Stripe Founders on 60 Minutes

Stripe, one of the most popular online payment processors for online business, just got a huge nod on national television.

Patrick and John Collison, the brothers who founded the company, appeared on CBS’ 60 Minutes on Sunday to discuss their journey.

The brothers described their experience using other online payment processors as “difficult and unnecessarily time-consuming”.

The purpose of their venture is to create a new kind of payment processor that focuses on efficiency, accessibility and convenience.

Patrick and John left college (Harvard and MIT) to create Stripe with the goal of creating a universally accessible and accepted payment system.

“In a world where people can send a Facebook message or upload an Instagram photo and have it available to anyone, anywhere in the world like that,” Patrick Collison explained, “I think that the fact that that doesn’t work for money is something that seems increasingly, honestly, unacceptable to people.”

The brothers then demonstrated Stripe’s innovative service on a fake company website made by Lesley Stahl, the reporter who interviewed the two founders.

Within 5 minutes, her fake website was able to accept online payments.

“It doesn’t need to take any longer. This is how it should work,” Patrick said. Stripe has quickly become a name brand company among online merchants.

PayPal currently holds the top spot, but with the sheer number of online payment processors, there may be room to displace PayPal from this top spot.