QuadPay builds new installment model with Stripe Issuing
- QuadPay customers can select up to $500 of goods to purchase instantly, which QuadPay pays for using a virtual card issued through Stripe Issuing. Customers then repay QuadPay in installments
- QuadPay also integrates Stripe Connect to power enhanced seller experiences for merchants, such as Fashion Nova, Jenni Kayne, Swell and Ugg
Stripe Issuing is now generally available to all businesses in the US. The first and only self-serve card issuing tool, Stripe Issuing enables any US business to instantly issue cards directly from their Stripe Dashboard
NEW YORK, MAY 07, 2020 — QuadPay, the payment installment platform, is partnering with Stripe to power advanced buy-now-pay-later experiences that boost conversion and let consumers start shopping instantly both online and in-store. Built on Stripe’s issuing infrastructure, 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.
“With Stripe we’re making it easier for brands to access more consumers,” Brad Lindenberg, CEO of QuadPay, commented. “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 enables instant buy-now-pay-later experiences with Stripe Issuing
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.
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.
“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.” Jeanne DeWitt Grosser, Head of North America Revenue and Growth at Stripe, commented. “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.”
Stripe reduces risk exposure with machine learning-powered tools
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 minimize 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.
QuadPay integrates with Connect Express to enhance seller experience
Retailers looking to boost sales can integrate QuadPay in just ten minutes with just a few lines of code. They 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 Kayne, Swell and Ugg, and enables them to get paid the full amount instantly at the moment when the first installment is taken.
Commenting on the integration with Connect Express, Brad Lindenberg, said: “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.”