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URBN joins forces with Stripe

Thursday 18 April 2024 09:59 CET | News

Financial infrastructure platform for businesses Stripe has announced its collaboration with URBN in a bid to enable online and in-person retail payments for the latter’s brands. 

Aiming to support online and in-person retail payments for Urban Outfitters, Anthropologie Group, Free People, and FP Movement, Stripe joined forces with URBN, allowing the latter to use it as its primary payment infrastructure. Following this move, URBN plans to deliver a more consistent checkout experience for its customers intended to increase authorisation rates and allow future improvements.

Financial infrastructure platform for businesses Stripe has announced its collaboration with URBN in a bid to enable online and in-person retail payments for the latter’s brands.

URBN – Stripe collaboration objectives

According to URBN’s officials, considering that payments represent a foundational part of the company’s brands and customers require convenient checkout, the partnership with Stripe focuses on creating an improved and unified commerce experience by eliminating the complexity of payments. Additionally, the collaboration allows URBN to consolidate the majority of its North American payments volume onto Stripe in a bid to increase authorisations, improve reliability, and provide more precise data analytics.

Moreover, URBN plans to leverage Stripe in several ways, including in-store payments, efficient and simplified online checkout, expanded payment options, extended authorisation windows, and payment performance and reliability delivery. Also, the company is set to utilise additional tools to enable money movement and collect more detailed and accurate analytics. URBN aims to utilise Stripe Connect to support payments between third-party merchants and buyers on their brand marketplace, which includes independent apparel brands. Stripe Sigma and Stripe Data Pipeline are set to be used by URBN’s finance teams to automate the collection of revenue data and financial reporting for all of the company’s brands.

Prior to the current announcement, Stripe secured USD 694.2 million in a tender offer from February 2024. The company enabled its employees to sell some of their shares in a deal that valued the company at approximately USD 65 billion. Despite the majority of the funds being offered by investors, Stripe planned to utilise a portion of the capital to repurchases shares to offset dilution from its employee equity compensation programs. 

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Keywords: online payments, mobile payments, payment methods, retail, checkout optimisation
Categories: Payments & Commerce
Companies: Stripe
Countries: United States
This article is part of category

Payments & Commerce

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Stripe

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