Exclusive: Stripe takes on rivals with UK direct debit launch
One more reason for online merchants to choose Stripe for all of their payment needs.
Image source: Matt Henderson / Stripe.
Global payments giant Stripe is taking on GoCardless in its home market, with UK direct debit acceptance today launching, AltFi can exclusively reveal.
With the addition of direct debits, Stripe is one step closer to becoming an all-in-one payment solution for online merchants, and has another differentiator from its competitors like Checkout.com.
Matt Henderson, EMEA Sales Manager for Stripe, will announce the UK launch later this afternoon during his talk at SaaStock Remote.
“Recurring revenue businesses are going to play an important role in the global economic recovery,” said Henderson.
“We want to make sure that Stripe can help these businesses protect and grow their revenue. The ability to collect Bacs payments will help increase conversion, lower costs, and minimize churn.
Direct debit payments are either available through Stripe’s Stripe Checkout or integrated into custom checkouts by developers.
Stripe already has a handful of startups using its Bacs direct debits, including San Francisco-based industrial IoT provider Samsara and London-based proptech Yorlet, as well as non-profit charities like Chuffed, which often rely on donations. recurring.
Later this year, the Freshbooks cloud accounting platform will launch in the UK with help from Stripe to offer direct debit capabilities.
“Bacs is kind of a heritage mark, we recognize any paper forms you fill out to establish the mandate,” Henderson added.
“It’s rightly trustworthy, but can seem a bit old-fashioned. We are delighted to be able to bring Bacs Direct Debits fully online alongside new payment methods such as Apple Pay or Alipay.
Stripe has been in tears in recent months with a $ 600 million funding round in April and launching in five new European countries last month.