Challenge

Since 1994, Artlogic has worked to create comprehensive digital solutions for art-oriented businesses, including artist studios, galleries, and collectors. In 2017, Artlogic started offering website templates with Stripe integrations to the galleries on its platform. This made it easy for galleries to handle basic e-commerce transactions through their own websites, such as selling prints or art books. But this solution was limited to galleries’ websites and didn’t extend to art sales directly through Artlogic’s own platform. As Artlogic’s database grew from six million to nearly nine million artworks by 2022, it faced a challenge: high-value art sales were still being processed manually, often over the phone or via unencrypted emails. This led Artlogic to consider building its own in-house payment system for high-value art sales.

Artlogic also had to overcome the entrenched habits of larger galleries that preferred manual payment methods and resisted digital ones. “Getting the art world to accept digital payments was a major hurdle,” said Joe Elliott, chief executive officer at Artlogic. “Often, galleries are hesitant to adopt new technology because they’re worried about security and reliability, especially when it comes to high value art.”

When Artlogic wanted to expand globally, it needed a flexible payment system capable of offering multiple currencies and payment methods. To navigate global expansion barriers and bridge the gap between traditional and modern payment methods, Artlogic needed to create an integrated, secure, and reliable payment solution.

Solution

Artlogic leaned on its previous use of Stripe for e-commerce to develop a new solution that would integrate with the company’s platform. Using Stripe Connect, Artlogic was able to build an embedded end-to-end payment solution: Artlogic Pay. The platform also integrated Stripe Identity, which verifies the authenticity of individuals involved in significant transactions. Now, customers can streamline their end-to-end sales process – without worrying about security risks or inefficiencies.

“The way Stripe’s Connect platform operates is unparalleled,” Elliott said. “This level of integration is exactly what we needed. Allowing us to build our solution rapidly, and get on with changing the world of Art payments”

Through Artlogic Pay, Artlogic is able to provide end buyers with a wide range of payment options, including debit, credit, and direct debit methods such as Automated Clearing House (ACH), Bacs, and SEPA. The availability of a wider range of familiar, trusted payment options made transactions smoother for buyers and built trust with galleries.

Using Stripe, Artlogic is able to onboard merchants globally and offer its international galleries the ability to easily take payments online. This enabled Artlogic to overcome regional barriers, particularly in emerging markets such as China, where traditional bank transfers can be challenging.

“The launch of our powerful payments product for the art world was a game changer, made possible by Stripe’s innovative solutions,” Elliott said. “It’s not just about the payments; it’s about creating an ecosystem of fintech solutions that our customers can tap into by connecting just once.”

Results

Embedded and secure full-stack payment solution

Artlogic built an integrated payment solution within weeks, unlocking easy invoicing and payments for its customers. In fact, 74% of Artlogic gallery clients with a website now opt for a wholly integrated system rather than using multiple providers for different processes. Using Stripe as its chosen payment processor, Artlogic Pay provides the assurance to its users that their payment is both safe and PCI-certified secure.

“Today, we are a market leader in the art gallery space with over 5,000 galleries on our platform. Galleries around the world are embracing the cloud-based approach we offer,” Elliott said. “With Stripe, we give our customers tools they’ll actually use. They benefit from this, but it also propels us forward.”

30% of USD transactions through ACH, surpassing average card payments value

With a variety of globally recognised payment options, Stripe helps build trust – especially in the art world where transactions can be large, and customers don’t always want to use their cards. Now, the average transaction value on ACH is higher than on card, with ACH accounting for 30% of volume in USD, despite only making up 12% of Artlogic’s transactions.

“We want everyone to recognise Artlogic as the trusted way to make online payments in the art world,” Elliot said. “With Stripe, a globally-recognised brand, we’re adding another huge layer of reliability to every single transaction.”

72% of Artlogic’s European sales to customers outside the EU

Since implementing Stripe, Artlogic was able to onboard 190 accounts in over 40 countries, with a nearly even split between Europe, the Middle East, and Africa (49%) and North America (48%), and with an emerging presence in Asia Pacific (3%). So far, Stripe has helped Artlogic complete 72% of its European sales to customers outside the EU and gain early access to burgeoning markets such as Singapore and Hong Kong.