diff --git a/lib/stripe.rb b/lib/stripe.rb
index b7c4f1f0..429e5cf2 100644
--- a/lib/stripe.rb
+++ b/lib/stripe.rb
@@ -66,9 +66,12 @@ module Stripe
   @ssl_bundle_path  = DEFAULT_CA_BUNDLE_PATH
   @verify_ssl_certs = true
 
+  @open_timeout = 30
+  @read_timeout = 80
 
   class << self
-    attr_accessor :api_key, :api_base, :verify_ssl_certs, :api_version, :connect_base, :uploads_base
+    attr_accessor :api_key, :api_base, :verify_ssl_certs, :api_version, :connect_base, :uploads_base,
+                  :open_timeout, :read_timeout
   end
 
   def self.api_url(url='', api_base_url=nil)
@@ -123,8 +126,8 @@ module Stripe
     end
 
     request_opts.update(:headers => request_headers(api_key).update(headers),
-                        :method => method, :open_timeout => 30,
-                        :payload => payload, :url => url, :timeout => 80)
+                        :method => method, :open_timeout => open_timeout,
+                        :payload => payload, :url => url, :timeout => read_timeout)
 
     begin
       response = execute_request(request_opts)
diff --git a/test/stripe/api_resource_test.rb b/test/stripe/api_resource_test.rb
index fb67ee88..913e8da3 100644
--- a/test/stripe/api_resource_test.rb
+++ b/test/stripe/api_resource_test.rb
@@ -112,6 +112,29 @@ module Stripe
         'sk_test_local')
     end
 
+    should "have default open and read timeouts" do
+      assert_equal Stripe.open_timeout, 30
+      assert_equal Stripe.read_timeout, 80
+    end
+
+    should "allow configurable open and read timeouts" do
+      original_timeouts = Stripe.open_timeout, Stripe.read_timeout
+
+      begin
+        Stripe.open_timeout = 999
+        Stripe.read_timeout = 998
+
+        Stripe.expects(:execute_request).with do |opts|
+          opts[:open_timeout] == 999 && opts[:timeout] == 998
+        end.returns(make_response(make_charge))
+
+        Stripe::Charge.create({:card => {:number => '4242424242424242'}},
+          'sk_test_local')
+      ensure
+        Stripe.open_timeout, Stripe.read_timeout = original_timeouts
+      end
+    end
+
     context "when specifying per-object credentials" do
       context "with no global API key set" do
         should "use the per-object credential when creating" do