In case you didn’t know, Stripe, the payment processing gateway introduced massive changes and improvements to their platform. What do they mean for your business? Stick around and find out!
Stripe has been innovating away for over a decade now. At HyperTrends, we have utmost respect for companies that always push the boundaries on the status quo and innovate. After all, that is one of the biggest reasons we built, TicketBlox – a white-labeled event ticketing platform that makes event ticketing seamless, transparent, ethical and most-importantly, trustworthy!
As a software development company that builds products that process payments in the millions, we couldn’t be more excited with the latest Stripe release.
Key Takeaways
- Over 50 new features introduced!
- Stripe introduces usage based, metered payments
- App Store Connectors – Import transactions from Google, Apple etc. and consolidate revenue recognition in one place
- Adaptive Pricing – automatically show local currencies for 40 countries. Let people pay their way
- Organizations – Group We have multiple Stripe Accounts in different regions
- A/B test your payment methods – This is a much requested feature!
- Stripe Connect – Use 17 pre-built components!
To learn more, read here at the Stripe blog
How does this impact my business? If you’re using Stripe, these features could tremendously benefit you.
Usage-Based Payments
Commonly referred to as ‘pay-as-you-go’ model, this lets you track usage incurred over a determined period. Say you have data-upload systems and you want to drive pricing by consumption, you will now be able to offer flexible pricing based on usage.
Or say that you are building an AI bot that augments your business. Using this model, you will be able to charge the user based on when and how much they use your AI bot instead of charging them flat fee.
Clients can now leverage Stripe APIs to track usage and offer tremendous benefits to their customers. Imagine how easy it will be to upsell clients based on usage-based scenarios as opposed to fixed-pricing. Your on-boarding flows will completely change.
Adaptive Pricing
With Adaptive Pricing, you will allow customers to pay in the currency of their choice based on Stripe’s latest exchange rates. Customers will see prices converted to the relevant local currency based on their location, the exchange rate applied, and supported payment methods; they will still have the option to pay in the original currency you set or your prices.
If you’re building a global platform that services customers all over the world, Stripe will now allow them to pay in the currency of their choice from 40 countries.
Organizations
We can see the Organizations becoming one of the most loved feature for many customers. At TicketBlox, we have multiple Stripe accounts for different regions of the world. With Organizations, you can now bring all your accounts under a single umbrella and perform customer search universally using Stripe Sigma.
A/B Testing
Stripe now allows A/B Testing a payment method! Want to see which method of payment works better? Look no further. Stripe allows you to have granular control over payment method rules.
Pre-Built Components for Stripe Connect
Stripe Connect now offers embedded components that you can use anywhere for scenarios like on-boarding to reporting.
Want to quickly show payment information on your Web page? No problem, Stripe’s got you covered.
Want to show Payment details? Stripe’s got you covered on that as well
Conclusion
Stripe is continuously evolving their product offering to make it easier for customers to accept payments globally. As a custom software development company, we admire the product team’s innovative strategies in building value for customers.
If you’re looking to integrate with a payment provider, it is getting harder and harder to go elsewhere.
Hire Us
We have powered nearly all our clients with Stripe. As such, we know a thing or two about Stripe. If you need guidance with Payment gateway integration, Subscriptions and user management, Stripe connect, or guidance with the latest Stripe features, please contact us and we will be glad to help.