FinTech: Stripe And Microsoft Join To Offer Card Payments In Real Time Within Microsoft Teams
Enabling Stripe’s real time card payment functionality within Microsoft Teams would allow for millions of North American businesses to get paid faster.
Microsoft (NASDAQ: MSFT) has partnered with financial infrastructure platform Stripe to enable businesses on Microsoft Teams to accept payments directly through the platform. Stripe will power Teams Payments, enabling meeting hosts to accept card payments during virtual appointments, classes, events, and more.
Merchants sign up for Teams Payments and Stripe handles the onboarding requirements to help them get paid. Late payments from customers can be a challenge for 93% of businesses, as they can cause cash flow problems and negatively affect their financial position. However, businesses using Teams Payments and Stripe on Microsoft Teams can now receive payments via cards from customers before, during, or after virtual sessions, and have access to the funds almost instantly.
This means that an online yoga instructor, for instance, can request payments from students directly within a Teams chat. Microsoft’s Connect feature will automatically transfer funds from customers to merchants after a payment has been made.
This can be a useful facility for the more than 300 million global businesses that use video conferencing, voice, messaging, and other embedded tools on the Microsoft Teams collaboration platform.
The service is available in preview in the Teams App store and to customers with a Microsoft 365 or Teams subscription in the US and Canada.
Related Story: Amazon And Stripe Agree To Expand Existing Relationship
Photo by Sunder Muthukumaran on Unsplash
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