As the world becomes more digitally oriented, businesses are constantly seeking new ways to streamline their operations and make it easier for their customers to pay. Stripe, a financial infrastructure platform for businesses, has recently launched a new feature called Tap to Pay on Android. This feature allows businesses to accept contactless in-person payments using a compatible phone or tablet. This article will explore what Stripe is, how the new Tap to Pay feature works, and how it can benefit businesses.
What is Stripe?
Stripe is a financial infrastructure platform that provides services for businesses to accept and process payments. It was founded in 2010 by Irish brothers John and Patrick Collison and is now headquartered in San Francisco, California. Stripe provides businesses with a range of tools to help them manage their payments, including a set of APIs and SDKs supporting in-person payments with developer interfaces, card readers, and logistics management.
What is Tap to Pay on Android?
Tap to Pay is a new feature of Stripe Terminal, which allows businesses to build and customize in-person checkouts without the need for traditional point-of-sale hardware. This feature is fully integrated with the rest of Stripe, so businesses can manage their in-person and online payments all in one place. Through Terminal, businesses can track customer transactions across channels, provide seamless customer experiences, and simplify reporting and revenue reconciliation.
Tap to Pay on Android provides an alternative to Terminal’s dedicated card readers. It allows businesses to turn compatible Android devices into contactless mobile card readers, which means they can accept contactless payments wherever they are. This feature supports transactions made with mobile payments like Google Pay, as well as Mastercard, Visa, and American Express debit and credit cards.
How can Tap to Pay benefit businesses?
Tap to Pay on Android has several benefits for businesses. Firstly, it enables them to accept contactless payments without the need for traditional point-of-sale hardware, which can be expensive and bulky. This means businesses can accept payments wherever they are, whether that’s at a market stall, pop-up shop, or on the go.
Secondly, Tap to Pay is fully integrated with the rest of Stripe, which means businesses can manage their in-person and online payments all in one place. This makes it easier to track customer transactions across channels, provides seamless customer experiences, and simplifies reporting and revenue reconciliation.
Finally, Tap to Pay is fully compatible with Stripe Connect, which makes it easy for platform businesses to offer their users the ability to accept in-person payments. This means businesses can offer a more seamless payment experience to their customers, which can help to increase customer satisfaction and loyalty.