Ford signs 5-year agreement with Stripe to scale e-commerce – TechCrunch

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Ford Motor Company has signed a five-year contract with Stripe, an online payment processor, to expand the e-commerce capabilities of automakers. Stripe facilitates vehicle ordering and booking transactions, handles Ford commercial customer funding options, and routes customer payments from the car manufacturer’s website to the correct local Ford or Lincoln dealer.

Ford plans to begin rolling out Stripe’s technology in late 2022, starting in North America and expanding to Europe. According to the company.. last year, Stripe Raised $ 600 Million The company announced that it will round at a valuation of $ 95 billion and use it to expand its business in Europe.

The partnership with Stripe is part of Ford’s larger Ford + restructuring plan and is the company’s electrification and growth strategy. Plans to invest $ 30 billion by 2025..Strategic decisions are also many Automotive industry moves to invest in technologies that are most likely to generate revenueEspecially in the short term, as the pandemic has hampered the automaker’s ability to meet customer demands. And Ford and Lincoln, more recently Amazon Fire TVIt makes sense for automakers to establish a robust digital payment platform.

“As part of the Ford + plan for growth and value creation, we are strategic about where to bring providers with strong expertise and where to build a differentiated always-on experience that customers value. We have made such a decision, “said Ford Motor Credit Company, Ford’s financial services division, in a statement. “Stripe has developed strong user experience expertise that helps us provide our customers with an easy, intuitive and secure payment process.”

The company says Stripe’s platform, with other well-known customers such as Deliveroo, Shopify and Salesforce, will be an important part of Ford’s product and service technology stack. Payment processors should help improve the efficiency of payments for a variety of e-commerce, including billing services.

So far, investors have been positive about the Ford + plan.Car makers Best performing car stock in 2021, Tesla, General Motors, and even new The hype of Rivian.. Last week, Ford’s market capitalization exceeded $ 100 billion for the first time.

Ford signs 5-year agreement with Stripe to scale e-commerce – TechCrunch Source link Ford signs 5-year agreement with Stripe to scale e-commerce – TechCrunch

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