction for US businesses) — -that’s it. There are no additional charges for failed transactions, American Express cards, international cards, stored cards, currency conversions, refunds or recurring payments. See more about our pricing here: Stripe: Pricing

According to Ashlee Vance, the explosive growth of e-commerce activity has outpaced the underlying technology; companies wanting to set up shop have had to go to a bank, a payment processor, and “gateways” that handle connections between the two. This effort typically takes weeks, lots of people, and requires fee after fee after fee. Much of the software that processes the transactions is decades old, and the more modern bits are written by banks, credit card companies, and financial middlemen, none of whom are exactly winning ­hackathons for elegant coding.

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Data Dump

Data Dump is a repository of thoughts, insights and best practices surrounding enterprise growth, consumer data, and corporate strategy. Contact the writer [orlando.trott@yahoo.com]

Orlando Trott

Written by

Strategy Consultant | Follow for insights around Tech, Consumer Data & Business Analytics.

Data Dump

Data Dump

Data Dump is a repository of thoughts, insights and best practices surrounding enterprise growth, consumer data, and corporate strategy. Contact the writer [orlando.trott@yahoo.com]

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