Wikipedia

Sju88

Joined 31 January 2016
For other uses, see Stripe (disambiguation).
Stripe
FoundedSeptember, 2011
Area servedUSA, Canada, UK, Ireland, Australia, Austria, Belgium, Denmark, Germany, Finland, France, Italy, Mexico, Norway, Spain, Sweden, Switzerland, Netherlands, Luxembourg
Founder(s)Patrick Collison
John Collison
CEOPatrick Collison
IndustryPayment processor
Employees359 (December, 2015)[1]
URLstripe.com
Current statusActive

Stripe is a technology company that allows both private individuals and businesses to accept payments over the Internet. Stripe focuses on providing the technical, fraud prevention, and banking infrastructure required to operate online payment systems.[2]

Payment logistics

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Stripe allows web developers to integrate payment processing into their websites without having to register and maintain a merchant account.[3] Stripe has a seven-day waiting period for transactions, during which time it profiles the businesses involved to protect against potential fraud. Stripe then transfers the funds directly into the bank account linked to the payee.[4]

History

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John and Patrick Collison founded Stripe in 2010[4] Stripe began as a startup called /dev/payments. The name resulted in misspellings and confusion to those outside the company, so the company renamed itself Stripe.[5] In June 2010, Stripe received seed funding from Y Combinator, a startup accelerator.[1] In May 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Sequoia Capital, and Andreessen Horowitz.[6] In February 2012, Stripe received a $18 million Series A investment led by Sequoia Capital at a $100 million valuation.[7] Stripe launched publicly in September 2011 after an extensive private beta.[8] Less than a year after its public launch, Stripe received a $20 million Series B investment from General Catalyst, Sequoia Capital, Peter Thiel, Redpoint Ventures, Chris Dixon, and Aaron Levie.[9] In March, 2013, Stripe acquired chat and task-management application Kickoff.[10]

In March 2014, CEO Patrick Collison announced that Stripe would support bitcoin transactions.[11]

Service

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Stripe currently employs 580 people and is estimated to have brought in a revenue of $450 million in 2015. Stripe charges a 2.9% + 30 cent transaction fee for every payment that they process.[12] Like other electronic payment system's stripe provides various open source libraries for different programming languages. Stripe has a reputation for being quick to deploy and being developer friendly. Stripe collects customer payments, accepts credit cards, issues charge backs, issues refunds, accepts international cards, and does card authorizations.[13]

Security

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Stripe’s security scheme includes three main aspects:[14]

  • Stripe uses HTTPS for all services to protect data over the network. Through HSTS browsers interaction is guaranteed over HTTPS.
  • During card processing, the card number is encrypted with AES-256 and the decryption keys are stored on different machines.
  • Stripe is audited by a certified auditor of the Payment Card Industry (PCI) Security Standards Council.

During processing Stripe collects sensitive payment information and sends it directly to Stripe’s servers instead of the user's server. This means that the user’s servers will never have any sensitive payment details and the security burden falls on Stripe.

Fraud Protection

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Several fraud methods such as account hijacking, payment with stolen credit-card and unauthorized transactions exist.[15] Stripe offers standard solutions for fraud protection which include IP checking, comparing client address to billing address, email checking and cookie checking. Stripe also utilizes machine learning to automatically detect fraudulent charges on their platform. Stripe provides a dashboard to collect information from users suspected of committing fraud.[16]

See also

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References

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  1. ^ a b "Stripe Press resources".
  2. ^ "Stripe". CNBC.
  3. ^ Carr, Austin (February 1, 2012). "Inside Stripe, The Paypal Competitor Backed By Paypal Founders Peter Thiel, Elon Musk". FastCompany. Retrieved April 2, 2014.
  4. ^ a b "The Collison Brothers and Story Behind The Founding Of Stripe". Startup Grind. February 9, 2012. Retrieved April 2, 2014.
  5. ^ Brockman, Greg (April 2, 2014). "How Did Stripe Come Up With Its Name?". Forbes. Retrieved April 2, 2014.
  6. ^ Arrington, Michael (March 28, 2011). "Stealth Payment Startup Stripe Backed By PayPal Founders". TechCrunch. Retrieved February 14, 2014.
  7. ^ Mitroff, Sarah (February 9, 2012). "Stripe attracts $18M in funding at $100M valuation". VentureBeat. Retrieved February 14, 2014.
  8. ^ "Stripe: instant payment processing for developers". Hacker News. September 29, 2011. Retrieved February 14, 2014.
  9. ^ Tsotsis, Alexia (July 9, 2012). "Sexy Payments Startup Stripe Swipes $20M From General Catalyst, Sequoia, Thiel And More". TechCrunch. Retrieved February 14, 2014.
  10. ^ Rao, Leena. "Payments Company Stripe Makes First Acquisition, Buys Team Task Management And Collaboration App Kickoff". TechCrunch. Retrieved 16 January 2014.
  11. ^ Del Rey, Jason (March 27, 2014). "Stripe Merchants Will Soon Be Able to Accept Bitcoin Payments". Recode. Retrieved April 2, 2014.
  12. ^ Helft, Miguel (January 4, 2016). "How John And Patrick Collison Built Stripe Into The PayPal Of The Mobile Era". Forbes. Retrieved February 1, 2016.
  13. ^ George, Shannon (December 9, 2014). "PayPal VS Stripe". Forbes. Retrieved February 1, 2016.
  14. ^ "Stripe's security credentials: how safe is your data on Clerk".
  15. ^ Galperin, Eran (July 31, 2012). "Fighting online fraud – pitfalls and solutions". Retrieved February 5, 2016.
  16. ^ Manapat, Michael (January 14, 2015). "Machine learning for fraud detection". Retrieved February 4, 2016.
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Category:Web applications Category:Business software Category:Payment systems Category:Merchant services Category:Y Combinator companies

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