It’s only been six months since the rollout of Stripe Instant Payouts this past September, but Canadian businesses using the platform just got another upgrade.
Online businesses in Canada can now accept payments in over 130 currencies from customers anywhere in the world. In addition, Canadian businesses using Stripe can display prices in whichever local currency their customers prefer, while receiving the final payment in CAD or USD.
“The internet is theoretically borderless. But while it’s easy to send a photo or an email to anyone in the world, it’s still shockingly hard for a business to get paid by a customer from another continent. Online businesses in Canada, in particular, have been held back by the difficulty of charging customers in anything other than Canadian or US dollars,” said Lachy Groom, Stripe’s head of card payments, in an email to MobileSyrup.
Interestingly, Canadian online retailers reported that just 3 percent of sales came from international customers, missing out on approximately $150 billion CAD in cross-border sales.
“Stripe’s new multicurrency feature will help Canada’s thriving startups participate more fully in the global internet economy by giving them the ability to accept payments from customers anywhere in the world, in their local currency, from day one,” continued Groom.
Stripe has attracted many internationally known customers like Facebook and Salesforce in addition to Canadian icons like Shopify.