Stripe, a financial infrastructure platform for businesses, announced a partnership to power online payments and subscription billing for Stan, Australia’s leading local streaming service. The company, launched in 2015, is known for providing Australians with unlimited access to thousands of hours of entertainment including first-run exclusive shows, original productions, movies, kids programming, and sport, all ad-free. With the partnership, Stan is using Stripe to complement its initiatives to increase its subscriber base further, by increasing authorization rates and reducing involuntary churn.
Adapting to these changing consumer habits, Stan has worked with Stripe to integrate Stripe Billing to accelerate its time to market with customized subscriptions. By combining Stripe Billing with Adaptive Acceptance, Network Tokens, and Card Account Updater, Stan has already increased its payment success rate by 1%. Stan projects it will save hundreds of thousands of dollars annually through Stripe’s least cost routing, and has observed improved recovery rates since implementing Smart Retries.
Video on demand streaming is a significant business in Australia, where around 90% of consumers have a streaming subscription and the number of subscriptions per person continues to increase.
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Industry Comments
“Anyone who’s ever watched a Stan original series knows they provide world-leading entertainment, and Stan brings the same passion to powering its payments experience. We’re thrilled to partner with Stan to offer more payment flexibility to its customers and scale its streaming business in a cost-efficient manner,” said Karl Durrance, managing director, Australia and New Zealand, at Stripe.
“We are continuing to build outstanding user experiences our customers value,” said John Hogan, chief technology officer at Stan. “Stripe’s strong expertise in financial infrastructure development helps by providing easy, intuitive, and secure payment and billing processes for our customers.”
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Stripe in Recent Weeks
- Zip announced on Aug. 15 that its buy-now, pay-later (BNPL) payment method will be generally available to U.S. merchants who use Stripe later this year. Currently, beta users are the only ones who can access that offering in the United States.
- Stripe announced on August 7 that it will be implementing adaptive pricing for businesses in the Asia Pacific and Latin America regions. This feature will enable businesses to automatically display pricing in local currencies for consumers in over 150 countries. Stripe discovered that adaptive pricing resulted in an average 17.8% increase in cross-border revenue for businesses when it was tested in the United States, the United Kingdom, Canada, and the European Union.
- In July, Stripe acquired Lemon Squeezy, a payments processing startup, in another recent move. Stripe CEO Patrick Collison stated that the two companies were “going to scale merchant of record selling in a big way.”
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