Customers of payment services Stripe are to be given access to a new directory of roughly 300 compatible apps that can be integrated and used with their existing Stripe services to make ease of integration and to produce even more useful data.
What Is Stripe?
Stripe is a San Francisco based company, which is estimated at around $5 billion value, who provide a means for businesses to accept payments online (a payment gateway like PayPal).
Stripe is reported to be processing billions of dollars a year for thousands of businesses and has received funding around the $300 million mark from an impressive list of investors which includes Sequoia Capital, Visa, American Express, Peter Thiel, and Elon Musk (SpaceX Director & Tesla Director).
Stripe recently launched the Stripe Connect service in the UK, Ireland and Nordic countries to enable start-ups to receive payments from any country where Stripe is live.
How Stripe’s Service Works.
Adding a few lines of Stripe’s code to their website enables business-to-payment services integrated into their mobile apps and websites.
Two Main Reasons For The Introduction of The Directory.
Technology business experts have suggested that the two main reasons for the introduction of the directory are, one, to increase the ‘barriers to exit’ for existing customers who want to start using and rely upon the new services or apps, and, two, it paves the way for Stripe to develop more business relationships with 3rd party app developers.
The listing in the directory for the app suppliers is free but the services will depend on each one’s individual pricing models.
Most Popular Indicated.
Stripe has said that there are filtering options which help in showing customers which apps are compatible with which platform or service, it will also have options in the directory to show which are the most popular integrations, thus making it easier for customers to choose. As an extra (and important) benefit of housing the directory and monitoring which apps are most popular, they will be able to use that information to help shape its own in-house products.
What Does This Mean For Your Business?
If you are a current customer, the new app database could be a valuable source for you to find tools that enable you to query, analyse and get some more useful insights into your payment data in many different ways. As such, it could be a way to discover more competitive advantages and add more value to your services.
If you are a customer of a different payment processing service, the new app directory from Stripe may be a factor that could push you into considering a switch.