10. September 2012–
Rocket Internet's new payments processor Paymill is working to woo developers in Germany and has confirmed English- and French-language versions are next in line.
Paymill, inspired by hot US startup Stripe (recently valued at up to half a billion dollars), offers web developers a one-stop shop to set up and process credit card payments. Users sign up, gain access to a simple RESTful API, integrate it and can start processing payments in as little as 48 hours.
This is an under-the-hood solution – there's no need to redirect customers to a third-party website or ask them to set up an additional account a la PayPal. In this sense, both Paymill and Stripe are similar to Braintree, used by the likes of Airbnb, Fab and Uber. A main difference here is that Braintree requires users to have a merchant account while Paymill and Stripe handle that part on behalf of users.
In terms of cut for services provided, Paymill charges developers 2.95 per cent and 28 euro cents per transaction (compared to 2.9 per cent and 30 US cents for Stripe).
Paymill started up in Munich in June 2012 and is already working with a cluster of German shops (including DieJeans.de, Tailory.com, Flakegolf.de and mywineportal.com).
Paymill – a new direction for Rocket Internet
Speaking at a launch party for Paymill at Berlin developer hangout Betahaus on Friday, Paymill CEO Mark Henkel confirmed plans to bring out English and French versions "at some stage". The service is already able to process payments from everywhere in the EU.
The news should serve as even more of a hurry-up for Stripe, so far only available in the US. The clip below is a pretty typical exchange on the company's Twitter feed:
Alongside Payleven (a copy of Jack Dorsey's Square) and BillPay (similar to PayPal's BillMeLater), Paymill is the third foray for Rocket – best-known for retail e-commerce and rapidly deploying existing business models into new markets – into payment services.
"It's not a move away from e-commerce," Rocket Internet managing director Johannes Bruder told VentureVillage on Friday. "It just makes sense because there's a clear need, especially in Germany."
Paymill's eventual target users, as well as developers, are the small and niche retailers who make up the so-called "long tail" of the internet economy behind giants such as Amazon or Rocket's Zalando. "There are many things we can evolve into," Bruder said.
For now, though, Paymill will need to pique the interest of developers in Germany. The 40-strong crowd at Betahaus on Friday would seem to suggest it's off to a pretty good start.
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