Payments platform Stripe announced on Thursday it has formed a new partnership with payment installment platform, QuadPay, to power advanced buy-now-pay-later experiences that boost conversion and allows consumers to start shopping instantly through online and in-store.
According to Stripe, QuadPay enables consumers to start shopping in installments anywhere Visa is accepted and powers buy-now-pay-later experiences that boost sales by more than 20% on average.
“Powered by Stripe Issuing, which recently launched out of beta, the QuadPay app gives consumers up to a $500 balance to spend either online or in-store with Apple Wallet or Google Pay. Following an instant verification process, consumers are issued with a virtual QuadPay card in their phone to pay for an order that’s then split into four interest-free installments over six weeks.”
Stripe further reported that through the partnership, it will enable QuadPay to accelerate time to market for this new product line. Jeanne DeWitt Grosser, Head of North America Revenue and Growth at Stripe, spoke about the partnership by stating:
“Stripe Issuing is helping QuadPay rapidly launch an installment offering to attract more customers, boost conversion rates and increase basket sizes. It’s core to how they differentiate their product.”
Brad Lindenberg, CEO of QuadPay, then concluded:
“With Stripe we’re making it easier for brands to access more consumers. And for consumers, the beauty of it is that it doesn’t matter where you shop—at any brand, online or offline—QuadPay gives you the flexibility to spend how you want.”
QuadPay is also using machine learning-powered fraud tools with Stripe Radar to prevent fraud and manage risk.
