The Ecosystem of Stripe: A Key Tool for U.S. Entrepreneurs

Thinking about how to collect money from your sales? Stripe is the most efficient payment gateway platform for entrepreneurs starting to do business in the United States. In this entry you will find everything about their services.Thinking about how to collect money from your sales? Stripe is the most efficient payment gateway platform for entrepreneurs starting to do business in the United States. In this entry you will find everything about their services.

Let's start by explaining that Stripe is a tool that allows millions of companies to use the platform's software and APIs to accept payments, send transfers and manage their businesses on the Internet. His clients range from startups to Fortune 500 companies, which, by the way, according to the official page In 2021, these 500 organizations together generated a record $16.1 trillion in revenue and $1.8 trillion in profit.

Let's see some important data of the management that Stripe has been doing since September 2011, the date in which it was launched as a payment processing software for online businesses:

• Stripe is designed to accept payments from anywhere in the world: “Our international payment platform has been designed to modernize business commerce. (...) We help companies to simplify their expansion to other countries, to optimize their payment infrastructure and to easily incorporate new business models and sources of income”, reads its official page.

• Initially Stripe was only available in the United States, however, it has managed to expand internationally to more than 47 countries. Currently Mexico and Brazil are the only Latin American countries where the platform is located. In some countries like India, Philippines and Indonesia there is a beta version. On the official page they assure that, "As soon as Stripe is available in your country, you will be able to accept payments from customers from anywhere in the world." In the next link the official list.

• Let's talk about your customers. Currently, 3.1 million websites use Stripe. Some results, says the official page, have been the 70 million dollars in total increase in the annual income of Postmates, a company that provides food delivery services; 10% increase in the rate of acceptance of payments in twilio, a communications platform that offers cloud services; and the expansion of Noom- a subscription-based app to track a person's food intake and exercise habits - to 12 new countries in one month with Stripe.

• It took three years for the platform to reach a valuation of more than $1 billion. According to Forbes, its valuation reached USD $95 billion in 2021, almost 3 times more than its valuation in April 2020.

• Stripe supports a total of 32 payment methods: 8 cards, 6 wallets, 5 bank debits, 9 bank redirects, 2 cash payment vouchers and 2 buy now, pay later.

How does Stripe make money? The platform's business model is based on charging a commission for successful transactions. Below we list several of the fees for some of the payment methods: electronic payments 2.9% + $0.30; payments in person via terminal 2.7% + USD 0.05; payment through electronic wallets such as Alipay and Apple Pay a one-time fee of 2.9% + USD0.30; USD 8.00 for payment by electronic transfer; Multibank 2.95% + USD 0.30; Split Pay & Installments 6% + USD0.30.

To know all the payment commissions, go to the following link.

Another super important item of the platform is the commitment they have with the environment. Platform customers can set a percentage (between 0.1% and 5%) of revenue for a named initiative Stripe Climate, a project that consists of allocating part of the income to the development of technologies that mitigate the impact of carbon dioxide, a bet that seeks to be more disruptive, they say, than reforestation and the retention of soil carbon.

Stripe's clients include tech giants like Amazon, Google, Spotify and Salesforce, and they claim to be expanding their services to entrepreneurs in developing countries by giving them the opportunity to collect money from sales they make outside of their home countries, giving them the benefit of collecting that money with a global payment gateway at a very low cost.

The fact that Stripe is not yet in countries like Chile, Argentina, Panama and Colombia, is not a limitation, because through a company that is created in the United States you will be able to access these services and scale your business to a market of more than 300,000 million people.

PRODEZK share the requirements you need to create a Stripe account:

• Process the Taxpayer's Personal Identification Number, ITIN, for its acronym in English.
• Have the Company Identification Number, EIN, for its acronym in English.
• Have a phone number in USA.
• Have a Bank account business.
• The employer must have a website.
• Finally, be clear about the economic activity of the company.