A lot of transactions and payment services are now being done online—from subscribing to streaming services like Netflix, to ordering food or buying clothes. This has led to a need for tools that will let companies, particularly small businesses, get paid.
Stripe is stepping up to meet these demands with Stripe Billing. This subscription-billing service was developed to help both starting and established businesses get paid on time and without any problems.
— heystartup (@heystartup) April 6, 2018
The company is known for supplying developers with the means to charge customers and conduct transactions in a simpler way. But now they're taking it further by rolling out a billing product geared for online businesses.
Stripe Billing reportedly uses machine-learning technology to help curb late or missed customer payments. The system can handle tasks like invoicing and subscription recurring revenue. It's easier and faster to use than other payment systems. What's more, it uses predictive technology that pinpoints the optimal time to retry collecting on a missed payment with the goal of reaching the client.
Stripe has also coordinated with major credit-card providers like American Express, Discover, Mastercard, and Visa to allow customers to receive their updated or new credit card numbers without having them re-enter their personal information.
Stripe Billing also supports ACH payments and wire transfers, a feature that will undoubtedly help corporations and companies with larger accounts.
Tara Seshan, PM on Stripe's billing product, explained that even large companies with enough resources to develop in-house billing would lament on how challenging the process is. This prompted them take a step back and think about how to devise billing tools that are accessible to everybody.
“That meant something really flexible and really easy to implement,” Seshan said. She also added that even if you're a small business, you should have “the same subscription tools as Spotify.” Stripe Billing can be considered the “building blocks” that a company can use to have a fast and flexible payment service.[Featured image via Stripe]