Stripe’s business model has always welcomed outside innovation into what we call “the Stripe Ecosystem”. So it should come as no surprise that Stripe is powering a variety of different payment methods from around the world.
Today we’re excited to announce that Control users will be able to differentiate between transactions, via Stripe, from the following payment methods:
Your key performance metrics will not be affected by this update. We always included all Stripe-powered payments in our data; the difference with this update is that you now have more insight into what payment methods are used. We hope this will provide you with even deeper insights into your customers and your business.
Whether it’s new, disruptive technology such as Android Pay or Apple Pay, or international payment giants such as Alipay or SOFORT, we welcome these payment methods to Control.
Here is a brief introduction to each of these payment services:
ACH (Automated Clearing House) – 🇺🇸
Automated Clearing House is a network that allows funds to be transferred to or from a US bank account. It’s a popular method of direct-deposit used by American employers. While ACH is not instant, payments are cleared twice a day and are usually received within 1 or 2 days.
For a detailed look at how ACH works, we recommend consulting this fantastic series of blog posts written by the Engineering team at Gusto.
Alipay – 🇨🇳
Alipay is a popular Chinese digital wallet with over 450-million active users. Alipay was launched in 2004 by Alibaba, the popular online marketplace.
For our American audience, Alipay is a payment method worth paying attention to. Earlier this year, Alipay reached an agreement with First Data to enter the U.S. market. With the backing of Chinese entrepreneur Jack Ma, Alipay could be set to make a big impact on the global payment scene.
Stripe announced its support for Alipay just earlier this week.
Android Pay – 🌎
Android Pay allows Android users to make purchases through their phone, tablet or watch. By connecting a debit card or credit card to your Android Pay account, you can make your transactions as easy as a touch of your device.
Google’s Android Pay recently partnered with PayPal, which could lead to a surge of growth in adoption of this payment method.
Apple Pay – 🌎
Apple Pay allows iOS users to make purchases through their iPhone, iPad or Apple Watch. Much like Android Pay, Apple Pay enables users to have a frictionless payment process, by connecting a debit card or credit card to their Apple Pay-enabled device.
As of March 2017, over 2,000 banks around the world accept Apple Pay.
Bancontact – 🇧🇪
Bancontact is a leading payment method in Belgium, where it is accepted by over 80% of businesses. Bancontact may also be referred to as Mister Cash.
Bitcoin – 🌎
For most, the popular cryptocurrency Bitcoin needs no introduction. Through blockchain technology, Bitcoin allows peer-to-peer transactions that are not regulated by any bank or financial institution. Bitcoin was introduced in 2009.
Giropay – 🇩🇪
This online payment method from Germany has over 35 million users, and has been around since 2006. Giropay is similar to Interac in Canada, iDEAL in the Netherlands or Secure Vault Payments in the U.S.
iDEAL – 🇳🇱
This is the most popular online payment method in the Netherlands, with access to over 90% of all Dutch individuals. iDEAL is similar to Interac in Canada, Giropay in Germany, or Secure Vault Payments in the U.S.
SEPA Debit – 🇪🇺
SEPA stands for “Single Euro Payments Area”, and as the name implies, it is an initiative by the European Union to simplify and standardize payments across Europe. SEPA introduced banking standards that allow direct debiting of every bank account across Europe.
SOFORT – 🇩🇪 / 🇦🇹
SOFORT is an online payment method from Germany that offers an immediate and direct payment of funds. SOFORT has a significant market share in Germany and Austria, and was founded by Klarna in 2005.
Stripe Connect – 🌎
Stripe Connect is a platform created by Stripe to make it easier for businesses to pay off various third-party sources. It is a form of direct account transfer that simplifies the payment process, especially when it comes to international payments.
However, keep in mind that both the receiver and the sender must be based in countries supported by Stripe.
Want to see how your customers are paying? Sign up for Control today and start your 14-day free trial. No coding necessary.