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Stripe rolls out multi-currency online payments for Canadian businesses

Stripe rolls out multi-currency online payments for Canadian businesses 

The company, which has an e-commerce platform that enables online merchants, app publishers, freelancers and other digital businesses to incorporate payment features to their Web sites, said that is users in Canada can now charge their customers from anywhere in the word in any of the more than 130 currencies in its roster.

Stripe’s more than 100,000 customers include Adidas, BestBuy, Slack, Lyft, Kickstarter, Pinterest, Twitter, and Shopify.

“We’ve heard from many Canadian businesses on Stripe, such as Vin65, (a winery e-commerce site based in Vancouver) that presenting in local currencies significantly increases conversions,” said Govind Dandekar, growth lead for Stripe’s Canadian operations. “You can start charging in other currencies just by passing in the currency code when creating a charge.”

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Stripe was founded in 2010 by Irish entrepreneurs John and Patrick Collison. They have received hundreds of millions of dollars in funding from various venture capital organizations over the last six years. In October last year, Crunchbase reported Stripe has received $290 million in funding for Stripe.

In March 2013, Stripe acquired chat and task-management application Kickoff.

In March 2014, the Patrick Collison announced that Stripe would support bitcoin transactions. The following year, Stripe introduced a machine learning based fraud detection system, and in 2016 Stripe was ranked #4 on the Forbes Cloud 100 list.

According to Stripe, businesses annually lose a substantial amount of revenue because their online payment support service processes a very limited number of currencies.

“Canada is quietly becoming a hotbed for entrepreneurship, but it’s been too difficult for Canadian startups to sell globally,” said Lachy Groom, Stripe’s head of card payments. “The internet is borderless, but money is oddly cultural.

Using Stripe, Canadian businesses can display prices dynamically in whatever local currency their customers prefer, while still receiving final payment in CAD or USD.

Prior to Stripe, such capability was “prohibitively complex” for most Canadian startups, as it required working with many different providers and merchant processors for each currency they wanted to accept. 

Stripe offers a single platform with multicurrency support, saving startups hours of developer and bookkeeping time.

For example with just one integration, a Canadian Web site or app with a global customer base can charge Europeans in euros, Japanese customers in yen, Mexican customers in pesos, and so on.

Not only does this help Canadian businesses reach international audiences, but it can also have a material impact on their existing business, reducing international card decline rates by up to 20 per cent, according to Stripe,

Last year, online retailers in Canada reported just three per cent of sales from other countries, largely missing out on $150 billion in cross-border global sales, Stripe said.

Being able to sell to customers anywhere in their local currency will make it easier for Canadian startups to participate in the global internet economy, the company also said.

The online payment platform has helped companies like Vin65, an e-commerce and POS software solution for wineries, based in Vancouver.

“When we could only display a single currency, the vineyards in France, Australia, and New Zealand that rely on our software couldn’t receive a localized experience,” said Brent Johnson, vice-president of e-commerce at Vin65. “Displaying local currencies helps our global customer base offer an authentic end-to-end experience and increase sales, and Stripe is making it easier than ever for us to work with more of those wineries in more places around the world.”

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