Viral.com.au
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Stripe, a financial infrastructure platform for businesses, has unveiled several features to help businesses monetise new business models, grow revenue and reduce costs, as part of its annual product showcase, Stripe Sessions today.


In the face of continued economic headwinds, businesses in Australia have responded by focusing on finding new revenue, instead of just reducing costs. A recent survey by Stripe found that Australian business leaders are equally focused on actively reaching out to new customers and investing in new product features (53%), as they are on reducing costs (47%).


“In the face of economic headwinds, many businesses in Australia are eager to maximise revenue on top of minimising costs. Our goal is to equip these businesses with powerful solutions to grow their income and optimise business processes,” said Karl Durrance, managing director for Australia and New Zealand at Stripe.


Reducing payments costs, giving customers more ways to pay 


One example of how Stripe is helping companies reduce payment costs and giving customers more ways to pay is its recently announced global partnership expansion with Uber Technologies, Inc. Under the agreement, Uber expands its strategic payments partnership with Stripe across its top markets, including Australia, Japan, Europe, and the US.


Uber will use Link and Stripe Financial Connections to allow customers to securely and instantly add bank accounts without leaving the Uber app. Saved bank details can then be easily reused by customers for future purchases with Uber.


In Australia, Uber's integration with Stripe will make available eftpos, Australia's debit card system, improving the payment experience for millions of Uber users. Stripe continues to innovate in Australia by offering the most essential payment methods online and in-person, including eftpos, and credit and debit card options with Visa and Mastercard.


“Creating payments experiences that combine payments innovation, reduced friction, and cost savings is at the core of what we do. Using Link to give customers the option to easily pay with their bank accounts puts us in a position to tick all those boxes while providing access to an increasingly popular mode of payment,” said Karl Hébert, vice president of payments, risk, and identity at Uber. “Stripe shares our commitment to reliability, customer centricity, and continued innovation—which is why they are a key partner.


Businesses using Stripe’s newest checkout optimisations saw 10.5% more revenue


Stripe’s newest payments integration – the Payment Element – helped businesses grow their revenues by 10.5% on average, compared to similar businesses that remained on an older Stripe integration. The Payment Element is an embeddable and customisable UI component that surfaces the most relevant payment methods and supports more than 100 optimisations in a single integration. These optimisations are also available through Stripe Checkout, a prebuilt, hosted payment page that lets businesses easily and securely accept payments online.  


“Every business is working hard to increase their revenue whilst also increasing efficiency. Our recent findings show that a simple switch to the latest payment tools will allow businesses to improve their bottom line, which could have significant outcomes for a company’s long-term growth amid the economic downturn,” explained Karl Durrance. 

Stripe now offers more than 100 checkout optimisations as part of Stripe Checkout and the Stripe Payment Element, including pre-built payment UIs, more than 40 payment methods, and one-click checkout to increase revenue. In the last year alone, more than 100,000 businesses including OpenAI and BigCommerce upgraded to Stripe’s new, highly-optimised checkout products to increase conversion.

 

Bringing all of Stripe’s best to Australia

 

Stripe will organise a series of localised Stripe Sessions events called Stripe Tour 2023, including one in Sydney on August 8. The event will feature global keynote speakers, networking opportunities, and product demos, providing attendees with insights and tools to help them succeed in the rapidly evolving digital economy. To find out more, visit stripe.events/stripe-tour-2023.