No matter what industry you are in, all businesses can agree that getting paid by their customers and getting paid quickly is very important. Since we now live in a world where most shopping is conducted on laptops, mobiles, and apps, it is vital for eCommerce and wholesale businesses to not only embrace the world of new technology but the world of payment technology.
Fortunately, there are more and more payment technology solutions becoming available that allow merchants to easily make payments online and help businesses to get paid faster.
We recently had to opportunity to discuss payment technology with Sophie Sakellariadis who is the Connect Growth Lead, South East Asia at Stripe. Stripe is a technology company which builds infrastructures that enable businesses to accept online payments.
There are two main components that businesses need to get right if they are going to have a successful online payments strategy. The first component that users have to get right is their UX design. For example, if someone is waiting at a cash register, the wait time typically does not affect a consumer’s willingness to purchase the item. If a consumer is making an online purchase, that one additional second between two and three seconds of an online payment form loading leads to a 40% drop in conversion to payment. This means that getting the details right is critical to success.
The second component is the infrastructure your payments are built on. Payment technology is one of the most critical pieces of business infrastructure. This is one of the problems Stripe is focused on solving. We have built Stripe from the ground up to serve as a unified API and infrastructure that cleanly abstracts the entire financial system. Stripe’s technology stack is engineered for redundancy and security, and designed for developer efficiency. Businesses use Stripe to accept money from any customer, in any country, however, they want to pay.
Although the online payment process continues to improve, businesses still have a hard time getting paid, even though it is easy for a consumer to make payments online. One main reason for this is that businesses are more complex.
Marketplace, SaaS, or subscription based business models aren’t only difficult to build, but even more difficult to scale. Figuring out how to build these underlying platforms is challenging. When companies get the underlying code right, they can create better products, iterate faster, develop new business models, operate more reliably, and scale more quickly.
Thankfully, Stripe isn’t just trying to make it easier for these businesses to accept credit cards or building visually appealing checkout experiences, they are equipping companies with tons of tools to operate in almost every aspect of the business. This will allow businesses to scale in a way that doesn’t require them to make untenable and ongoing operational investments.
When creating a payments infrastructure for SMBs, it is important to focus on the design, customer experience, accessibility, and convenience. A faster payments infrastructure should not be the only goal. When it comes to the internet economy, we’re really at the start of the journey.
Only 5% of payments globally happen online, which is surprising given how much time consumers are spending on their computers and smartphones.
Clearly, there’s a lot of room for growth!
What we have noticed is that software tools like Shopify, Xero, and TradeGecko have started to make a real dent in how SMBs operate their online strategies in markets where they operate.
For example, we recently released the results of a survey we conducted in Singapore. The survey discovered that by using cloud-based software to automate some of the most resource-intensive parts of building a business, from communications to invoicing to accepting payments online, it helped businesses in Singapore to do more faster, and with fewer resources.
About 93% reported that these tools made starting a business cheaper, while 97% said that these tools have made it easier to launch a tech startup.
More and more businesses have started to embrace the world of payment technology, TradeGecko being one of them. TradeGecko Payments was launched earlier this year and it has successfully enabled their customers to be paid by their merchants 3x times faster.
Stripe Connect powers TradeGecko Payments by providing a safer and faster experience for its users. TradeGecko uses Stripe’s verification API to ensure they securely collect and verify all information related to a business. Then it uses Stripe’s core payments API to create a seamless and secure checkout customer experience when they pay. It uses Stripe’s payout API to ensure the funds are received in the business’s bank account as quickly as possible. Most importantly, it gives a business access to real-time data on payments.
Want to learn how to optimize your payment workflow and get paid faster? Check out TradeGecko Payments and start a 14 day free trial, to learn how you can start getting paid faster, saving time, and grow your business.
About the author:
Sophie Sakellariadis is the Connect Growth Lead, Southeast Asia at Stripe. She joined the team from Stripe’s U.S. headquarters, where she has been based for the past two years. Prior to Stripe, Sophie worked as a consultant in the non-profit space, working with organizations including the Gates Foundation.
Enable your wholesale customers to pay online so you can get paid faster.