Despite being launched in 2010, Stripe ranked among the top 10 Fintech companies in America. In its most recent fundraising, it raised $600 million at the valuation of $95 billion, which makes it one of the most valuable startups ever. Surprisingly, even more valuable than Elon’sSpaceX and ByteDance.
There is no doubt that money transactions companies are getting more popular each day. Before Fintech companies, money transactions were never so easy across the world. A few Fintech companies like Stripe are helping small and large businesses streamlining their financial process.
But it is quite surprising how Stripe has become most popular and valuable among other largest Fintech companies in America. If you wonder what takes Stripe to this level in a short span of time, read out the complete post. Here are the significant reasons why Stripe became the most valuable Fintechcompany among others.
5 Reasons Why Stripe Gained So Much Popularity
Founded by two brothers – John and Patrick Collison – 11 years ago, Stripe is one of the most famous payment transferring companies in the US. We all are fond of online shopping. Not only this, in this advanced world, we can do most of the tasks online such as booking hotels, ordering food, electricity, and other bills payments while sitting in one corner of your home or office. All this is possible because of the Fintech companies like Stripe.
Stripe is the leading company and known for reliable online payments. There are currently 1.96 million active websites that are using Stripe to make online transactions. The company currently has 33 investors and holds 38 patents. The company is offering a user-friendly interface to eCommerce websites and mobile applications.
Without further ado, let’s talk about its valuable factors.
1. Easy to Use
Its simplicity makes it connected to almost every online platform. Stripe has pre-built integration with a few websites such as Squarespace, Memberful, Shopify, and BigCommerce. That means, even if you’re not a developer or don’t know anything about coding, you can easily set up Stripe with your website. Isn’t this a good enough reason to give Stripe a tag of most valuable Fintechcompany? If you agree, continue reading.
2. Care About Customers
Customers delight with the quality services and Stripe leaves no stone unturned to play nice with its customers. Stripe has come a long way to provide incredible services and customer support to its customers. For instance – Even though services are lacking at some point or online transactions get stuck or you have a long payment transferring process, if you have agile customer support services, you can hold good command over your customers.
Another example that proves its niceness is its payment transferring method. Other services like PayPal, a prominent company and has large payment experience, ask you to leave the website to make the payments, which is quite inconvenient.
Stripe, on the other hand, handles everything behind the scenes and keeps everything completely transparent between the users and the transaction. This feature of Stripe makes it stand out from other Fintech companies. What do you think of this feature? Isn’t it a worthy reason to set Stripe apart from others? Let us know your views in the comment section.
3. Hire Well
This reason is quite strange but interesting. However, it doesn’t belong to customers but affects the services and helps in smooth transactions. It would be interesting to know, Stripe goes with ‘Sunday Test’ while hiring new employees. Now you must be wondering what ‘Sunday Test’ is. We make it clear to you. Let’s say- we ask a candidate to work on Sunday and join other colleagues. If he/she says no, then Stripe won’t hire that employee.
The reason behind it is- refusing to work shows their less dedication to the work. It is just a simple way to check out the candidate’s dedication to the work. Stripe hires great candidates who are active, motivated, and talented. The reason is such candidates help companies to grow faster. Interesting, right? You can also try this strategy at your organization.
4. Make Things Simple
Before Stripe, accepting credit and debit cards, especially online, was a headache. But the Collison brothers make it simple. Since Stripe came into the market, online payments and transactions have become too convenient. Stripe makes it possible to accept payments simply by adding a few lines of code to your website. Unlike other companies, Stripe doesn’t involve the long and complicated process, rather users end the procedure with happy faces.
5. Solve Major Problems (Reliability & Accessibility)
When it comes to online payment, customers look for a reliable platform. Stripe has a business model that is fast, reliable, and secure. It is the most user-friendly payment transaction method that can be incorporated into mobile applications and websites. The best part about this is it doesn’t charge a monthly fee.
As far as security is concerned, Stripe provides fraud prevention to facilitate payment over the web. In order to make the application safe for the payments, it doesn’t allow consumers’ payment information to the merchant server. This ensures security and proves that the application is safe and less associated with risks.
This is How Stripe Became the Default Payment Option!
Over time, as the customers used Stripe as their payment method, be it for small or large businesses, Stripe became the default option for most businesses. That’s true, how customers stop thinking over which method they should choose for transferring money. Because of the security, simplicity, and speed it offers, customers set Stripe as their default option.
If you decide to start a small online startup or you’re in search of a simple and reliable transaction method to add to your existing business, there’s a pretty good chance to attract your customers and retain them for long. There is no better place than Stripe as it provides customer-centric services.