Now that people are comfortable using their credit card online, Stripe co-founder John Collison says, he's got his eyes on developing other payment technologies that will eventually become commonplace among small business owners and other customers.
At the iCONIC conference in Seattle on Tuesday, Collison, who co-founded Stripe with his brother Patrick, spoke about some of the company's plans in an onstage interview with Inc. senior editor Maria Aspan. The conference was co-sponsored by Inc. and CNBC.
In the interview Collison discussed Atlas, a service Stripe launched in February that helps foreign businesses incorporate in the U.S. Atlas clients pay Stripe $500 to take care of the steps for incorporation in Delaware, help them register with the IRS, and establish a U.S. bank account.
"People should not have to move to the United States [for] a good business climate," Collison said.
Launching Atlas presented two serious challenges. The first was scaling, and the service still isn't available in all countries. The other hurdle: Making clear that incorporating in the U.S. is a process that still requires serious effort from companies that apply. "We don't want to make it any simpler than it actually is, but it should be simpler than it has been until now."
One major coup for Stripe is that it has been able to make the service available to entrepreneurs in Cuba as the United States lifts economic sanctions against their country. Collison's brother Patrick was among a group of business leaders who accompanied President Obama on his recent trip to the island.
Correction: An earlier version of this article mischaracterized Collison's comments about PayPal; he was saying that a third-party wallet like PayPal is less necessary today because consumer behavior has evolved. It also stated that an audience member asked a question about using Atlas in Uganda, and that Collison responded that the service is not available there. The question was not in reference to Atlas.