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Stripe in Japan
- neximo64 10y agoWhen will it be 2 day settlement in the EU like it is in the US. I don't get how competitors can do it and yet stripe still holds off.
- 1_listerine_pls 10y agowhat's a settlement? the vendor receiving the payment?
- kyrra 10y agoYes. In credit card world it goes auth, capture, settlement. Auth happens within those few seconds when you slide your card. Capture tends to happen at the end of the business day when the "final" total is known and charged against your card. Settlement is when everything has cleared and merchants get their money.
- 1_listerine_pls 10y agoI am very interested in how the whole system works together. Any chance you happen know of any books or guides on the subject?
- aaronmacy 10y ago"Payment Systems in the US" by Carol Coye Benson and Scott Loftesness
- Aeolun 10y agoCan't you request them to do that anyway? That said, I still don't understand why this is so relevant to a business?
- halomru 10y agoGetting your money later means that your you are effectively giving out a free loan to whoever is holding your money. For you that's an opportunity cost because you can't reinvest the money for some period of time. If your expenses have to be paid before you get your money this can also be a cash flow issue (or make a cash flow issue worse), when a peak in demand leaves you very profitable but unable to pay your bills because you're waiting for your money to arrive.
- kyriakos 10y agoWhen is the rest of EU coming up? Same regulations everywhere I can't understand the hold up.
- rememberlenny 10y agoMight be an off thought, but maybe a disproportionate fraud comes from the area
- kyriakos 10y agoI live in Cyprus which is a very small market so I won't refer to it, but knowing I can get much better rates than stripe's in Greece for example is an indication that fraud is low in the region.
- Symbiote 10y agoThe wealthier EU countries are active or in beta. They're all cheaper than the US (1.4% rather than 2.9% fees), fraud is lower in the EU.
- the-dude 10y agoThey were forced by the EU, they capped the fees
- kyriakos 10y agoWhere did you hear about this?
- thesimon 10y agoEU Regulation 2015/751 (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2015.123.01.0001.01.ENG&toc=OJ:L:2015:123:FULL http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:O...) Consumer Debit Interchange: 0.2% Consumer Credit Interchange: 0.3% If they didn't lower their rates, they would've been pretty unattractive for a lot of customers. (And still their rates remain quite high if you are mainly selling B2C)
- benlambert 10y agoDoes this mean Stripe Japan users can now accept USD, or is it still only JPY?
- patio11 10y agoThis does mean that Stripe users in Japan can charge in USD, or our other supported currencies. You put the currency in the API call based on whatever logic you want; we charge the user's CC in the specified currency; we credit your bank account JPY at the appropriate rate. (I work at Stripe, in Japan.) As is typical for Stripe, this involved an ungodly amount of offline work to enable an extra query parameter that most of our customers will never have to think deeply about the implementation of.
- benlambert 10y agoGreat news!
- matchagaucho 10y agoCongrats! Great to see the growth.
- jfim 10y agoIsn't Japan mostly cash-based? Seems like an interesting location to expand to.
- marak830 10y agoMost of it here is cards(credit and preload), my wife and her family very rarely use cash. On the other hand I prefer to, difficult to find d out what's wrong when the stop workers speak Japanese and I don't haha
- ekianjo 10y agoYes it's mostly cash and there are many places (like restaurants) where they ONLY accept cash, too. So you always need to have some cash on you.
- wst_ 10y agoI am afraid that isn't true. At least not in big cities. Almost all shops and chain restaurants accept all suite of cards. Credit ones, prepaid, debit ones rarely because they don't issue them often. People are changing.
- patio11 10y agoI'd probably agree with that assessment, but I'd also agree that Japanese consumers will charge over $50 billion in online CC payments this year. "Third largest economy in the world" is all sorts of interesting.
- iand675 10y agoCash-based for consumer payments (especially in the countryside). Business-level payments and cities have much more extensive credit card support, and it's only continuing to become a more common payment method.
- fenomas 10y agoJapan is mostly cash-based for face-to-face transactions. Online, users are extremely comfortable paying electronically. You have to remember that paying via mobile was a thing here several years before the rest of the world, so people have had longer to acclimatize. As a reference point, Japan spent around $8B via mobile phones in 2006 (i.e. before the iphone launched).
- euske 10y ago> ANA (the largest airline in Japan) Just nitpicking here but for marketing-wise, I think this is a rather unwise wording. ANA is one of the two biggest airline companies in Japan, but they only became so in 2014, and it's fairly questionable if they can stay that way forever. The two companies are fiercely competing. By stating one of them "the largest" you're giving people an impression that you are being too pushy or not careful enough. I dunno in the US, but this is bad for potential customers in Japan who would expect certain prudence from financial companies. And apparently they just translated this into Japanese straightforward, which they shouldn't if they really care about marketing in Japan. Hope they learn these subtleties soon.
- simonk 10y agoANA is the largest airline in Japan though.
- redcap 10y agoI've always thought of it as playing second fiddle to JAL. That's changed after JAL had to go through a lot of restructuring, but it's mostly been these two companies. There could be some numbers out there stating that ANA is the largest, but I'd guess there wouldn't be much of a margin.
- danielvf 10y ago2015 revenue from air transportation: ANA - 1,484,600 million yen JAL - 1,205,200 million yen That's pretty clear lead, and it's increasing year by year. [1] https://www.ana.co.jp/group/investors/irdata/annual/pdf/16f/16_F_11.pdf https://www.ana.co.jp/group/investors/irdata/annual/pdf/16f/... [2] https://www.jal.com/en/investor/library/finance/pdf/fy2015q4_en0428.pdf https://www.jal.com/en/investor/library/finance/pdf/fy2015q4...
- po 10y agoWe (at MakeLeaps) integrated Stripe as an option in our SaaS product for small businesses in Japan pretty much as soon as it became available in beta. Our users can send Japanese invoices and have them paid through Stripe. We just flipped on multi-currency support when they launched it in beta and it was done in a day. They've been rolling out features to close the gap in functionality with the US product and working really closely with us. Daniel and their team has been great to work with and having local support staff is really important in this market. So yeah, we're fans. Compared to how difficult it can be for our customers to get up and running with other payment providers and how quickly they can get paid out, Stripe has the potential to be a big influence on the payments space in Japan. BTW, if you know anyone running a business in Japan and want a bilingual back-office that is easily integrated with Stripe, just look us up!
- marak830 10y agoSo happy about this, I've been on the stripe beta here for a while, and the support has been amazing. Keep up the good work!
- barathvutukuri 10y agoWhat about India? Any plans?
- jorangreef 10y agoWell done on the Japan launch. Any plans to add South Africa soon? It would be great to have Stripe on African soil.
- vuyani 10y agoYES PLEASE! ive beeeen waiting for stripe to come to South Africa, alot of other developers i know too are terribly frustrated of the unstable payment gateways we have down here. Stripe would be a much needed breath of fresh air.
- kizum 10y agoI'm in the process of evaluating payment gateways for a Saas app that's currently using Stripe in the US, but needs to move to South Africa in the next few months. The closest I've come to something similar to Stripe is 2Checkout, but the lack proper of support for subscriptions (trial periods, product id's) is very dissapointing.
- vuyani 10y agoYea, im considering using PayU while waiting for Stripe. Just really dislike the fact that they use soap services PayU(http://payu.co.za http://payu.co.za) PayU subscriptions:http://help.payu.co.za/pages/viewpage.action?pageId=8553425 http://help.payu.co.za/pages/viewpage.action?pageId=8553425
- upstarter 10y agoYes, I need you in South Africa as well!
- richardw 10y agoLocal newish payment processor that looks quite slick: http://www.peachpayments.com/ http://www.peachpayments.com/ Haven't tried them, though.
- deleted 10y ago[deleted]
- magicbuzz 10y agoI like the Mt Fuji graphic.
- FoeNyx 10y agoIsn't this way too steep to be Mt Fuji?
- whatnotests 10y agoGood God does this mean I can actually buy something from Japanese online shops without being hassled by international payment problems? Great!
- malloryerik 10y agoNext stop, Korea?
- bryanwbh 10y agoLooking forward to Stripe's availability in Malaysia!
- deleted 10y ago[deleted]
- misterGautham 10y agoInteresting! Japan hasn't had many startups come in for a while.
- nolok 10y agoI evaluated stripe for a French company here in Europe, having heard lots of good things about them, and I have to say that while the integration was top notch, they were vastly inferior to local bank competitors in two areas : no support whatsoever for 3D secure (once you've started using it, you never want to go back), and way higher pricing. National banks (CIC, Caisse d'Epargne) both offered % way, way lower than stripe (under 0.5% per transaction, stripe being almost 3* that for European card and 6* that for non European card). Even including the small monthly fee and the harder / higher cost integration, it made no sense to go with them. Was a bit surprised, mostly by the good terms that could be obtained in locally national banks once you sit with someone. Company I was representing wasn't very large (12 employees). I wonder what others here have experienced? Is it a special scenario that never happens, is it usual?
- vertex-four 10y ago> no support whatsoever for 3D secure This has always confused me about Stripe. They have integrations with various market-specific systems for many markets, but they don't have something that both vendors and consumers expect in the EU.
- piquadrat 10y agoThey apparently are working on it [1]. I asked to join the private beta a few months ago, but haven't been invited so far. [1]: https://support.stripe.com/questions/does-stripe-support-3d-secure-verified-by-visa-mastercard-securecode https://support.stripe.com/questions/does-stripe-support-3d-...
- lachyg 10y ago(I work at Stripe.) My apologies, if you email me at lachy@stripe.com I can invite you.
- globile 10y ago3D secure is a funny beast. We've seen conversion rates with 3D secure for certain products drop up to 40%. You need to tradeoff fraud/dispute stuff vs usability/conversions.
- nicolas_t 10y agoQuick stats about credit card usage in Japan for people interested. In Tokyo, most shops and restaurants accept credit card. In other cities (including Kyoto and Osaka), only about 30% of restaurants or smaller shops accept credit card. Chain store and department store usually accept credit cards, it's just the small mom and pop shop that are taking some time. The situation is improving fast though. Online, I have a friend managing an ecommerce there with about 400 million dollar sales per year. Right now, 40% of the orders are cash on delivery. It was 60% of the orders three years ago. Credit card is hard to get for foreigners (like usual) and for young people without stable jobs (banks tend to be rather risk averse). I'm happy that Stripe is in Japan because the existing credit card providers are mostly incompetent and have really stupid apis.
- FLUX-YOU 10y agoDamn, patio11 got busy. Launching stuff in a whole new country for Stripe.
- patio11 10y agoThe Japan team was very, very busy for the last several months preparing for launch specifically and the last year getting the groundwork in place for servicing Japanese businesses. I literally arrived back in Japan the day before launch, got my business cards, and just had to do some minor translation and utility salarymanning.
- megafounder 10y agoA feature that would make Stripe even more awesome would be the possibility to withdraw $USD to $USD bank accounts located in Europe without the need of losing 2% or more on conversion fees (or lower those fees!).
- user5994461 10y agoJust a reminder: In Europe the main competitor is Adyen, which is basically the exact same thing, with a lower commission. There is a truckload of marketing and news about Stripe, but really, it's nothing we didn't already have on our side of the Atlantic ;)