Tuesday, 22 July 2014 12:49

Stripe opens for business in Australia Featured

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Global payments vendor Stripe has taken on PayPal and launched its payments platform in the Australian market.

From today, Australian merchants can now create a Stripe account in minutes and instantly begin accepting payments in more than 100 different currencies, receiving deposits in Australian dollars in their current accounts.

Stripe co-founder and president John Collison said the company’s mission was to grow Internet commerce “by providing everything an online business needs to accept payments."

"We hope Stripe's powerful set of tools and APIs helps Australian businesses scale globally."

Collison said Stripe's technology can be seamlessly integrated into any app or website, and only requires an existing Australian bank account, and has been designed to allow business to scale from start up stage to billion-dollar multinational organisations.

According to Collison, in the past, traditional merchant processing posed considerable barriers to entry for new companies – and substantial friction for existing ones.

“Stripe's fully-online payment service and rapidly-growing global reach replace a complicated matrix of bank accounts, gateways and third-party software. Stripe handles the heavy lifting of payments — from credit-card storage to fraud detection — and let’s companies get back to building.”

Pricing for Stripe in Australia will be 1.75% + 30c for domestic transactions and 2.90% + 30c for international and American Express transactions.

"I expect the pace of innovation to pick up significantly now that Stripe is here," said Niki Scevak Startmate, Blackbird VC.

"While payments solutions in Australia have been incremental improvements, we think the arrival of Stripe could mean that new kinds of businesses will be easier to start than ever in Australia, particularly online software and services businesses like Campaign Monitor or Atlassian, marketplaces like Freelancer or 99Designs, and subscription businesses."

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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