Stripe
Overview
Stripe is an American technology company that operates a software platform allowing businesses to make and receive payments over the Internet. Founded by Irish entrepreneurs Patrick and John Collison in 2010, the company is headquartered in San Francisco, California.
History
Stripe was conceived in 2010 when brothers Patrick and John Collison, who had previously sold their startup Auctomatic for $5 million, began working on a new project. They noticed the difficulty businesses had in accepting online payments and set out to simplify the process. The company was initially named /dev/payments, but was soon rebranded as Stripe.
In 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Sequoia Capital, and Andreessen Horowitz. This funding allowed the company to officially launch in September of that year. Stripe's user-friendly platform and innovative technology quickly attracted a large number of customers, and by 2014, the company was processing billions of dollars for businesses each year.
Services
Stripe provides a range of services that allow businesses to accept and manage online payments. These include:
- Payment gateways: Stripe's payment gateway allows businesses to accept credit and debit card payments online. The gateway supports a wide range of cards, including Visa, MasterCard, American Express, and Discover.
- Subscription billing: Stripe's subscription billing service allows businesses to set up recurring payments for their customers. This is particularly useful for businesses that offer subscription-based products or services.
- Fraud prevention: Stripe uses advanced algorithms and machine learning to detect and prevent fraudulent transactions. This helps businesses protect their revenue and maintain customer trust.
- Marketplace payments: Stripe's marketplace payment service allows platforms and marketplaces to accept payments on behalf of their sellers. This simplifies the payment process for both the platform and its sellers.
Technology
Stripe's technology is designed to simplify the process of accepting online payments. The company's APIs (Application Programming Interfaces) allow businesses to integrate Stripe's services into their own websites and apps. Stripe's technology also supports a variety of programming languages, including Ruby, Python, PHP, and Java, making it accessible to a wide range of developers.
Impact
Stripe's user-friendly platform and innovative technology have had a significant impact on the way businesses accept online payments. By simplifying the payment process, Stripe has made it easier for businesses to expand their online presence and reach a wider customer base. Furthermore, Stripe's commitment to security and fraud prevention has helped businesses protect their revenue and maintain customer trust.