US tech company Stripe, which specialises in online payment processing for internet businesses, is rolling out its billing product in Europe.
Built on top of the company’s core payments infrastructure, Stripe Billing simplifies the recurring billing process for software-as-a-service (SaaS) and subscription-based companies and is now generally available for Stripe’s European customers.
The company noted that the subscription e-commerce market has grown annually by more than 100% over the past five years and is growing even faster in Europe than in the US.
“Subscription and SaaS companies have been some of the internet’s greatest success stories up to now, but we’ve barely scratched the surface of what’s possible, especially here in Europe,” said Tara Seshan, product manager for Stripe Billing.
“With Stripe Billing, companies of all sizes now have access to advanced invoicing tools that will also help them comply with strong customer authentication (SCA) and VAT requirements. We’re excited to power the next generation of European subscription companies as we continue building the economic infrastructure that will grow the GDP of the internet.”
Stripe Billing uses advanced machine learning infrastructure to help businesses boost their revenue and growth, while reducing engineering efforts and also automatically generates invoices on business’ behalf.
According to the company: “Instead of manually retrying cards, Stripe Billing’s smart retries use machine learning to figure out the best time to retry failed cards. In the US, where Stripe Billing launched last year, smart retries have led to a 7% lift in recovered revenue, on average, for businesses using Billing. This is revenue that the business would not otherwise have earned.”
SCA compliance imminent
“SaaS, subscription and recurring revenue business models have become a major force for economic growth on the internet across Europe,” commented Jordan McKee, research director at 451 Research.
“However, for the vast majority of companies, running a billing and subscription system at any scale is both laborious and costly. This function will become even more complex once the SCA regulations take effect on September 14, 2019 in Europe.
“Stripe Billing aims to mitigate this complexity and expense for European companies of all sizes by smoothing the path to SCA compliance, and democratising access to enterprise-grade billing tools.
“Ultimately, tools like Stripe Billing represent an important element of the economic infrastructure that will facilitate the creation of a Digital Single Market across Europe.”
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