As a real-estate investment platform operating entirely in the digital space, it’s imperative that Stake offers great customer experiences and efficient ways to pay.
In this article we share the story of how Stake’s partnership with Checkout.com has helped the business modernize its payments offering through the implementation of new solutions, such as Account Funding Transactions (AFTs). Read on to hear more about how these changes have led to cost optimizations for Stake, and supported the businesses phenomenal growth story by facilitating expansion into new markets such as Saudi Arabia.
Recognizing the need for a more efficient and scalable solution, Stake sought a payments partner that could deliver innovative technology, exceptional service, and improved performance. This search led them to Checkout.com.
When Stake launched in 2021, it relied on a basic system for handling customer deposits. At first these could only be made via bank transfer, leading to delays as customers waited for their funds to clear before they could start investing. This approach was far from optimal and necessitated a search for a more efficient solution. The primary challenge was to enhance the payment process to support a growing customer base and streamline operations, particularly given Stake’s business model, which does not charge customers payment processing fees.
Another significant challenge was managing cross-border transactions efficiently due to a multinational user base. It was crucial to ensure the ability to accept payments from anywhere in the world while reducing transaction costs to maintain a sustainable economic model and scale effectively. This led Stake to seek out a partner that could address these inefficiencies while supporting its expansion plans.
Stake’s partnership with Checkout.com began in 2021, when the company was introduced as a promising candidate to overhaul Stake's payment processing system. Checkout.com offered a compelling package with superior service levels, an extensive range of SDKs, and exceptional visibility into transaction processing.
Ricardo Brízido, Co-founder and CPTO of Stake, recalls: “Checkout.com quickly distinguished itself through its exceptional service level, offering a wide range of SDKs (Software Development Kits) and providing outstanding visibility into transaction processing.”
The pivotal solution Checkout.com provided was the implementation of AFTs and cross-border payments. This integration was designed to improve payment performance through better payment routing. Also to optimize costs, and support Stake's expanding international operations. The Checkout.com team worked closely with Stake to refine their payment processing system, adjust routing, and integrate APIs while ensuring the smooth handling of additional customer data.
Since the beginning of the partnership, Checkout.com has played a significant role in transforming Stake’s payments. From optimizing transaction costs to supporting cross-border transactions and facilitating expansion into new markets, the partnership has been instrumental in Stake’s impressive growth trajectory and operational success. “It’s incredible to see how far we’ve come, and our partnership with Checkout.com has been a key part of that journey,” recalls Brízido.
“Our partnership with Checkout.com has been incredibly productive. Together, we've tackled the various challenges that come with pioneering a new business model and striving to become a market leader. It's been great to see how Checkout.com has adapted to our evolving needs, consistently offering constructive solutions along the way,” says Ricardo Brízido, Co-founder and CPTO of Stake.
As the first company to leverage AFTs across Checkout.com’s MENA region, Stake transformed its payment processing, achieving a remarkable 74% reduction in costs associated with VISA transactions from specific regions. This significant decrease in expenses was a direct result of the enhanced transaction efficiency and the cost-effective nature of cross-border transactions enabled by AFTs. The implementation was also smooth from a technical perspective, ensuring Stake’s customers enjoyed an uninterrupted service and the overall user experience remained as strong as ever.
Over the last 3 years Stake has experienced impressive business growth. One of the main drivers of this growth has been the expansion of the business into new markets, which Checkout.com has helped to facilitate. For example, Checkout.com played a crucial role in launching Stake's payment processing services in Saudi Arabia, including integrating card schemes like Mada V2 and facilitating market localization. This friction-free entry into the Saudi market has been instrumental in Stake's regional expansion strategy.
With its agile, innovative solutions designed to meet the evolving needs of businesses, Checkout.com powers performance through payments. By implementing AFTs, Stake has become the first company to leverage this cutting-edge technology across Checkout.com’s MENA region. This milestone not only enhances payment efficiency but also exemplifies how Checkout.com is at the forefront of enabling cross-border transactions, driving growth and expansion for its partners.
Looking to the future, Stake is enthusiastic about exploring additional expansion of AFT cross-border capabilities to support more currencies and countries. The ongoing partnership with Checkout.com will be instrumental in navigating these future growth opportunities.
“We see Checkout.com as a crucial partner in this journey and anticipate breaking records in both scale and transaction value as we grow,” concluded Brízido.
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