Stripe, a prominent financial infrastructure platform for businesses, has formed a partnership with Stan, Australia’s premier local streaming service.
Established in 2015, Stan has become a staple for Australian audiences, offering ad-free access to an extensive array of entertainment including exclusive first-run shows, original productions, sports, movies, and children’s programming. This new alliance with Stripe is aimed at bolstering Stan’s efforts to expand its subscriber base by enhancing payment authorization rates and minimising involuntary churn.
The collaboration is rooted in a shared goal to refine customer experiences through superior payment and billing processes. Stan is integrating Stripe’s solutions to elevate its service offerings and streamline subscription models. This strategic move is designed to cater to the evolving demands of the consumer market, particularly in a landscape where video on demand streaming has become increasingly prevalent.
Stripe’s contributions to this partnership are multifaceted. By incorporating Stripe Billing with innovative features like Adaptive Acceptance, Network Tokens, and Card Account Updater, Stan has already observed a 1% increase in payment success rates. Moreover, the implementation of least cost routing and Smart Retries through Stripe has positioned Stan to potentially save substantial amounts annually while also seeing better recovery rates during transaction failures.
Stan chief technology officer John Hogan said, “We are continuing to build outstanding user experiences our customers value. Stripe’s strong expertise in financial infrastructure development helps by providing easy, intuitive, and secure payment and billing processes for our customers.”
Stripe managing director for Australia and New Zealand Karl Durrance stated, “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.”
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