Stripe will power Teams Payments to enable meeting hosts to accept real-time card payments during virtual appointments, classes, events, and others
Digital payments firm Stripe has forged a new partnership with Microsoft to introduce Teams Payments to allow businesses across North America to accept payments directly in Microsoft Teams.
Through the collaboration, Stripe expects to drive Teams Payments to enable meeting hosts to accept real-time card payments during virtual appointments, classes, events, and others.
The companies are also expected to be able to set advance payment through Stripe as a requisite to join a Teams session.
Microsoft Teams collaboration platform is claimed to offer video conferencing, messaging, voice, and other embedded tools to over 300 million businesses globally.
Microsoft SMB general manager Brenna Robinson 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.”
The partnership will allow companies to accept payments from customers before, during, or after a virtual session and then almost instantly access the funds.
Microsoft will optimise payment acceptance and identity verification for transactions in Teams by leveraging Stripe Connect. By making use of Stripe Connect, Microsoft will route funds programmatically from customers to merchants after payment has been made.
Stripe is expected to manage the onboarding requirements to help merchants get paid when they sign up for Teams Payments.
Stripe chief revenue officer Mike Clayville 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 accessible in preview in the Teams App store and to users in the US and Canada who have a Microsoft 365 or Teams subscription.