Payment instalment platform, QuadPay has united with Stripe to boost conversion with advanced buy-now-pay-later experiences.
It means that consumers can commence shopping instantly both online and in-store, enabling them to start shopping in instalments anywhere Visa is accepted.
Jeanne DeWitt Grosser, Head of North America Revenue and Growth at Stripe, commented: “Stripe Issuing is helping QuadPay rapidly launch an instalment offering to attract more customers, boost conversion rates and increase basket sizes. It’s core to how they differentiate their product.
“Issuing is unlocking new kinds of users for Stripe. We’re seeing adoption across industries we couldn’t have anticipated, from buy-now-pay-later apps and car sharing platforms through to fertility benefit services. In fact, there’s hardly a modern business for which Issuing doesn’t make sense.”
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 instalments over six weeks.
Partnering with Stripe enabled QuadPay to accelerate time to market for this new product line. There was no need to go through the process of partnering with a separate provider, something that can come with significant up-front costs and operational overhead.
Alongside issuing, Stripe also powers payment acceptance for QuadPay installments, providing a closed loop experience that helps prevent fraud. For example, data gathered through installment payments can be shared across the platform to determine risk thresholds for QuadPay cards and minimise exposure.
QuadPay is also using machine learning-powered fraud tools with Stripe Radar to prevent fraud and manage risk at a granular level. Fully integrated into QuadPay’s Stripe account, Radar constantly adapts defenses based on Stripe’s global behavior network, uses metadata to block transactions, and gives QuadPay the ability to manage risk by product, installment type and other factors.
Retailers looking to boost sales can integrate QuadPay in just ten minutes with just a few lines of code. The companies can expect to increase conversion rates by 20% and average order value by up to 60%. Connect Express powers seamless onboarding for QuadPay retailers, such as Fashion Nova, Jenni Kane, Swell and Ugg, and enables them to get paid the full amount instantly at the moment when the first instalment is taken.
Commenting on the integration with Connect Express, Brad Lindenberg, stated: “With Connect Express’s pre-built onboarding flows, we were able to set up payouts for our merchants surprisingly quickly. We’re excited to use it to make the onboarding process entirely self-serve in the near future and expand into Canada and the UK, which will accelerate the rate at which global brands can join QuadPay.”
Expert Analysis: Innovations like instalment payments can be crucial in boosting ecommerce especially during this period of uncertainty. Furthermore, the enhanced focus on fraud prevention can be key to maximising this collaboration.
