Challenge

In 2016, Aditya Haripurkar and Nitin Muthyala took a chance and turned an idea into the HitPay payment processing solution for small and medium-sized businesses (SMBs). Rapid consumer demand for HitPay and requests by customers for additional services including mobile and e-wallet payments prompted Haripurkar and Muthyala to secure funding for launching a comprehensive payment solution for SMBs in Singapore and Malaysia.

Many SMBs were using a mix of third-party payment and fraud prevention solutions to meet their needs. The disunity in solutions created complexity and made it difficult for SMBs to gain a unified view of customer transactions, which hindered reconciliation. To help, HitPay wanted to build a one-stop, no-code omnichannel payment platform that SMBs could use to securely process both in-person and online payments, and mitigate issues like fraud and chargebacks that hurt profit margins.

Ease of use was also important to HitPay. It wanted SMBs without development experience to be able to easily process payments using their preferred payment methods, add support for global currencies, and have on-demand insights into their sales data. Because HitPay's founders would be building the platform from the ground up, they sought ready-to-use services and low-code tools that they could leverage to accelerate development, simplify customisation, and minimise their own operational costs.

Solution

In 2020, HitPay partnered with Stripe for comprehensive, easy to use payment processing services. Company developers wrote and integrated HitPay's business software with the Stripe platform using Stripe Connect so that Stripe would manage SMB onboarding, confirm their bank payout details, and facilitate PCI-compliant transactions using Stripe Payments.

HitPay added point-of-sale and online digital transaction capabilities with Stripe Terminal. By doing so, SMBs would be able to accept online and in-person payments made with credit and debit cards as well as payment options including digital wallets like Google Pay and Apple Pay. SMBs would also gain one centralised view of their customers' transactions regardless of which payment methods they used to simplify reconciliation.

HitPay added customisable payment and checkout options to its platform using pre-built UI modules in Stripe Elements. For example, with Payment Element, HitPay's SMBs can support more than 100 currencies with a few clicks.

To provide integrated security and fraud mitigation capabilities for SMBs, HitPay adopted Stripe Radar for Fraud Teams. It gives HitPay all of the advanced fraud protection capabilities that come with Stripe Radar as well as advanced controls designed to meet the needs of IT security professionals. HitPay partnered with Stripe Professional Services for implementation help. After performing a risk assessment of HitPay's platform, the Stripe Professional Services team recommended how to adjust system integrations and configure the rules that govern how Radar detects and mitigates fraud.

Stripe Professional Services also advised on optimizations for HitPay's SMB onboarding process to improve their experience. Their solution adjustments included sending SMBs automated status updates and establishing a holistic risk model early in SMBs' journey with HitPay and Stripe.

Results

HitPay drives 8x growth in one year with Stripe

By adopting Stripe to deliver omnichannel payment capabilities rather than just in-person payments, HitPay is driving rapid growth. At the start of 2020, HitPay had processed 12,000 in transactions. By the beginning of 2021, after it had adopted Stripe, it had processed 290,000 in transactions.

“Previously, we were only enabling SMBs to accept payments in-person, but when we started offering online acceptance with Stripe, the volume of transactions we processed increased by more than 8X in one year,” said Haripurkar.

Additionally, between 2020 and 2023, HitPay grew its annual average revenue by 455% by processing transactions with Stripe. And by 2024, HitPay had processed over 3 million transactions with Stripe – totalling USD$500 million – for more than 15,000 SMBs across 2 countries.

HitPay unlocks omnichannel opportunities for SMBs in just minutes

By building a unified commerce platform with the Stripe platform, HitPay enables SMBs to rapidly process payments in a way that aligns with their resources, vision, and requirements. In just five minutes, an SMB without any development expertise can start accepting in-person and online payments using HitPay because Stripe Connect simplifies onboarding. SMBs can also quickly build a custom checkout experience using no-code in Elements. Additionally, by leveraging Stripe Radar for Fraud Teams, HitPay manages fraud and chargeback operations for SMBs so they can focus on running their businesses without worrying about these complexities.

SMBs increase conversions with custom experiences and insights

HitPay makes it easy for SMBs to see key KPIs including conversion rates, sales, and payment method usage from their Stripe-powered dashboards. With these insights and the easy customisation options made possible with Elements, SMBs can improve their services and revenue by changing the payment methods and currencies they support as well as the look and feel of their customers' checkout experiences.

“At HitPay, we live by the principle of creating technologies that small businesses want,” says Nitin Muthyala, Cofounder and CTO of HitPay. “What stands out to me isn't just the technology they choose but the creative ways they approach business and personal growth. Through our partnership with Stripe, we can continue to rapidly evolve the HitPay platform so SMBs can meet their requirements their way, regardless of their resources – and thrive in the dynamic global economy.”