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Stripe tweaks its payment tech for the collaborative consumption economy

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The internet and mobile economies have spawned the collaborative consumption business model, but the payments systems we have in place haven’t kept up. A company like eBay(s ebay), AirBnB, Uber and or Lyft isn’t just a single business entity but a big collection of small networked entrepreneurs, and for every single credit card transaction on their websites there are a lot of different people that need to get paid.

Online payments provider Stripe, however, is trying to solve that problem in a simple way. In a blog post on Wednesday, Stripe said it would now split transactions into multiple accounts, rather than just dump any payment into a single bank account. So take a service like Lyft: when a customer pays for a ride, the total is automatically divided between the driver and the Lyft itself. There’s no waiting for Lyft to cut you check or credit your bank account at the end of the week.

Some of Stripe’s bigger customers like Lyft, SideCar, Exec, Postmates and Shoptiques have already integrated the new payments features. But any Stripe customer can access split payments by tapping into Stripe’s updated API. For each payment recipient there a 25 cent fee per transaction.

One Response to “Stripe tweaks its payment tech for the collaborative consumption economy”

  1. Brett Rothenberg

    and everytime a payment goes through on Lyft, and other ridesharing platforms those rides become FRAUD, since a personal vehicle with a personal auto warranty has been used for a P2P matching commercial ride.. the ride is Fraud and uninsured, and the drivers vehicle will no longer have any manufacture warranty.. this is common sense, in your insurance and auto docs.. but the companies do not make this clear to the passengers and insurance, no warranty on the vehicles… and paying someone on their personal insurance for a ride via Stripe turns every ride into an uninsured fraudulent ride. Need “citizen taxi” or commercial insurance..