Australian streaming service Stan has chosen financial infrastructure platform Stripe to power its online payments and subscription billing.
Stan has partnered with Stripe to help the streaming service increase authorization rates and reduce involuntary churn, according to a Wednesday (Aug. 21) press release.
“We are continuing to build outstanding user experiences our customers value,” Stan Chief Technology Officer John Hogan said in the release. “Stripe’s strong expertise in financial infrastructure development helps by providing easy, intuitive and secure payment and billing processes for our customers.”
In this partnership, Stan has worked with Stripe to accelerate its time to market with customized subscriptions by integrating Stripe Billing; increase its payment acceptance rate by combining Stripe Billing with Adaptive Acceptance, Network Tokens and Card Account Updater; and improve recovery rates by implementing Smart Retries, according to the release.
Stan is adopting these solutions at a time when 90% of consumers in Australia have a streaming subscription, and there is an increasing number of subscriptions per person, per the release.
“We’re thrilled to partner with Stan to offer more payment flexibility to its customers and scale its streaming business in a cost-efficient manner,” Karl Durrance, managing director, Australia and New Zealand at Stripe, said in the release.
This is the latest of several new partnerships and product offerings announced by Stripe in recent weeks.
Zip said Thursday (Aug. 15) that its buy now, pay later (BNPL) offering will be generally available later this year as a payment method for U.S. merchants using Stripe. That offering’s availability in the United States is currently limited to beta users.
On Aug. 7, Stripe announced that it is introducing adaptive pricing for businesses in Asia Pacific and Latin America, letting businesses automatically show pricing in local currencies for buyers in more than 150 countries. When Stripe tested adaptive pricing in the U.S., the United Kingdom, Canada and the European Union, it found that this offering led to an average 17.8% increase in cross-border revenue for businesses.
In another recent move, Stripe acquired payments processing startup Lemon Squeezy in July, with Stripe CEO Patrick Collison saying that the two companies were “going to scale merchant of record selling in a big way.”
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