Kickstarter Dumps Amazon Payments For Stripe

(RTTNews) - Crowdfunding platform Kickstarter said Tuesday that it is dropping Amazon Payments as its payment processor in favor of Silicon Valley startup Stripe.

Stripe will now collect and process payments for all projects on Kickstarter.

"We've already started moving projects over to the new system, and by next week, it will be in place for all new projects," Kickstarter said in a blog post.

Kickstarter said the move will make things a lot easier for project creators, who no longer have to create an Amazon Payments business account and wait for approval. "Instead, you'll just enter your bank account details on the Account tab when you're drafting your project on Kickstarter. It takes about two minutes, whereas the old way could take a few days," the company said in the blog post.

The new system also ensures a simpler, faster and easier checkout process for project backers, who can finish their transactions with fewer steps without being redirected or having to log in to a separate service.

Amazon Payments had been working with Kickstarter from its very beginning, processing $1 billion in pledges. However, Amazon decided late last year to discontinue the payments product that Kickstarter was using and hence the latest switch over, Kickstarter explained.

Stripe also processes payments for Twitter, Inc. (TWTR) and Facebook, Inc. (FB).