Stripe and Airbnb have joined forces to enable guests to pay with a linked bank account. By using Stripe Financial Connections, once all guest credentials have been entered and saved, guests can then use Link, Stripe’s proprietary one-click checkout, to make a bank payment for their booking.
Airbnb guests simply need to have a U.S. bank account to participate. By using Stripe Financial Connections and Link, they can conveniently make their payments and will no longer deal with the inconvenience of re-entering their bank information for each subsequent booking. This Airbnb and Stripe partnership offers guest another convenient method of payment.
According to Nacha, consumers are paying more of their bills via ACH. ACH payments enable customers to transfer funds from one bank account to another electronically, without the need for paper checks or physical cash. Not only is it a convenient method of payment, but it’s also more secure and cost-effective for both businesses and consumers.
The draw for ACH is clear. For one, it’s convenient—no more fidgeting with finding and writing a paper check that could get lost or stolen. It’s also safer, the funds are received quicker, and you will know that your funds have arrived, without third-party intervention. What’s more, the lack of a third-party or manual processing means that the risk of error is eliminated.
Stripe’s research indicates that two-thirds of businesses are focusing on growing their customer base by offering bank debits.
“We are excited to partner with Stripe to provide our guests with more options to pay for their travel, including paying by bank with Link,” said Dave Stephenson, Chief Financial Officer at Airbnb, in a prepared statement.
Mike Clayville, Chief Revenue Officer at Stripe added:
“Anyone who’s made a booking on Airbnb knows how great the experience is. For guests who want to pay using their bank account, we’re thrilled to partner with Airbnb to offer bank payments as an option that’s just as fast and convenient as anything else.”
This integration is timely, especially as more consumers expect various payment choices at checkout. As many businesses have experienced, the more payment methods they offer, the greater the likelihood that consumers will remain loyal, repeat customers.
