More than $1 trillion in payments were handled by Stripe last year for millions of users, ranging from the biggest corporations to the fastest-growing startups. The improvements that were unveiled today are aimed at hastening their expansion.

"Our goal is to increase the internet's GDP." Our approach involves paying close attention to the demands of the world's most advanced and creative companies. Due to our size, Stripe is in a good position to assist our users this year in navigating the ever-complex payments environment and utilizing AI to spur growth. The CEO and cofounder of Stripe, Patrick Collison, added, "We're also making Stripe more modular so businesses can use just the parts of Stripe most useful to them."

Using AI on the payment page

With Stripe's Optimized Checkout Suite, companies such as OpenAI, Slack, and River Island can create an efficient checkout process by utilizing artificial intelligence (AI) to select the most suitable payment option for each individual consumer. Stripe's Optimized Checkout Suite now supports over 100 payment methods, up from 50 just a few months ago. These methods include Amazon Pay, Revolut Pay, Swish, Twint, and Zip. Today, companies can also conduct no-code A/B tests for payment methods—a first for the industry that is exclusive to Stripe.

According to a recent analysis, companies that switched to Stripe's Optimized Checkout Suite experienced an average 11.9% boost in revenue as more customers became purchasers.

Using AI to combat fraudThe prevalence of online fraud has increased, rising 11% in 2023 alone. Businesses that utilize Stripe Radar to detect fraud experienced a 10% decrease in dispute rates within the same time frame.

Today, Stripe introduced Radar Assistant, one of its new AI-powered fraud prevention tools. Companies can specify new fraud rules they would like to implement using natural language prompts, and the assistant will draft the rules appropriately. Subsequently, the rules can be evaluated against past payments to determine whether they prevent fraud without raising false positives and increase income.

In my opinion, Stripe is more of a data platform than a payment processor.Stripe's data helps us avoid fraud more accurately, and it also speeds up customer checkout times," stated Dave Hayne, CTO of URBN, a company that owns and operates a portfolio of well-known international brands like Urban Outfitters, Anthropologie, Free People, and Nuuly.

Largest Stripe Connect updates ever

Software platforms like as Shopify use Stripe Connect to integrate financial services and payments. This allows companies using Shopify to access Stripe products right from their Shopify account, such as Treasury and Payments.

With 17 embedded components—ten of which are for payments—Connect has undergone the largest update to date, as announced by Stripe today. Platforms can easily incorporate fully working financial services into their websites with the help of these embedded components.For instance, platforms can instantly begin lending money to their qualified consumers by integrating a prebuilt user interface (UI) into their website, all with the help of Stripe Capital's integrated component.

Businesses may now more accurately decide which capabilities to own and which to delegate to Stripe thanks to today's Connect enhancements. They can also modify their decisions as their business expands.

According to Kady Srinivasan, CMO of Lightspeed, a commerce platform that leverages Connect to let companies sell both online and offline, "building our payments products with Stripe has meant a better user experience for our customers, lower churn, and higher adoption."

sustaining intricate revenue models

Businesses can generate income through the internet in a variety of ways, but managing numerous revenue streams is challenging. Users may manage their revenue lifecycle with the use of Stripe's Revenue and Finance Automation package, which includes Stripe Billing, Stripe Tax, Stripe Sigma, and more. The suite is used by over 300,000 businesses, such as Anthropic, Cloudflare, Atlassian, GitHub, Figma, and Duolingo.

With the release of its suite of Revenue and Finance Automation tools, Stripe has announced over a dozen changes, including complete support for usage-based pricing. Now, companies can monitor how their clients use the goods and services within Stripe and convert that data into accurate pricing for their clients. A generative AI business might, for instance, bill its clients on a per-query basis, more precisely matching their incoming revenue to their compute expenses.

 

In addition, Stripe stated that Stripe Tax has grown to 57 countries and will soon manage tax return filing and registration automatically in US tax jurisdictions.

"We rely on Stripe to help us grow our business so we can concentrate on customer service and innovation. We utilize Stripe Billing to handle subscription management for Claude Pro. We use Stripe Invoicing for our API to streamline the automation of accounts receivable, payment collection, and transaction reconciliation. As cofounder and president of Anthropic, Daniela Amodei stated, "This enhances the experience for Anthropic and our customers alike."

enabling the usage of Stripe products with different payment processors

In the past, Stripe was an all-or-nothing offer; in order to use the majority of its other products, businesses had to process payments through Stripe.

 

Three of Stripe's most popular products—its Optimized Checkout Suite, Stripe Billing, and Stripe Radar—will be accessible to businesses using third-party payment processors, the company announced today. This is especially important for big businesses who couldn't use Stripe's product suite without going against other long-term contract obligations.

We are expanding Stripe's modularity to include payment processing, which is the foundation of the company. Will Gaybrick, head of product and business at Stripe, stated that the company will be making significant investments in the future to assist its users in managing the complexities of using numerous processors.

These announcements are a part of a larger plan to expand Stripe's partner ecosystem and increase its interoperability. Additionally, Stripe revealed new opportunities for partners to increase Stripe's functionality, such as:

-More than 150 apps, including new ones for Salesforce, Netsuite, and Adobe, have been added to the Stripe App Marketplace, more than tripling its original   number of 70.

-New interfaces for Oracle OPERA, Teamwork Commerce, Erply, Mercaux, and Tulip with Stripe Terminal hardware.

-an updated alliance with American Express, which becomes the newest issuer in Stripe's Enhanced Issuer Network.