Artsy partners with Stripe, the payment processor behind millions of businesses, to process transactions via Buy Now and Make Offer.
Stripe is a trusted source for online transactions with best-in-class security tools and systems to help detect and prevent fraud. They are used by Google, Nasdaq, Shopify, and more, and handle billions of dollars of sales annually. 90% of U.S. adults have bought from businesses using Stripe. Read more about Stripe here.
According to a recent Artsy poll, over 50% of collectors prefer to use a credit card to check out, and enabling Stripe is the first step in accepting secure payments on Artsy.
How does Stripe help protect me?
Stripe is certified to PCI Service Provider Level 1, which is the most stringent level of certification in the payments industry. Artsy’s proprietary systems interact with Stripe to help create a safe online marketplace for selling art, including account takeover prevention tools, chargeback and dispute management, transaction review, and a $100,000 seller protection on qualifying transactions (read more here). Read more about security at Stripe here, and how Stripe prevents fraud here.
Sanctions, money laundering, and “Know Your Customer”
Stripe follows ever-evolving international “Know Your Customer” requirements (such as Europe’s Anti-Money Laundering 5th Directive) to reduce risk for merchants operating in international markets (read more here).
Stripe also actively monitors and protects merchants against international sanctions. Following Russia’s invasion of Ukraine, Stripe quickly responded to the rapidly evolving sanctions against Russia by blocking sanctioned transactions in Russia and Belarus, limiting potential exposure to sellers (read more here).
Together with Artsy’s own KYC programs, Stripe is a leading tool to help sellers navigate the complexities of global eCommerce.
The information in this article has been adapted from Stripe’s resources. Please visit www.stripe.com for the most up-to-date information.