Financial infrastructure platform for businesses, Stripe has announced an expansion of its product suite for Australian businesses at the inaugural Stripe Tour Sydney conference.
Stripe announced that Tap to Pay on iPhone is coming soon to Stripe users in Australia, marking the first time the technology has become available to Stripe users outside of the United States.
“Australia is one of our fastest growing markets in Asia Pacific with over half a million businesses in the country building their payment solutions on Stripe and processing tens of millions of transactions every month,” Stripe managing director for Australia and New Zealand, Karl Durrance said.
“From Tap to Pay to Tax for platforms, the expansion of our product suite reaffirms our commitment to helping more Australian businesses optimise their revenue and streamline business operations to unlock their full potential.”
With Tap to Pay on iPhone and the Stripe Terminal SDK, Australian businesses will soon be able to accept in-person contactless payments directly on their iPhones, without the need for any additional hardware.
This adds to Stripe’s unified commerce solutions, which bring online and in-person commerce together in a single integration, to provide businesses with a comprehensive view of sales trends and customer preferences.
Stripe Tour Sydney also featured a preview of Stripe’s newest smart reader, Stripe Reader S700. The new reader allows businesses to accept payments and use pre-built elements to collect customer details. The all-in-one handheld or countertop device offers a high-definition screen, long battery life, and the ability to run a custom POS app. Stripe Reader S700 will be available to Australian businesses later this year.
Stripe is also introducing Link, its native one-click checkout, to Australia. Link allows customers to auto-fill payment information when making ecommerce purchases. This not only enables customers to check out nine times faster than non-Link users, but it also increases conversion rates by over 7% with no additional cost incurred by businesses.
Stripe announced that Stripe Data Pipeline will be coming soon to Australia, enabling businesses to sync Stripe data and reports with Amazon Redshift or Snowflake Data Cloud. This consolidated data can be used to speed up financial reporting.
For platform businesses that want to help their customers stay compliant, Stripe is introducing Stripe Tax for platforms, a tax automation solution that caters to all online transactions across any payment processor. With Tax for platforms, platforms can allow the businesses that run on them to meet their sales tax, VAT, and GST obligations automatically.
“A recent Stripe business survey showed that most local business owners are focused on business growth – building entirely new business models and revenue streams. Only 19% of commerce is conducted online in Australia so a significant growth opportunity remains,” Durrance added.
“We want to ensure our customers are as successful and competitive on the global stage as possible. Around 30,000 businesses conducted cross border commerce each month in 2022 with 60% wanting to enter a new market in the next two years and 58% saying it’s never been easier than today.
“Looking ahead, Stripe is focused on three key areas – continued product expansion and investment to reduce friction in the customer experience, enterprise business growth, which was up 20% YoY in 2022, and revenue optimisation with payments as a top line revenue growth lever.”