Startup Monday is ABCey’s weekly post that features some of the best and brightest companies in the Bay Area. They are often companies that we have our eye on or have worked with in the past & would like to share with friends and followers of ABCey Events.
Imagine being a couple of young 20-something’s trying to make a difference in the e-commerce industry. Now, imagine taking on one of the biggest companies in the online payment industry, PayPal. It’s sure easier said than done. However, it’s exactly what Stripe co-founders John and Patrick Collison are trying to accomplish!
Shortly after moving to San Francisco, the Collison brothers realized that taking credit card payments requires way too much work – you would either need a merchant account, PayPal or Google checkout account. Why not make things easier? The brothers realized if business owners embedded code into their website, they can start running credit card payments on their own. This company’s new technology is really great because it allows for payments to be distributed to multiple bank accounts. This is currently a big issue for other start ups like Lyft, which tries to pay drivers with different accounts.
What’s really great about Stripe is that it allows you to do more than a one-time charge to a customer’s card. You can set up a subscription that will charge the card a specific amount at any interval. It also safely stores credit card information so that customers don’t have to enter it every time they visit the website.
This company has already gotten so much attention in a short span of time. It’s even gained a number of high profile clients, like Foursquare, Shopify, and the Museum of Modern Art. Although it’s still in its early stages, Stripe is definitely set to change the face of how businesses work.