Stripe will process payments for the largest enterprise customers at Salesforce.
CRM leader Salesforce (NYSE: CRM) announced that Stripe, the leader in global payments processing, will power its Commerce Cloud Payments for its all-new Digital 360 platform. (Finextra)
The Digital 360 platform seeks to drive commerce and digital transformation in enterprises by bringing together marketing, commerce, and digital experience products.
Commerce Cloud Payments is a component of the Salesforce Commerce Cloud, a part of Digital 360 which is built to power commerce services across digital channels such as mobile, social, web, and in-store.
Stripe already processes payments for hundreds of enterprises globally, including more than 40 category leaders. These customers process more than $1 billion annually at Stripe. The company’s focus on enterprise business drew in customers such as Atlassian, Maersk, and Mindbody. It powered a surge in sales at Wayfair and optimized the global invoicing for Slack (NYSE: WORK).
With Digital 360, the largest enterprises at SalesForce will come into Stripe’s fold.
The surge in e-commerce spending
According to Salesforce, eCommerce spending globally has zoomed 71% compared to last year. The Salesforce-Stripe partnership will help enterprises adapt to a rapidly digitizing economy.
In validation, Costco Wholesale Corp. (NASDAQ: COST) reported on Thursday that eCommerce sales nearly doubled in the latest quarter, rising 93% from a year ago. Same-day fresh food delivery has more than tripled, said Costco financial chief Richard Galanti on a conference call. “There are some people who are not going into the supermarket.”
“Speed, conversion, and personalization are key to digital commerce success,” said Adam Blitzer, EVP & GM, Digital, Salesforce. “Our partnership with Stripe will enable our customers to deliver just that, boosting conversion rates with a fast and easy checkout experience powered by our out-of-the-box payment solution on the leading commerce platform, Salesforce Commerce Cloud.”
“We are operating at a very large scale now, where we are serving merchants at every end of the spectrum,” Stripe cofounder Collison said to Forbes. “As you reach scale, you have to meet the customers where they are.”
Stripe also announced Thursday that it was named a Leader in the Forrester Wave™ report on Global Merchant Payments Providers, Q3 2020.
It achieved the highest scores by any ranked company in both strategy and current offering.
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