I’ve got a love/hate thing going on with Stripe right now. I love how easy it is for entrepreneurs to enable credit card processing in their business using Stripe (mobile apps, ecommerce sites, subscriptions billings). I can attest that setting up credit card processing within your business has historically been a painful process…..so Stripe rocks in how easy they make that implementation process now. I hate Stripe’s back-end reporting. Especially as a bean-counter, I’m thinking about how payment processing integrates into other financial platforms… and Stripe’s reporting doesn’t play well with the likes of QuickBooks Online or Xero. (more specific details here). Also not crazy about their fee structure…but all credit cards charging ~3% fees drive me nuts….someone disrupt this please!
Because so many of our clients use Stripe, we’ve really been digging in to find ways to help clients get better Stripe reporting and have noticed that a number of really bad ass tools are starting to pop up. In fact, it actually seems like allowing other people to build reporting tools into Stripe’s back end may have been Stripe’s goal all along. Venture capitalists are taking note of this phenomenon and the likes of General Catalyst have even created a specific GC Stripe Platform Fund to help seed companies that integrate into Stripe. Should be interesting to watch this mini-ecosystem involve.