Microsoft has introduced a new feature for its Teams platform that could revolutionize how small and medium-sized businesses (SMBs) collect client payments. The feature allows SMBs to seamlessly request and accept payments from within a Teams meeting, streamlining the transaction process and saving time for all involved.
To make this possible, Microsoft has partnered with leading payment companies PayPal and Stripe and web-hosting provider GoDaddy. The Teams Payments app, which is currently in public preview and only available to US and Canadian customers at this time, can be downloaded and installed from within the Teams platform. The service lets SMBs connect their Teams instance to their payment accounts easily.
A new world of payments opens up
With Teams Payments, SMBs can request client payments during meetings, appointments, classes, and webinars. It will provide both parties with a smoother and more integrated experience. Clients can send payments via credit and debit cards, digital wallets, and other payment methods, all within Teams.
The possibilities for SMBs are endless. As Microsoft noted in a blog post, lawyers and financial advisors can collect payment for consultative appointments, real estate instructors can accept payment for license-renewal sessions, and teachers can receive compensation for tutoring classes, all while their clients engage with them via Teams.
The Payments app also features a dedicated pane within the Teams application that allows SMBs to track payments that have been made and those that are outstanding.
An exciting development for Stripe
“Our partnership brings Stripe into one of the world’s most popular collaboration platforms and will help millions of companies accelerate their online revenue growth,” said Mike Clayville, Chief Revenue Officer at Stripe. “With Stripe, more businesses can now accept payments as easily as launching a video conference, chat, or virtual presentation within Microsoft Teams.”
The Teams Payments app is free for all users, including Teams Essentials and Microsoft 365 customers. It’s currently supported by Stripe and PayPal, with GoDaddy integration coming soon. The app is now available in the Teams Store.
Also read: Microsoft Teams 2.0 lets you collaborate faster and easier than ever