Microsoft has launched a new feature for Teams allowing small and medium businesses (SMBs) to collect payments from within meetings.
The capability comes in the form of a Microsoft Teams app that can be downloaded and installed from within the Teams platform.
Microsoft partnered with payment firms PayPal and Stripe, as well as GoDaddy, to bring the application to the platform.
Currently in public preview, available only to US and Canada customers at present, Microsoft envisions the Teams Payments app to be used by a range of SMBs to make collecting work-related payments easier.
“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.”
RELATED RESOURCE
The Total Economic Impact™ of SAP finance transformation services with TruQua
Teams can be used for workplace meetings, but also for running virtual appointments, classes, and webinars, for example, and these can now be paid for inside Teams itself, potentially allowing for a smoother transaction experience.
“For example, a lawyer or financial advisor can collect payments for consultative appointments, a real estate instructor can do the same for license-renewal sessions, or a teacher for tutoring classes – all while the customer is engaging with them,” said Microsoft in a blog post.
SMBs looking to take advantage of the new feature will have to connect their Microsoft Teams instance to their respective PayPal, Stripe, and GoDaddy accounts.
From there, they can send payment requests to customers from within the meeting itself. Customers are able to send money via credit and debit cards, digital wallets, and more.
The Payments app also allows SMBs to track payments that have been made and those that remain outstanding from a dedicated pane inside the Teams application.
Microsoft has made the Payments app free to all users including both Teams Essentials and Microsoft 365 customers. It’s now available in the Teams Store with support for Stripe and PayPal, while the GoDaddy integration is “coming soon”.
“Small businesses continue to face many, many challenges. Whether dealing with a cash flow crunch, finding new customers, or expanding to new channels, small businesses need partners to help them solve these problems,” said Bernardo Martinez, vice president of microbusiness at PayPal.
“Our collaboration with Microsoft allows us to address a common pain point – accepting payments for virtual customer interactions – by providing them with a trusted method that both consumers and businesses know well.”
-
Bigger salaries, more burnout: Is the CISO role in crisis?In-depth CISOs are more stressed than ever before – but why is this and what can be done?
-
Cheap cyber crime kits can be bought on the dark web for less than $25News Research from NordVPN shows phishing kits are now widely available on the dark web and via messaging apps like Telegram, and are often selling for less than $25.
-
Slack AI agents shift looks to “unify” enterprise data and drive team synergyNews The workplace collaboration platform is determined to make life as easy as possible for users
-
Microsoft breached EU antitrust rules with Teams bundling practices – now it could face a hefty fineNews The EU has levelled a statement of objections at Microsoft as part of its ongoing antitrust investigation
-
Microsoft Teams classic users now have more time to upgradeNews Microsoft Teams Classic users will now have until July 2024 following the extension
-
Cisco is ramping up AI features in Webex, but in a market dominated by Google, Zoom, and Microsoft, it may struggle to boost user uptakeAnalysis Cisco is confident that new AI features for Webex will have users flocking to the platform, but it still faces stiff competition in the productivity space from major industry players
-
What you need to know about the new Microsoft Teams appNews The new Microsoft Teams app offers marked performance improvements for Windows and Mac users
-
Can Slack hold its own in the age of AI-charged collaboration?Analysis Slack is in the midst of an exciting period of innovation with the roll-out of AI features, but Microsoft and Google loom large
-
Microsoft to unbundle Teams in attempt to stave off EU antitrust battleNews The concessions could bring to a close the long-running spat between Microsoft, regulators, and industry competitors such as Slack
-
BlueJeans closure highlights stifled state of post-COVID unified comms industryAnalysis Industry big hitters such as Microsoft, Zoom, and Google maintain somewhat of a stranglehold, research shows
