Making payments online has become a standard part of our everyday lives. Whether it be online shopping, ordering takeout, paying bills, etc., almost all merchants accept credit cards as a form of online payment. What’s more, tech giants such as Apple have come out with applications to allow users to pay for things with their smartphones and smart watches, with credit card information already connected to Apple Pay.
Stripe is an American tech start-up company that helps individuals and businesses make payments online. It is the intermediary, allowing companies to use its services to set up online payments through their websites, and ensuring safe payments made by visitors.
How does it work? Stripe has designed an application program interface (API), which is a set of protocols and tools for building software applications, that allows it to manage a websites online payment needs. The company can provide services for various types of payment processing, such as e-commerce, monthly subscriptions, or crowdfunding platforms. For example, Uber competitor Lyft uses Stripe to manage their large-scale payments so that riders and drivers connect as quickly as possible and allow payments to be processed on both ends. Other notable customers include Facebook, Slack, and the U.K. government.
Today, the company announced a new toolkit called Elements that will allow users to build personalized checkout experiences. What was the motivation behind this launch? The company wanted to help tackle the problem of users putting items into their online shopping carts and then not completing the checkout process. In a survey the company took, they identified key problems with checkouts on e-commerce websites, and used these issues to create Element.
More and more businesses are opting to use Stripe due to the ways in which they simplify one’s checkout process and make it easy for the business to add code to pre-structured building blocks. You can try out Elements on their website now!