AUSTRALIA | US payments firm Stripe launches its payment service in Australia, its first country in the Asia-Pacific Region. Starting today, Australian businesses can instantly start accepting payments from anyone, anywhere in the world.
Stripe’s launch comes after rival Braintree opened an office in Sydney last year, some seven months after launching its service in Australia. Both Stripe and Braintree compete with the likes of PayPal to provide an easier way to accept online payments.
Stripe continues its expansion
Stripe has been expanding its international presence in recent months. It stepped into the UK in March, and has since expanded into Belgium, France, the Netherlands and Ireland. The US-based service is also available in Canada.
Stripe, launched in 2011 and headquartered in San Francisco, is one the leading payment 'start-ups' whose aim it is to create frictionless online payments for both consumers and merchants. Stripe reduces application paperwork (normally required for merchants to accept the major credit cards) and allows developers to instantly integrate a sophisticated payment checkout in merchants' online shops or apps. It only requires a few lines of code to integrate a payment checkout page to start accepting payments online or to use pre-existing credit card forms and have them send credit card information securely to Stripe. Stripe has specific documentation available to quickly start accepting payments inside iOS and Android apps.
Stripe's pricing is simple and predictable: 1.75% + 30c for Australian MasterCard and Visa cards (domestic transactions) and 2.9% + 30c for international (cross-border transactions) and American Express cards. Australian Stripe users are able to charge their products and services in more than 100 currencies. Stripe does the conversion and settles payments to the merchant's bank in Australian Dollar. For merchants that process more than $40,000 a month volume pricing is available.
Last month, Stripe announced the partnership with Alibaba’s payments service Alipay. This popular Chinese payment method enables Stripe's merchants to tap into the booming Chinese ecommerce market with 1.3 billion people. Australian ecommerce merchants looking to expand their online business into China would greatly benefit by enabling its Chinese shoppers to pay with their preferred online payment method. For more information on Stripe and Alibaba, click here.