A Ford F-150 pickup truck is for sale at a dealership.
Ford Motor Company has signed a five-year deal with online payment processor Stripe.
Ford Motor Credit Company will use the technology of Stripe to process digital payments in markets across North America and Europe, the companies said in a statement Monday.
Ford's commercial customers will be able to use bundled financing options with the help of Stripe. The company plans to use Stripe to route a customer's payment from its website to the correct local Ford or Lincoln dealer.
The tie-up is one of the biggest client wins yet for Stripe, and forms part of the plan to turn around Ford.
The most valuable start-up in Silicon Valley is Stripe, founded in 2010 by Patrick and John Collison. The company sells software that makes it easy for businesses of all shapes and sizes to accept payments over the internet.
The firm, which makes money by taking a small cut on each transaction it processes, counts the likes of Deliveroo,shopify andSalesforce as customers. Adyen and Checkout.com were valued at $40 billion and $1 billion, respectively, last week.
The CEO of Ford Motor Credit Company said in a statement that they are making strategic decisions about where to bring in providers with robust expertise and where to build differentiated, always-on experiences for their customers.
Ford expects to start using the technology in North America in the second half of the 20th century.
Mike Clayville, Stripe's chief revenue officer, said that people were comfortable paying online for groceries, health care, and even home haircut advice. They expect to be able to buy things online.
The firm's electric vehicle strategy and restructuring plan helped it top $100 billion for the first time last week. The company was the best performing auto stock in the year.
Privately held is Stripe. The company will go public. A report in September said that Stripe had held talks with investment banks about going public. John Collison told CNBC that the company is very happy staying private.
Dhivya Suryadevara was hired as the finance chief of Stripe in August 2020.
CNBC's Michael Wayland contributed to the report.
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