- The Stripe Corporate Card is a Visa credit card that makes business spending easy to manage for internet businesses.
- Announced at Stripe Sessions today: US platforms using Connect can now make payouts to recipients in 45 countries in local currencies and over local bank networks.
SAN FRANCISCO, SEPTEMBER 10, 2019 – Today, Stripe is holding its usual user conference, Sessions, with more than 1,000 attendees—developers, founders, and industry leaders—to gather user feedback and share what’s new at Stripe.
Following the launch of Stripe Capital last week, Stripe is launching the Stripe Corporate Card and enabling payouts to dozens more countries to make it easier to run an internet business, boost revenue, and expand internationally.
Introducing the Stripe Corporate Card to simplify business spending and accelerate growth for internet businesses
Many of the existing solutions for managing business spending simply aren’t well-suited to modern internet companies: they require lengthy applications, take time to implement, and add yet another service or integration for companies to manage. With the Stripe Corporate Card, businesses on Stripe can get started right away: it takes just a few minutes from signing up to having a card you can use online, and users get deep insights and smart controls over their cards. More details:
- Card creation process is simple and fast—companies can simply upload their logo directly into the Stripe Dashboard and they’ll have a virtual card (instantly) or a physical card (in a matter or days).
- Built-in, dynamic spending controls—spending limits are easy to set (e.g., per person, per day, or per category), as is blocking certain categories of purchases altogether.
- Real-time expense reporting—avoid expense-related backlogs and reconcile expenses as they occur. For example, after making a purchase, cardholders will get a text confirming their purchase, and they can view purchases in their Stripe Dashboard immediately.
- Dynamic rewards—businesses receive 2% back on its top two spending categories each month.
- No associated fees—the Stripe Corporate Card is free—full stop. There are no annual fees, no foreign transaction fees, no late fees, and no card replacement fees—regardless of the number of employees a business has.
- Integrations with financial software—businesses using the Stripe Corporate Card can easily plug into existing tools like Quickbooks and Expensify.
Stripe extends infrastructure to help platforms go global in few clicks and move money further, faster
A major driver of economic growth today is platforms and marketplaces—businesses that connect networks of “buyers” and “sellers”. But scaling a platform internationally involves significant challenges such as contending with esoteric onboarding requirements in various countries and languages, connecting into local banking rails, and navigating the complications of international AML and KYC regulations to verify new sellers.
Stripe has been investing in its Global Payments and Treasury Network to help solve this pain point for ambitious, global platforms and marketplaces that want to connect retailers with consumers, drivers with passengers, donors to open source developers, and so on. Starting today, US businesses and platforms can make payouts to recipients in 45 countries in local currencies and over local bank networks. That means that today, platforms powered by Stripe can send money to users in Thailand, Poland, or Indonesia, just to name a few, with zero extra engineering work.
Stripe adds functionality to Connect, Billing and Terminal products, and launches in Central and Eastern Europe
At Sessions, Stripe made a series of other product announcements and continued its international expansion, summarized here:
- Instant Payouts—businesses in the US can now choose to receive their funds within minutes.
- Connect Express—Stripe’s fully hosted seller onboarding form and payout infrastructure rolls out to 28 new markets, to make it easier for platforms to add localized onboarding flows for international sellers.
- Terminal—Stripe’s product for in-person payments is now available to businesses based in Canada.
- Billing—Stripe’s product for subscription businesses rolls out a revenue recognition beta to help finance teams with GAAP reporting and reconciliation.
- Central and Eastern Europe expansion—Stripe launched in Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia today, helping internet businesses in this region to start, grow, and scale their business globally and accept money from anywhere in the world.
To watch the keynote from today’s event, visit here.