DEARBORN, MI, and SAN FRANCISCO – Ford Motor Company has signed a five-year agreement with Stripe to scale the automaker’s e-commerce capabilities faster and to deliver an always-on experience for Ford and Lincoln customers.
Rollout of Stripe technology is expected to begin in the second half of 2022, starting in North America.
“We have been working with Ford to reimagine our e-commerce payment infrastructure. Stripe’s platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster,” said Marion Harris, Ford Motor Credit Company CEO.
Together, Stripe and Ford will grow the online payments infrastructure serving customers and dealers in markets across North America and Europe. Their work will deliver enhanced, reliable online commerce experiences for users, dealers and the company. Stripe also will enable Ford Pro FinSimple solutions for commercial customers.
With products like Stripe Connect, Ford will be able to scale new services that require a robust, reliable e-commerce backbone. Connect lets businesses create a platform to facilitate purchases and payments between third-party buyers and sellers. Ford will use Connect to facilitate a customer’s payments to a correct local Ford or Lincoln dealer.
Ford reported total December sales of 173,740 vehicles, including 12,284 electric vehicles. The company said it was the top selling U.S. automaker in the fourth quarter of 2021 and second in electric vehicle sales behind Tesla.
“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,” Harris said. “Stripe has developed strong expertise in user experiences that will help provide easy, intuitive and secure payment processes for our customers.”
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.”