Stripe Unveils New Platform to Boost Small Business in the UK

Stripe Unveils New Platform to Boost Small Business in the UK

Time Stamp: May 21, 2024 3:18 PM
Source Node: 2579779

Stripe has launched payment tools and financing
options for small businesses in the UK. The global payment firm has promised users faster and cheaper payments with the new platform. Stripe aims to address the
challenge of securing funds that businesses in the region face.

Dubbed Stripe Capital, the new offering enables businesses to access financing
to invest in growth, for instance, acquiring new equipment, hiring, or improving customer
experience. On the platform, Stripe uses a business transaction history to assess eligibility. For eligible businesses, funds arrive the next business day, and repayment occurs as the business earns.

John Collison, the Co-Founder of Stripe, mentioned:
“UK businesses are inventing and building, but getting access to capital
at the right time is a rate limiter on their growth. The payment tools and
financing options we’re launching today will help money move around the economy
faster and make it easier for businesses to invest when they see an opportunity
to grow.”

Stripe Capital isn’t just for individual
businesses. Later this year, platforms using Stripe Connect will reportedly be
able to offer financing directly to their users. According to Stripe,
this enables businesses to access growth capital and platforms to unlock a new
revenue stream.

UK businesses on Stripe will be the first to benefit
from the new payment feature. This includes Pay by Bank, a payment option
that lets customers pay directly from their bank accounts. Stripe mentioned that this capability targets faster cash flow for businesses saving on fees. Besides that, the company is enhancing the speed of payouts for UK
businesses. Using the Faster Payments Scheme, Stripe aims to reduce
payout times from two days to a couple of hours.

Stripe Expands Reach

Stripe’s commitment to the UK extends beyond its
product offerings. The company is opening a new office in London to house its team. This location facilitates collaboration with tech companies, financial institutions, and other key partners. With the new tools, Stripe expects to boost growth among businesses in the UK.

Recently, Stripe re-introduced cryptocurrency to its
payment system, specifically stablecoins, which offer a more predictable
payment process. This move aims to transform the way online transactions are
handled, making them faster and more reliable for merchants and customers.

Unlike Bitcoin , stablecoins maintain a stable value, minimizing the risk of sharp price fluctuations. This stability makes stablecoins an
appealing option for both businesses and customers, ensuring predictable
transaction values. In 2022, Stripe introduced a service allowing businesses to
convert fiat currency into cryptocurrencies, partnering with firms like
Blockchain.com, MetaMask, and Magic Eden.

Stripe has launched payment tools and financing
options for small businesses in the UK. The global payment firm has promised users faster and cheaper payments with the new platform. Stripe aims to address the
challenge of securing funds that businesses in the region face.

Dubbed Stripe Capital, the new offering enables businesses to access financing
to invest in growth, for instance, acquiring new equipment, hiring, or improving customer
experience. On the platform, Stripe uses a business transaction history to assess eligibility. For eligible businesses, funds arrive the next business day, and repayment occurs as the business earns.

John Collison, the Co-Founder of Stripe, mentioned:
“UK businesses are inventing and building, but getting access to capital
at the right time is a rate limiter on their growth. The payment tools and
financing options we’re launching today will help money move around the economy
faster and make it easier for businesses to invest when they see an opportunity
to grow.”

Stripe Capital isn’t just for individual
businesses. Later this year, platforms using Stripe Connect will reportedly be
able to offer financing directly to their users. According to Stripe,
this enables businesses to access growth capital and platforms to unlock a new
revenue stream.

UK businesses on Stripe will be the first to benefit
from the new payment feature. This includes Pay by Bank, a payment option
that lets customers pay directly from their bank accounts. Stripe mentioned that this capability targets faster cash flow for businesses saving on fees. Besides that, the company is enhancing the speed of payouts for UK
businesses. Using the Faster Payments Scheme, Stripe aims to reduce
payout times from two days to a couple of hours.

Stripe Expands Reach

Stripe’s commitment to the UK extends beyond its
product offerings. The company is opening a new office in London to house its team. This location facilitates collaboration with tech companies, financial institutions, and other key partners. With the new tools, Stripe expects to boost growth among businesses in the UK.

Recently, Stripe re-introduced cryptocurrency to its
payment system, specifically stablecoins, which offer a more predictable
payment process. This move aims to transform the way online transactions are
handled, making them faster and more reliable for merchants and customers.

Unlike Bitcoin , stablecoins maintain a stable value, minimizing the risk of sharp price fluctuations. This stability makes stablecoins an
appealing option for both businesses and customers, ensuring predictable
transaction values. In 2022, Stripe introduced a service allowing businesses to
convert fiat currency into cryptocurrencies, partnering with firms like
Blockchain.com, MetaMask, and Magic Eden.

Time Stamp:

More from Finance Magnates