Cryptocoins News reports today that the San Francisco based merchant processing company, Stripe, has completed a bitcoin transactions beta test from more than 60 countries. This beta test was first announced in March 2014 for merchants, who utilize credit cards to accept payment online.
Stripe is known for its numerous software interface APIs to provide commerce on various devices and platforms. The company offers both online and mobile transactions, which customers can set up on their mobile apps. Stripe offers the merchant the option at checkout to use Stripe’s API for the payment process.
Tim Drinan, a company spokesman said, “While in beta, Stripe merchants accepted bitcoin transactions from more than 60 countries, so we’re excited to see what’s next.” Prior to this support merchants who accepted credit cards online and wanted to add bitcoin as a payment method would have an intermediate step to integrate first with a bitcoin-specific processor such as Coinbase or Bitpay. This makes the process one-step.
Merchants can avoid monetary fluctuation by specifying amounts in U.S. dollars and receiving payment in dollars. The fee from Stripe per successful bitcoin transaction is .5 percent. Stripe provides bitcoin payment in the same credit card reporting as an option. There is no waiting period for a merchant to set up bitcoin as a payment in the Stripe system. Stripe’s system provides a simple one line change in the program code to accommodate the change for the merchant.
Drinan states that Stripe is the fastest moving in e-commerce global support. According to Drinan, “There is still a significant barrier to buying and selling things online around the world. Stripe is removing boundaries on the Internet, so consumers can buy things from anywhere and in any currency, including bitcoin, and merchants can be global from day one.”
Drinan champions Stripe’s belief in the benefits of bitcoin to countries with underdeveloped banking systems or geographical difficulty for its residents to use traditional banking and financial transfer systems. Bitcoin and improved education in it are essential to advancing use of bitcoin and Stripe is making it easier to complete transactions across geographical borders.
Stripe’s investors listed by Bloomberg Business include Sequoia Capital and Andreessen Horowitz, as well as PayPal co-founders Peter Thiel, Elon Musk and Max Levchin. The capitalization for Stripe is about $140 million raised in funding, with its $1.75 billion valuation pegged to a financing in January.