Dive Brief:
- Digital payments company Stripe is providing multiple payments services to car rental company Hertz, becoming its default payments infrastructure provider across the globe, according to a press release issued last Thursday.
- Hertz customers in the U.S. will be able to make reservations online and in the company’s mobile app using Apple Pay due to the Stripe tie-up. Globally, the payments company will provide its point-of-sale terminal for in-person rentals at Hertz-owned locations, while also processing payments made on rental websites and mobile apps, the release said.
- Customers will have access to “digital payment options that will enable a faster and more seamless rental experience,” Hertz Chief Information Officer Tim Langley-Hawthorne said in the release.
Dive Insight:
The partnership marks the first time that the digital payments company has worked with a car rental company, a Stripe spokesperson said in an email.
With customers expecting “fast, simple, and reliable car rentals,” the expectation is that Hertz drivers will get “on the road more easily,” Stripe Chief Revenue Officer Eileen O’Mara said in the release.
Stripe was founded in 2009 and is dual-headquartered in San Francisco and Dublin, Ireland. It is privately held and has raised $8.7 billion in funding, according to its Crunchbase profile. Stripe announced an employee stock repurchase program last month, a move that was seen as an alternative to an initial public offering, since it gave employees an alternative way to cash out their shares.
There were several leadership changes at Stripe last year; the company replaced its CFO last September and shuffled its board of directors last November.
A spokesperson for Hertz declined to comment about the terms of its partnership with Stripe, pointing to last Thursday’s press release.
