In light of the current economic situation and the latest questions from members, we want to report on a few less conventional finance options. Some businesses are struggling to stay afloat while others are exploring new ways to grow so that they can come out on top when all of this is over. We just finished a Stripe Capital review. Now, let’s take a look at the Stripe Corporate Card.
Whether you’ve heard of this new business funding option or not, it’s helpful to stay up-to-date with the latest business funding options. Here, let’s explore the highlights of the Corporate Card from Stripe.
- Learn about the company and the history of the Stripe corporate credit card
- Discover details about the free credit card, financial services, and benefits
- See a comparison of Stripe vs Brex (a top competitor)
- Read answers to top questions relates to the Stripe card
This Stripe Corporate Credit Card review should tell you basically everything you need to know before you accept an offer or request an invite. Keep reading if that’s what you are interested in.
So, Who is Stripe?
Most business owners have heard of Stripe as a payment processor. And, many eCommerce stores use their transaction service for online sales. But, despite what you may think, that’s not all they do. Here’s more about the financial services offered by the brand.
What, Exactly, Does Stripe Do?
Stripe started out as a payment platform for businesses. The company also helps companies and individuals manage revenue, prevent fraud, and expand their geographic reach with various applications. The core software that helps users process transactions is cloud-based, so it can easily be integrated with nearly any website or app.
The convenience of the software is meant to simplify the process of collecting payments from anywhere on or offline. Stripe offers payment terminals for in-person transactions and can be used for sales of all types of products and services online.
Here are some of their products:
- Payments – Online payments platform
- Terminal – Programmable, offline transactions
- Radar – Machine-learning-based fraud prevention
- Billing – Invoicing and subscription management
- Connect – Multi-party payments
- Payouts & Issuing – Currency exchange and card management
- Atlas – Business entity creation for startups
- Sigma – Advanced financial analytics and reporting
They are primarily known for payment processing, but the above-list showcases that they are expanding into more realms of business financial services.
How Does Stripe Earn Money?
The quick answer to how Stripe earns money is that their core payment system costs $0.30 per transaction plus 2.9% for each credit card transaction made through the platform. So, on a $50 sale from one of their users, they earn $1.75. And, this isn’t the only revenue they pull in.
In addition to payments, Stripe earns revenue from several of its products. The company charges a set price for terminals in a range from around $50-300, $500 for the Atlas service and an additional $0.02 per transaction for Radar.
Fun Fact: Why is Stripe Called “Stripe?”
Stripe was established as a solution for developers who wanted an easier way to add payment gateways to websites. In the operating system UNIX, the “strip” program removes non-essential data from programs and objects to deliver better performance and less disk space usage. And, the names they had come up with, according to Forbes’ account of CTO, Greg Brockman’s answer to the question, the company couldn’t let go of their UNIX references.
(To think… All this time, I assumed Stripe got its name from the magnetic stripes on the backside of credit cards.)
What Led to the Corporate Credit service?
While many modern credit cards require a lengthy application process and charge high fees, Stripe was in a position to do something that could help their existing users grow their companies and attract new business. Their advantage was that they could develop an algorithm based on the transactions, not the credit of the user. So, they moved forward with their plans.
Next, What is the Stripe Card?
The Stripe Corporate card is a credit card that stands out from the crowd in a loud way. Invited borrowers can upload their logo to create a branded credit card in a matter of minutes. But, that’s not even the best part.
The most attractive aspect of the card is that its free. Users pay 0% interest and there are no fees of any kind: late fees, annual fees, foreign transaction fees.