Irish-founded payment firm Stripe strikes five-year deal with Ford

Irish-founded payment firm Stripe strikes five-year deal with Ford

THE Irish-owned payments firm Stripe has secured a five-year deal with Ford to provide an e-commerce service for the carmaker’s customers.

Stripe, founded by brothers John and Patrick Collison in San Francisco in 2010, provides the technology for processing payments and enabling internet operations for more than one million businesses, including Zoom, Amazon, Shopify and Deliveroo.

Now living in California, the siblings were born in Limerick but raised in the village of Dromineer, Co. Tipperary.

This week their firm, which has headquarters in California and Dublin, confirmed its deal with Ford Motor Company, which sees them become the premier payment service provider for the car manufacturer and its dealers across North America and Europe.

“We have been working with Ford to reimagine our e-commerce payment infrastructure,” said Marion Harris, Ford Motor Credit Company CEO.

“Stripe’s platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster,” he added.

Together, Stripe and Ford will grow the firm’s online payments infrastructure serving customers and dealers in markets across North America and Europe.

Stripe will also enable Ford Pro FinSimple solutions for commercial customers, it was confirmed this month.

“As part of the Ford+ plan for growth and value creation, we are making strategic decisions about where to bring in providers with robust expertise and where to build the differentiated, always-on experiences our customers will value,” Mr Harris said.

“Stripe has developed strong expertise in user experiences that will help provide easy, intuitive and secure payment processes for our customers.”

Marion Harris, President and CEO, Ford Motor Credit Company

As Ford develops e-commerce offerings across the product and service spectrum, Stripe’s platform will be a key part of the tech stack.

For Ford and Lincoln dealers offering digital payment services today, Stripe’s service is expected to drive new efficiency into processing of e-commerce payments, such as vehicle ordering, reservations and digital and charging services.

“We’re thrilled to be the payments engine under the hood powering the next stage of Ford’s digital transformation,” said Mike Clayville, chief revenue officer at Stripe.

“During the pandemic, people got comfortable paying online for groceries, health care, even home haircut advice from barbers.

“Now, they expect to be able to buy anything and everything online. Ford is making e-commerce possible, too, and scaling that strategy with Stripe’s help.”

Rollout of Stripe technology is expected to begin in the second half of 2022, starting in North America.