Starting January 2024, Stripe has mandated that all third-party plugins must utilize Stripe Apps for authentication, using either Oauth 2.0 or a restricted API key. This change is aimed at significantly enhancing security, and plugins that do not comply with this authentication method may have a fee imposed by Stripe in 2025.
To assist all Magento-based businesses with these changes, we’re rolling out App for Payments with Stripe for Magento 2, now available on the Stripe App Marketplace. This application helps you effortlessly activate Stripe according to the new security requirements and lets you leverage the latest checkout technologies.
Key Features of App for Payments with Stripe for Magento 2
The app ensures full compliance with the new Stripe authentication requirements, but more functionality is on the way. The Amasty team is already working hard to integrate Stripe’s Optimized Checkout Suite (OCS) features into the extension. According to Stripe itself, OCS has brought businesses an average revenue increase of 11.9%. This suite allows you to:
- Simplify and optimize your payment experience with Stripe payment surfaces. These are Stripe’s customizable front-end elements that you can combine and visually modify to match the Checkout’s look and feel with the design of your site. OCS payment surfaces include:
- Payment Links – a powerful alternative to Invoicing for fast and no-code creation of payment pages that can be shared via links.
- Checkout – pre-built and customizable payment form that you can integrate into your site
- Payment Element – a ready-made component for accepting 40+ payment methods, validating input, and handling errors.
- Quickly enable 100+ additional payment methods directly from the Stripe Dashboard. After eligibility filtering, Stripe will use machine learning to dynamically display the most appropriate payment methods to customers, thus maximizing your conversions.
- Reduce checkout time to just 6 seconds by allowing customers to reuse and auto-fill their payment information. Link speeds up the checkout process and boosts conversion rates.
Comply with Regulation (EU) 2015/751, which mandates specific requirements for co-badged cards. This is crucial for businesses operating within the European Economic Area that can process Cartes Bancaires.
Amasty is proud to be the first in the Magento market to have met security compliance requirements for activation keys and is now also pioneering the implementation of Stripe’s OCS functionality. What’s more, our team plans to soon achieve full compatibility of this extension with Hyvä and Hyvä Checkout. Look forward to the module’s capability to seamlessly integrate into all Hyvä-powered stores!
Why Migrate Now?
Adapting to Stripe’s changes is indispensable for maintaining a secure and efficient payment system. If you don't make the move, Stripe may impose a fee on your account in 2025.
Migrating ahead of the deadline will give you ample time to adjust and guarantee uninterrupted business operations. Besides, the sooner you take advantage of heightened security, better customer experiences, and smoother payment processing – the sooner you’ll reap the benefits!
Amasty’s new application is designed to make this transition completely seamless for you. We offer clear instructions and robust support to guide you through the entire process. For more details on using our Stripe App, feel free to visit our dedicated page or reach out to our support team.
