Stripe and microsoft partner for Teams Payments launch
Microsoft and Stripe's partnership to launch Teams Payments is a significant development for businesses in North America.
The platform will allow businesses to receive real-time card payments directly in Microsoft Teams, providing a seamless experience for the business and the customer.
Integrating Stripe's embedded financial services into Microsoft Teams will provide a complete solution for businesses to communicate, collaborate, and accept payments without switching between multiple applications.
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Key Features of Teams Payments
One of the key features of Teams Payments is the ability to meet hosts and require advance payments as a prerequisite to join a Teams session. This feature is expected to help reduce the number of late payments businesses face, which can impede cash flow and damage balance sheets. According to Stripe, 93% of businesses face issues with late payments, and the introduction of advance payments can help mitigate this problem.
Integration of Stripe Connect
The integration of Stripe Connect, which streamlines payment acceptance and identity verification for financial transactions, will also provide a seamless experience for businesses and their customers. Microsoft will use Stripe Connect to programmatically route funds from customers to merchants after payment has been made, reducing the burden on businesses to manage their payment processing manually.
Partnership with Stripe and Microsoft
Microsoft SMB General Manager Brenna Robinson expressed excitement about the partnership with Stripe, saying it would help unlock new revenue streams for companies on Teams Payments. By providing faster payments within Microsoft Teams, businesses can accept payments as easily as launching a video conference, chat, or virtual presentation. This is expected to help millions of companies accelerate their online revenue growth.
Stripe's Chief Revenue Officer, Mike Clayville, also commented on the partnership, stating that it brings Stripe into one of the world's most popular collaboration platforms. He added that it would help millions of businesses accelerate their online revenue growth, and with Stripe's embedded financial services, more businesses can accept payments seamlessly.
The partnership between Stripe and Microsoft follows the appointment of James Phillips, a former Microsoft executive, as Stripe's President of Financial Services in April 2022. Stripe expanded its partnership with Amazon in January 2023, becoming its strategic payments partner in Europe, the US, and Canada.
Conclusion
In conclusion, launching Teams Payments is a significant step towards enhancing financial infrastructure platforms for businesses. By integrating Stripe's embedded financial services into Microsoft Teams, businesses can communicate, collaborate, and accept payments seamlessly. The partnership between Stripe and Microsoft is expected to help businesses mitigate late payments and increase their revenue growth. With Stripe Connect, businesses can streamline their payment processing, making managing their cash flow and balance sheets easier.
What is Stripe?
Stripe, founded in 2010 by Patrick and John Collison, is a technology company that builds economic infrastructure for the Internet. Businesses of all sizes, from startups to public companies, use Stripe's software to accept payments and manage operations online. Dual-headquartered in San Francisco and Dublin, Stripe has offices in London, Paris, Singapore, and Tokyo, among other locations. In 2021, Stripe processed over $640 billion in payments, supports more than 135 currencies and payment methods and is available in over 45 countries.
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