Stripe is updating its payments platform to help merchants increase revenue and to make the platform more reliable.
The payments processor said it can now process card transactions with the six major networks, including Visa, Mastercard, American Express, Discover, JCB and China Union Pay using direct integrations in North America, Europe, Latin America and Southeast Asia, according to a press release.
By directly integrating with the networks, rather than using intermediaries, Stripe said it can reduce latency and remove potential point of failure points with customers.
“This extra revenue would have been welcome under normal circumstances, but its critical at times like these,” John Collison, Stripe co-founder and president, said in the release. “The Stripe team will keep shipping updates like these — from home — so our customers receive every penny they’re due.”
Stripe handles more than 250 million API requests per year and often 10,000 per second and said the direct link will improve authorization rates for legitimate transactions.
It has also expanded its Stripe Issuing platform for all U.S. customers. The platform allows companies to reduce the amount of time it takes to create their own contactless, virtual or physical cards.