Fintech Stripe, Microsoft Launch Teams Payments

Microsoft (NASDAQ: MSFT) and Stripe are launching a new feature on Microsoft Teams that will empower companies “to unlock new revenue streams and grow their business – all with the simple touch of a button.”

Introducing Teams Payments, a solution that “enables meeting hosts to accept real-time card payments during virtual appointments, classes, events and more, allowing millions of businesses across North America to get paid in real time, making transactions faster than before. ”

To streamline payment acceptance and identity verification for transactions in Teams, Microsoft is “using Stripe Connect – a solution for seamlessly integrating payments into your platform or marketplace.”

With 93% of companies experiencing late payments, this is considered to be “a much-needed solution that will revolutionize how virtual business is conducted, creating a more seamless and enjoyable experience for all.”

Businesses can now “accept payments before, during and after each virtual session, access their funds in mere seconds, and if preferred, require payment in advance in order to join a Teams session.”

Stripe continues “to grow its list of companies seeking support for growth, with other notable partnerships including Amazon, BMW, Ford, Spotify, Maersk, Toyota, Nikkei, and more.”

Brenna Robinson, general manager, SMB, at Microsoft, said:

“We’re thrilled to partner with Stripe to help unlock new revenue streams for companies on Teams Payments. Our collaboration with Stripe allows us to better serve our customers, deepen the impact of Teams, and boost revenue growth.”

Mike Clayville, chief revenue officer at Stripe, said:

“Our partnership brings Stripe into one of the world’s most popular collaboration platforms and will help millions of companies accelerate their online revenue growth. With Stripe, more businesses can now accept payments as easily as launching a video conference, chat, or virtual presentation within Microsoft Teams.”

Teams Payments is “available today in preview in the Teams App store and to customers with a Microsoft 365 or Teams subscription in the US and Canada.”

For more details, click here.

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