Stripe reveals how its breaking down the barriers of doing business online
With the rapid growth of online transactions, what businesses want least is having trouble charging for their services. Attacking what is one of the main pain points of small to large companies around the globe, payment technology enterprise Stripe Inc. has grown vigorously.
Stripe’s goal is proportional to the magnitude of its strong growth: “In the same way that AWS reduced the barrier in terms of not having to procure, spend millions of dollars on storage, computers, networking, effectively what we we’ve done at Stripe is reducing the barriers around economic infrastructure, accepting payments online,” said Kenneth Chestnut (pictured), global head of technology for go-to-market partnerships at Stripe.
Chestnut spoke with Dave Vellante and David Nicholson, co-hosts of theCUBE, SiliconANGLE Media’s livestreaming studio, during AWS re:Invent. They discussed how Stripe is transforming the way enterprises move their money and do business online, the broad scope of solutions made available for customers, and the market share it has been gaining. (* Disclosure below.)
Allowing for more than virtual payments
Stripe enables companies to manage their businesses online with what it calls seven lines of code.
“We provide a set of APIs for any developer to accept payments online, and we do the undifferentiated heavy lifting in terms of accepting those payments, processing the revenue, reporting and reconciliation, all ensuring compliance and security,” Chestnut explained.
The solutions provided are quite diverse. Enterprises can use Stripe to set up their entire marketplace, as did, for example, Lyft Inc. and Roofoods Ltd. (known as Deliveroo). They can prevent frauds by adopting Radar, a product designed to detect and block this problem using machine learning that trains on data from millions of global companies. And, among other things, businesses can also offer their users or merchants banking services, such as credit cards, through issuing and treasury tools.
Defining itself as a software company that provides technology to make e-commerce “seamless and frictionless,” Stripe operates in around 47 countries, which means accepting different currencies and payment methods in addition to dealing with many compliance requirements and scaling needs.
“We’re PCI compliant, [and] we leverage AWS as our infrastructure to grow and scale,” Chestnut said. “One of the things that we’re proud of is that throughout 2020 and 2021, we’ve had 11 ‘five nines uptime,’ even through Black Friday and Cyber Monday, so AWS provides that infrastructure, which we build on top of to provide ‘five nines uptime’ for our users.”
Watch the complete video interview below, and be sure to check out more of SiliconANGLE’s and theCUBE’s coverage of AWS re:Invent. (* Disclosure: Stripe Inc. sponsored this segment of theCUBE. Neither Stripe nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)
A message from John Furrier, co-founder of SiliconANGLE:
Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.
We really want to hear from you, and we’re looking forward to seeing you at the event and in theCUBE Club.