Online payments provider Stripe is expanding the use of its Express accounts to allow marketplaces to onboard businesses quickly and easily, the company said in a blog post.
Express is one account type that Stripe marketplace customers can use to manage payments to the sellers and service providers who sign up on their platforms. Users are onboarded through a customizable interface that collects the information Stripe needs to conduct identity verification and other onboarding processes.
Stripe introduced Express accounts this spring as a way for its customers to quickly board users onto their platforms. Previously, however, the feature was limited to individuals.
Now available to businesses as well, Express can automatically collect the information needed based on the type of user, the company said.
The company provided the example of Lugg, a marketplace that connects customers with moving and delivery help. The service providers may be either individuals or moving companies.
“In just five days, a single engineer at Lugg was able to integrate Express to speed up their previously manual onboarding process and support both individuals and businesses signing up for their platform,” product manager Tim Peacock wrote in the post.
Express accounts are currently available only for organizations and individuals in the U.S., but will expand to other countries, Stripe said.