Today Stripe announced its global payments platform is open for business in Australia.
Australian merchants can now create a Stripe account in minutes and instantly begin accepting payments in more than 100 different currencies, receiving deposits in Australian dollars in their current accounts.
Stripe’s technology can be seamlessly integrated into any app or website, and only requires an existing Australian bank account. Furthermore, Stripe’s service has been designed to allow business to scale from start up stage to billion-dollar multinational organisations.
“I expect the pace of innovation to pick up significantly now that Stripe is here,” said Niki Scevak Startmate, Blackbird VC. “While payments solutions in Australia have been incremental improvements, we think the arrival of Stripe could mean that new kinds of businesses will be easier to start than ever in Australia; particularly online software and services businesses like Campaign Monitor or Atlassian, marketplaces like Freelancer or 99Designs, and subscription businesses.
“In keeping with Stripe’s ethos of simplicity and developer-friendliness, subscriptions, multicurrency, and one-tap purchasing are standard features and requires no additional work to integrate. Currency functionality that previously represented a quagmire of paperwork and integration work can now be implemented in minutes.LIFX, reinventors of the light bulb, are using Stripe to help sell their smartphone controlled, wifi-enabled, multi-color LED light bulb to the world.
“We’re delighted to be using Stripe, the best payment platform with world class user experience and customer support,” said Daniel May, CIO of LIFX. “We were up and running in just minutes, and are now able to accept payments from anyone in almost any currency.”
“Stripe’s mission is to grow Internet commerce by providing everything an online business needs to accept payments,” said John Collison, co-founder and president of Stripe. “We hope Stripe’s powerful set of tools and APIs helps Australian businesses scale globally.
“In the past, traditional merchant processing posed considerable barriers to entry for new companies – and substantial friction for existing ones.
Stripe’s fully-online payment service, and rapidly-growing global reach replace a complicated matrix of bank accounts, gateways and third-party software. Stripe handles the heavy lifting of payments — from credit-card storage to fraud detection — and lets companies get back to building.
Pricing for Stripe in Australia will be 1.75% + 30c for domestic transactions and 2.90% + 30c for international and American Express transactions.