The practice of incorporating installment payments into the point of sale just got a boost. Leading commerce platform and payment facilitator Stripe recently announced a partnership with QuadPay, which bills itself as a payment installment platform.
Users of the service can receive up to a $500 balance on a virtual card on their phones, which they can use online or in-store with Apple Wallet or Google Pay at Visa-participating merchants, the companies said in a press release.
The purchase is then split into four interest-free installment payments. Retailers are paid the full amount when the first installment is paid by the consumer, the companies said.
The new capability is built on the Stripe Issuing infrastructure. The partnership with Stripe enabled QuadPay to brings its installment payment product to market more quickly, compared with requiring merchants to work with the company separately.
“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, said.
“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.”
According to the announcement, retailers who wish to integrate the QuadPay option have the potential to increase conversion rates by 20% and average ticket by up to 60%.
“With Stripe we’re making it easier for brands to access more consumers,” Brad Lindenberg, CEO of QuadPay, said. “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.”
Stripe introduced Stripe Issuing in 2018 as a self-serve way for businesses to instantly create physical or virtual cards.