In keeping with the growing market for global e-commerce payments, Stripe has developed a new version of its Connect service tailored for international startups.
The revamped Stripe Connect, a service that enables businesses to accept credit and debit cards online, includes features meant to simplify the scaling of a payment platform internationally, the company said in a March 23 blog post.
Stripe Connect was first launched in 2012. Its clients include grocery delivery service Instacart, transportation network Lyft and crowdfunding platform Kickstarter. Typically, for these companies to support international commerce, they had to either run all transactions through a central U.S. hub or register as a local business in each location. Both of these options represent major hurdles for startups, leading to more declined cards and currency conversion fees.
Stripe Connect now can customize clients' platforms in different ways, such as integrating country-specific identification requirements. Stripe is currently supported in 18 countries, with more planned over the course of the year.
Another addition made to Stripe Connect is support for managed accounts with a customized interface for marketplace sellers. Elements that can be customized include the setup flow, how payment scheduling and fee collection.
Setting up a managed account costs 0.5% of funds paid out; otherwise, Stripe Connect's pricing remains the same as before the relaunch.