QuadPay, Stripe Debut New Buy Now, Pay Later Option
Stripe will partner with QuadPay for the payment installment platform’s new buy now, pay later option that lets customers access up to $500 to shop at a large variety of businesses, Stripe announced Thursday (May 7).
The QuadPay app gives consumers a balance of up to $500 on Google Pay or Apple Wallet, for spending online or in a store. Using a QuadPay card on their phone, the customer will then pay back the money they spent in four interest-free installments over a period of six weeks, Stripe said.
Stripe Issuing, which recently launched out of beta, will power QuadPay, which can be used anywhere Visa is accepted, and the option to buy now and pay later tends to boost sales by 20 percent, according to the company.
“With Stripe we’re making it easier for brands to access more consumers,” said QuadPay CEO Brad Lindenberg. “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.”
The QuadPay app will work with Stripe’s Connect Express service, per the announcement. Stripe listed Fashion Nova, Jenni Kane, Swell and Ugg among the brands that use Connect Express. The company said brands will see more orders overall with QuadPay and Stripe services.
Lindenberg said he wants to make the onboarding process for retailers completely self-serve in the future.
Aside from issuing, Stripe also provides payment acceptance for QuadPay installments, with closed-loop system to protect against fraud, the firm said. Stripe is also utilizing its Radar program to prevent fraud in other, more precise ways, using metadata to block transactions and helping QuadPay reduce risk through specific products, installment types or other factors.
Lindenberg added that the company plans to expand into Canada and the U.K. in the future, too, which he said would only help more brands boost their sales.
Buy now, pay later options have been cropping up more in recent years, the form proving lucrative since it does away with the traditional metrics of determining whether someone is worthy of credit.