April 25, 2019
Stripe announced the launch of Stripe Billing, which offers a simplified process for SaaS and subscription-based businesses to manage regularly recurring payments, which are used in companies like Slack and Meetup in the U.S.
Stripe Billing will give Euroepean businesses of all sizes the ability to implement enterprise-level subscription payments quickly and at scale. The system uses Stripe's machine learning technology to help businesses quickly boost revenue and reduce engineering efforts.
The machine learning technology allows businesses to figure out the best time to reprocess failed credit cards, which helped boost lost revenue by 7% in the U.S. when the smart billing technology was added.
Stripe officials noted that subscription-based e-commerce has grown more than 100% in the past five years and 32% of consumers say they would rather buy goods using a subscription instead of a one-off purchase.
"Subscription and SaaS companies have been some of the internet’s greatest success stories up to now, but we’ve barely scratched the surface of what’s possible, especially here in Europe," Tara Seshan, product manager for Stripe Billing, said in the press release. "With Stripe Billing, companies of all sizes now have access to advanced invoicing tools that will help them comply with SCA (Strong Consumer Authentication) and VAT requirements."
The SCA requirements, starting Sept. 14th in Europe, will mandate the use of a second identification method, such as a password, fingerprint or phone number, for 300 million consumers.
Companies such as Typeform have already begun using Stripe Billing as part of a pilot testing period. However the service is now generally available for companies across Europe.
Topics: Mobile Apps, Mobile Payments, Online Purchasing, Region: EMEA
Companies: Stripe
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