Stripe: 9 Surprising Facts-2022
We’ve made it clear that we believe that Stripe is the most reliable processing of payments for the majority of companies. All businesses are able to benefit from the extensive tools offered by Stripe that are easy to set up and at affordable prices.
While the product is certainly fantastic, we also believe that Stripe itself can be fascinating.
Let our Stripe geek shine for a few minutes to reveal some fascinating and interesting information about Stripe.
Explore this listing of Stripe products. If they’re a good fit for your needs You might consider adding one or two from them to your collection.
1. Stripe Doesn’t Just Process Payments
It’s not just a tool that you can use to collect the money of your clients, and then deposit it into your account. They’re also creating a sophisticated set of tools and resources that will assist you in selling more products online without hacking multiple tools.
- Billing allows you to build complex billing systems that can be used with every pricing method.
- Connect allows you to create marketplaces for sellers and buyers to collaborate.
- Radar is a set of fraud detection software that is machine-learning.
- The terminal allows your online business to have a physical presence.
- Atlas can be described as an entirely managed business-building service.
- Sigma is an analytics tool powered by SQL.
- Issuing allows you to make, distribute, and control physical cards.
There are numerous integrations that let Stripe integrate with any software or application you might have. In the future, we anticipate Stripe to introduce additional tools to help attract many more entrepreneurs and businesses to their network.
2. Stripe Works Closely With Some Governments
Stripe is most well-known for providing small-scale companies, startups entrepreneurs, and other small-scale businesses the ability to easily collect online payments. However, there’s a different side of the company, which works on large-scale government-related projects.
The British Government for an instance uses Stripe to manage payments for a variety of departments. They have a long-term agreement with Stripe which means that any new agency can sign up and begin processing payments in the same manner as any other.
3. Employee Emails Are Open to Everyone
This is among the things that are nearly too difficult to believe. Each employee at Stripe has access to all other employee’s emails.
“Stripe is a firm believer in the autonomy of its employees and avoids hierarchies to the extent it is possible,” says James Allgrove the Head of U.K., Stripe, “so it made a decision early that the flow of information was open and could provide all employees with the information they require to make the right choices about what they want to focus on.”
This is an insane level of openness. Imagine working in a place where everyone can read your emails. It would certainly make information easily accessible, and that’s definitely one of Stripe’s goals. However, it’s also a smart way to make everyone accountable. Since no information is kept private and everyone is at their best every day.
This has the added benefit of reducing silos within the organization. Teams or departments aren’t able to hoard information or resources since the information is accessible to all at any point. This is also an excellent method to bring people on the right track after being hired or joining projects.
4. Stripe Doesn’t Want to Be PayPal
While it’s true Stripe and PayPal have a lot in common with the same customers, Stripe isn’t trying to be a substitute for PayPal or Square or Authorize.net in the same way.
While PayPal is focused on the end-user buyers and vendors, Stripe is also worried about middlemen, developers like marketplaces and businesses with unique billing requirements.
5. Peter Thiel was an Early Investor
If you’re experienced with the world of startups you’ve likely seen Peter Thiel’s name. He’s known as the Bitcoin Bank king. He’s famous for launching Palantir and was Facebook’s first outside investor. He has invested in Airbnb, LinkedIn, SpaceX, Asana, Quora, and Yelp. He also started a payment processing business named PayPal.
It is interesting to note that Thiel is also an investor early in Stripe by way of Founders Fund, his venture capital firm. The fund’s other members are Max Leaching and Elon Musk. According to reports, Thiel had a significant influence on the pricing model of the startup.
6. It’s Nearly Impossible to Avoid Stripe
Even if you don’t utilize Stripe for processing payments, your funds have likely passed through the Stripe area that they have influence over at one moment. They do not just handle payments for small-scale startups and freelancers. They also handle payments for the largest online retailers and services.
7. Stripe Has Always Been a Developer-First Product
The Stripe marketing strategy was always to target and delight developers first. The idea was to develop an app that bootstrappers and developers are awed by. They would then become an evangelist of the product and would recommend this product to customers and their partners.
For example, if an upcoming company is looking to start accepting payments online, it could engage a developer to develop an online site. The developer will direct the client to Stripe since it makes his life simpler.
This is the way Stripe was able to avoid marketing in the beginning. They created a fantastic product and let it be spread by word-of-mouth.
What can they do to help developers make their lives easier? The API and documentation of Stripe are well-known for their ease of utilization and quick to set-up. It is compatible with multiple programming languages and allows users to develop their own forms as well as integrations. Stripe also includes a comprehensive testing tool to ensure that the custom code is working.
Stripe’s developer-first philosophy is among the main reasons we chose to partner with them to develop WP Simple Pay, our WordPress plug-in, WP Simple Pay.
8. The Founders Built Stripe in Buenos Aires
In recent years, Buenos Aires has a reputation as a popular area for startups to develop products. As per Stripe Co-founder Patrick Collison, Buenos Aires “is one of the best places to hack because it’s incredibly cheap it is also open late, and Wi-Fi is available everywhere, and the weather is very pleasant and everything is in order.”
Collison claims they spent around 10 dollars a day working in cafes and restaurants that are open to the public. They could dedicate all of their time to Stripe and develop their first prototype within one month.
They weren’t waiting around to find clients they could also find. They got their first customer within one week. Instead of waiting to build something professional and polished (like Stripe is now), They built their app quickly and quickly gathered feedback from their customers. They didn’t know what people were looking for. They actually sought out people.
9. Stripe learns from its Users
Machine learning is an important element of Stripe’s ability to add users to its network and protect users (and its users) from fraud. The more people who use Stripe the more it can learn best to serve you and beat hackers and scammers.
What exactly is it? In essence, Stripe Radar will take an in-depth look at your transactions and learn more about your customers. Then, you can set up rules to guard your business against fraud. For instance, you can make a rule that says “block any transactions when the billing address isn’t in line with the country of the card.”
What is unique about Stripe’s machine learning fraud detection so effective is how it detects signs of fraud. For example, Stripe can detect if the time it takes to travel between Stripe and the customer is long enough and could indicate that the buyer is hiding their identity using an intermediary or VPN. There is no other payment processor that offers this kind of detailed analysis of each transaction.
Perhaps you’ve realized that Stripe isn’t just a conventional payment processor. It’s a business that aims to revolutionize the entire industry of online businesses. If you decide to make use of Stripe and its rivals, the following fascinating facts prove that Stripe provides a unique service that isn’t available anywhere other than Brisk Logic.