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Today the internet economy is the fastest growing economy in the world. The business trades that happens online can be called internet economy or more accurately, Digital Economy. At present, the net worth of the digital economy has become 3 trillion dollars which are more than the GDP of the United Kingdom!
But even with this, compared to the economy of the whole world, only 3% of economic trades or businesses happens on the internet.
But it took only 20 years for the internet economy to make it up to this point while the global economy took, like forever to reach this point.
Online business will further continue to grow and so will the digital payment system. Currently, people are trying to figure out more effective and easier ways to manage their online-transections.
Stripe came forward with their system for e-commerce websites and mobile apps to solve this problem.
What is Stripe?
Stripe is a financial service company based on the USA, San Francisco that provides their payment processing software named Stripe to the e-commerce websites and mobile apps.
The software works as a third party processor for your online and offline payment from debit/credit card and bank transaction as well as a payment gateway.
Origin of Stripe
In the year 2010, two Irish brothers Patrick and John Collison first started Stripe. Back then it was named /dev/payments and headquartered in California, Palo Atlo city.
The Headquarter was moved from Palo Alto to San Francisco in 2012.
According to the company, 89% of the credit cards have been processed by Stripe at least once.
Currently, the system has the ability to process 135 currencies.
How Stripe Works?
As a third-party software, Stripe helps you transfer money from your bank account to another one through debit or credit card.
What it means is, it supports the digital or electronic payment system where the money is transferred from customers account to a merchants account.
Before Stripe was introduced, you needed to face a lot of problems to set up payments for online money transaction. So that’s why Stripe came forward with the mindset for improving transaction condition in the e-commerce sector.
Why Do We Need Stripe?
To understand the present you first need to understand the past.
Before Stripe came in, the online money transaction was a huge hassle. You needed to accept credit or debit card to get payment from your customer’s bank account to your own as the payment for the goods or services that the customer purchased.
But the method was overly complicated because you had to deal with many things at once.
You had to communicate with the bank, credit/debit card’s company and another additional service (or services) that worked as a third party to process your e-commerce payment.
The payment process was complicated enough to set up, to begin with, and even after setup you had to deal with so many things after each transaction.
Stripe simplified many things at once and one of them was a flat rate for every payment network.
They also added an important feature like fraud protection which was able to prevent fraudulent transactions. Also, Stripe created and advanced API which allowed the app makers to easily integrate payment processing system to their apps.
Is Stripe Secure?
There is no doubt that Stripe is secure.
SSL Protection: All the transactions that are processed by Stripe is Secure Socket Layer or SSL protected. Both you and your customer’s information are transmitted securely during payment under the protection of SSL.
PCI Service: Stripe is audited by a PCI certified auditor. They certified Stripe to PCI Service Provider Level 1 which is the highest grade certificate for a payment processing company.
Encryption: The debit/credit card numbers are encrypted and the decryption code is stored in a different server. The storage facility is state of the art and none of the Stripes servers can obtain the decrypted card numbers.