Stripe Inc. announced the launch of its first corporate card, providing internet businesses a way to manage spending, and also enabled payouts in local currencies to recipients in 45 countries worldwide.
Stripe, a San Francisco-based payments platform for online businesses, developed its new corporate card on top of the Stripe Issuing technology that it launched in 2018, which was an API that it created to allow companies to create physical and virtual cards for employees to pay for expenses, according to the company.
“Today we’re taking our first step in making it easier to manage your spend with the Stripe corporate card, a credit card for fast growing businesses,” Cristina Cordova, business lead, corporate card, said at the Stripe Sessions conference yesterday.
Companies with an existing Stripe account can create a new corporate card and upload the company logo into the Stripe dashboard in minutes. No new integrations or lengthy applications are required. Company employees can start using the card right away or integrate it with Apple Pay or Google Pay. Companies can get a physical card to their employees just in a few days.
The card offers 2% cashback on the top two categories of spending and companies can set dynamic spending controls. For example, they can limit per person, per day expenditures and block certain categories of products or services from being purchased.
The card also provides real-time expense reporting, so employees will get a text notification each time they make a purchase. That information can be uploaded to the Stripe dashboard right away for fast reconciliation. Companies can also integrate the card spend into financial management software, including Quickbooks or Expensify.
Regarding the expansion of its payments platform, companies can now send out payments to 45 different countries with funds issued in local currencies using local bank networks.
Cover image courtesy of Stripe.