Ford pens deal with Stripe in order to boost ecommerce strategy

Ford has signed a five-year deal with payment company Stripe in order to boost its ecommerce strategy.

Ford’s financial services division, Ford Motor Credit Company, will use Stripe’s tech to process its online payments in North America and Europe.

Stripe will work alongside Ford by handling its transactions for consumer vehicle orders and reservations while also dealing with the financing options for the motor giant’s commercial clients.

Ford will also route a customer’s payment from its own website to the correct local Ford or Lincoln dealer that has the car.

The partnership marks one of Stripe’s biggest client wins so far alongside Klarna, which it tied up with last year.

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Stripe is one of the most successful fintech companies to come out of Silicon Valley, however the firm’s president John Collison has said that the digital payment company has no “immediate” plans to go public, despite its whopping $95 billion valuation.

“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,” Ford Motor Credit Company chief executive Marion Harris said.

The new deal is expected to be rolled out in the second half of the year, starting in North America before gradually being launched in Europe.

Stripe’s chief revenue officer Mike Clayville added: “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.”

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