Digital payments firm Stripe has signed an agreement to acquire terminal manufacturing partner BBPOS.
Last year, the two companies have collaborated on three new card readers that include Stripe Reader, the first Stripe-designed hardware.
Stripe plans to accelerate its card readers innovation by bringing hardware development in-house.
The company stated that the transaction is subject to customary closing conditions.
Stripe Terminal Business lead John Affaki said: “With Terminal, we offer simple, seamlessly integrated payment solutions to our global users. Bringing BBPOS’s hardware capabilities in-house means we will soon be able to innovate even faster.”
The company said that its in-person payments solution for internet businesses, Stripe Terminal, is now available in ten markets across four continents.
Now, the businesses operating in the Netherlands, Singapore, Germany, Australia, France, New Zealand, the UK, Canada, Ireland, and the US will have access to Stripe Terminal.
The businesses using the Terminal include internet first retailers such as Castlery, Glossier, Warby Parker, and Buck Mason to power the transactions across bricks-and-mortar and online storefronts in a unified tech stack.
Platforms such as Mindbody, Shopify, Lightspeed, and Wix are also using the Stripe Terminal with Stripe Connect to allow their business users to accept in-person payments.
John Affaki added: “Despite the pandemic-fueled surge in online shopping, in-person sales remain important to many businesses’ bottom line. In the past year alone, Terminal payment volume has increased sixfold.
“As consumers return to in-person shopping, businesses around the world are now able to seamlessly accept both online and offline payments in a single system.”
In 2019, Stripe and Xero have collaborated to support faster payments for small businesses and to offer more cashflow visibility.