Stripe, the financial infrastructure platform for businesses, today announced a partnership with Stan, Australia’s leading local streaming service, to power online payments and subscription billing. Founded in 2015, the company is known for providing Australians with thousands of hours of unlimited, ad-free entertainment, including exclusive premieres, originals, movies, kids’ programming, and sports. With this partnership, Stan will leverage Stripe to complement its efforts to further grow its subscriber base by increasing authorization rates and reducing involuntary churn.
“We continue to build a great user experience that our customers value,” said John Hogan, Chief Technology Officer at Stan. “Stripe’s strong expertise in financial infrastructure development helps us provide an easy, intuitive and secure payment and billing process for our customers.”
Video-on-demand streaming is serious business in Australia, with around 90% of consumers owning a streaming subscription, and the number of subscriptions per capita continues to grow.
To adapt to these changing consumer habits, Stan worked with Stripe to integrate Stripe Billing to accelerate time to market for customized subscriptions. By combining Stripe Billing with Adaptive Acceptance, Network Tokens, and Card Account Updater, Stan has already improved its payment success rate by 1%. Stan estimates it will save hundreds of thousands of dollars per year with Stripe’s least-cost routing, and has also seen improved recovery rates since implementing Smart Retries.
“Anyone who has watched Stan’s original series knows it delivers world-leading entertainment, and they have the same passion for enhancing the payment experience. We’re thrilled to partner with Stan to offer their customers even more payment flexibility and grow their streaming business in a cost-effective way,” said Karl Durrance, Stripe’s managing director for Australia and New Zealand.