Stripe Now Allows Business to Easily Accept USDC Payments on Ethereum, Solana, and Polygon

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As a seasoned crypto investor with a knack for staying ahead of the curve, I can confidently say that Stripe’s new Pay with Crypto feature is a game-changer. After years of navigating the complexities of the crypto market, this move towards seamless integration and reduced volatility is nothing short of refreshing.

On October 9th, 2024, Stripe unveiled a novel feature called “Pay with Crypto,” enabling U.S. businesses to receive payments in stablecoins that are then automatically converted into their Stripe account’s regular currency (fiat). At the moment, this service is being tested publicly on a limited basis. The aim of this service is to streamline the process of accepting cryptocurrency by eliminating the intricacies involved in holding or converting it into fiat currency.

Businesses now have the option to receive payments in USD Coin (USDC) across Ethereum, Solana, and Polygon networks, or Pax Dollar (USDP) on Ethereum and Solana. These transactions are settled as US dollars in their Stripe balance, ensuring a smooth incorporation of cryptocurrency without requiring direct contact with market fluctuations.

Crypto payments are compatible with Stripe’s current tools like Checkout, Elements, and the Payment Intents API. When customers choose to pay using cryptocurrency, they are directed to a page provided by crypto.link.com. Here, they can link their digital wallets and verify transactions. Once confirmed, the platform processes the transaction, and the settled amount appears in the business’s Stripe balance in USD, similar to any other Stripe transaction.

Globally, except for sanctioned nations, customers can transact with cryptocurrencies as a form of payment. However, the ability to “Pay with Crypto” is currently restricted to specific U.S. businesses at this time. Businesses that don’t find the ‘Crypto’ option in their payment settings should reach out for access and go through Stripe’s approval procedure.

After being authorized, businesses may choose to add the option of paying with cryptocurrencies in their checkout systems, providing clients with the flexibility to make transactions using stablecoins. Repeat customers will appreciate the streamlined checkout experience made possible by Link, a feature that allows for quick, one-click payments.

For cryptocurrency transactions, Stripe applies a fee of 1.5% based on the transaction value in US dollars. This rate is generally lower compared to typical credit card charges. Each transaction is limited to a maximum of $10,000, and a customer’s total monthly transactions are capped at $100,000.

Here are a few important considerations for businesses:

  • Refunds: For crypto transactions, refunds are issued back to the customer’s original wallet in stablecoins.
  • Subscriptions: Stripe does not yet offer native support for crypto-based subscription services.
  • Settlement: All transactions settle in USD to the business’s Stripe balance, and Stripe currently only supports USD settlements.

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— Jen (@BackseatVC) October 9, 2024

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2024-10-11 12:03