After launching its lending arm, Stripe Capital, payments firm, Stripe, recently announced that it will be offering a credit card to its customers. TechCrunch reports that the company will be releasing the Stripe Corporate Credit Card targeted at business clients.
In a Stripe Session, the firm’s developer event, it announced that it will be opening its services to “businesses that are incorporated in the US.” Prospective clients are required to be incorporated in the country but can operate elsewhere.
Powered by Visa, the Stripe Corporate Card does not have an interest rate or fee, as of this writing. However, clients are required to “pay their balance in full each month.” Even without rates and fees as of the moment, the company is expected to make money through interchange fees which will be charged when users make transactions.
The company’s business lead Cristina Cordova remarked that the firm will not implement policies that will freeze the accounts due to late payments or failure to pay. Cordova acknowledged that non-payments often occur because clients switched to another account and failed to make the necessary information changes.
Cordova said that the company will encounter minimal problems with non-payments because of Stripe’s payments services. With its payments arm, they are bound to have the correct banking information that allows them to accept revenue.
The launching of the corporate credit card as part of its efforts to make the services more diverse. Through developing and offering varied financial services, the company seeks to be recognized as a “one-stop-shop for e-commerce and other companies.” This way, the firm will be able to provide for most, if not all, financial transactions required by their clients.
Aside from the credit card, the company is also offering a wide range of new services including billing, invoicing, and in-person payments.