Commerce technology firm FreedomPay launched a partnership with financial infrastructure platform Stripe.
The collaboration aims to “unify commerce” by allowing businesses to use Stripe for online and in-person payments along with their existing commerce tools, according to a Wednesday (Oct. 9) press release. The goal is to help merchants modernize their systems and increase their revenue.
“With this partnership, enterprises — including hotels, retailers, and food and beverage providers — can now take advantage of Stripe’s platform, including those that already use FreedomPay,” the release said. “In one place, they’ll be able to manage payments, loyalty programs, customer analytics and more.”
FreedomPay aggregates hundreds of different point-of-sale (POS) systems and dozens of payment devices and commerce integrations into one platform, per the release. Stripe provides payment processing services for millions of businesses worldwide, including giants such as Amazon, H&M and Unilever.
Also Wednesday, Stripe extended its collaboration with Nvidia, an arrangement designed to enhance Stripe’s artificial intelligence-powered capabilities and allow developers and enterprises to prepay for select Nvidia cloud services.
The new efforts expand on an existing partnership in which Stripe has used Nvidia’s accelerated computing platform to train the machine learning models that help its financial infrastructure platform for businesses operate.
“At Stripe, we’ve been busy building a bunch of functionality that’s useful for AI products generally, including usage-based billing to handle inference costs, Link for higher-converting checkouts, and support for a lot more local payment methods since these products are typically global from day one,” Stripe co-founder and CEO Patrick Collison said in a news release.
Last month, Stripe also launched a partnership with installment payment FinTech Sunbit, designed to bring buy now, pay later (BNPL) offerings to more in-person services, such as automotive repair and dental work.
By combining with Stripe, Sunbit said it can offer more people flexible payment options for needed services via Stripe’s merchant network.
“Services such as car repair, home repairs or even paying for an unexpected healthcare bill are postponed by customers due to cost,” Sunbit Vice President of Platform Partnerships Oded Vakrat said at the time. “This partnership brings Sunbit pay-over-time access to merchants processing payments on Stripe, helping them serve more customers.”
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