Kickstarter leaves Amazon Payments for Stripe

Crowdfunding site Kickstarter has ditched long-standing payments partner Amazon and signed up with Stripe in a move designed to make life easier for both project creators and backers.

2 comments

Kickstarter leaves Amazon Payments for Stripe

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Until now, people using Kickstarter to find funds had to set up an Amazon Payments business account, a process which takes several days. The Stripe deal means that users simply enter their bank account details when drafting their project, meaning that they are ready to accept payments within minutes.

Meanwhile, backers will no longer be redirected or have to log in to a separate service to make a payment. "It takes half the steps, and it all happens on Kickstarter," says a blog.

Kickstarter has already begun migrating projects over to the new system and expects to have everything moved by next week. Charges will not change, with Stripe applying credit card processing fees of between three and five per cent.

Kickstarter says that it decided to move after Amazon said it will discontinue the payments product that it used, adding: "Stripe processes payments for Twitter and Facebook, and we’ve gotten to know their team and product well. We’re thrilled to partner with them."

Last month Stripe raised $70 million in a funding round which values the San Francisco-based payments start-up at $3.5 billion. As well as the Twitter and Facebook deals, it has also recently signed up Chinese giant Alipay and been anointed a "highly recommended" partner for Apple Pay.

Sponsored [Webinar] AI & Beyond: The evolution of secure customer banking experiences

Related Company

Keywords

Comments: (2)

A Finextra member 

I'd be interested to hear what kind of due-diligence they are performing? Surely Amazon's approach was more long-winded because they had to perform KYC.  Obviously a light-touch KYC would leave kickstarter open as a tasty backdoor for Money Laundering.  Interesting fraud vector :)

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

More like Amazon ditching its payments product, as Kickstarter itself has acknowledged in its last FAQ item.

[New Report] Payments Modernisation: The Big Survey 2024Finextra Promoted[New Report] Payments Modernisation: The Big Survey 2024