Microsoft has unveiled its latest feature for the Teams video conferencing platform, allowing businesses to accept payments directly within the app. The Teams Payments app, currently in public preview in the US and Canada, is a result of Microsoft’s partnership with payment providers GoDaddy, PayPal, and Stripe. The introduction of this feature aims to cater to the 11 million small and medium-sized businesses (SMBs) already utilizing Microsoft’s services.
By incorporating payments into Teams, Microsoft aims to streamline the entire process within a single app, eliminating the need for separate scheduling software and payment gateways. This development is particularly beneficial for professionals such as lawyers or financial advisors who can now receive payments for their services without relying on third-party platforms. Moreover, virtual businesses may find that the need for a dedicated payment platform diminishes entirely.
Sole traders and contractors, including those in the health and fitness industries, stand to benefit from Teams Payments as well. The customer experience is expected to improve significantly, with transactions becoming smoother and more efficient. To process payments, businesses will need an account with one of the initial launch partners: PayPal and Stripe. Support for GoDaddy is expected to be available soon.
While Microsoft has not provided a clear timeline for the full general availability of Teams Payments, the public preview is already accessible to Teams Essentials and Microsoft 365 business subscribers as part of their existing packages. This makes it an affordable option for businesses looking to integrate payment capabilities.
It is important to note that although the payment platforms do not charge a membership fee, regular transaction fees still apply. As the feature continues to evolve, Microsoft aims to expand its payment options and offer a comprehensive solution for businesses using Teams.
