SHARE NOW brings together the former free-floating car sharing providers car2go and DriveNow into one entity with around three million customers in 16 major cities in Europe. SHARE NOW needed to securely transfer all customer and payment data into one platform while simultaneously making themselves SCA ready. Offering its customers a hassle-free payments experience was also a prime objective. SHARE NOW turned to Stripe for a seamless migration, quick payment collection, faster blocking of customers in the case of failed payments, and a stable settlement process.
Stripe collaborated with SHARE NOW to find the right approach for its new entity. This included allowing customers to add a credit card to their account (for recurring payments and post-payment), offering clients fallback payment options in case of a failed credit card, and introducing a risk assessment feature to mitigate fraud. SHARE NOW was also able to use Stripe's functionality to prepare for SCA, including adding two-factor authentication directly into the SHARE NOW app.
Moving customer data and financial information to a new platform can be complex. Thanks to Stripe’s developer-friendly documentation and fast support during implementation, the SHARE NOW team described it as “low effort.” The main migration was finished in six weeks, and millions of transactions were completed in the company’s first three months. “We feel like we have a reliable partner where we can post our charges to and we don’t have to worry about what’s happening in the background,” says Nils Reißig, Tribe Lead Price, Payment & Billing for SHARE NOW. “The payment process is more stable than with other providers and we have gained efficiency within our developer team.”
Stripe dashboards provide superior transparency for company stakeholders
Stripe’s interactive, user-friendly dashboards provide technical overviews of transactions and reporting. Internal teams such as accounting and customer service are able to gain quicker insights without the inconvenience of opening tickets with the developer team. Dashboard reports also allow SHARE NOW to easily share pertinent information internally, enhancing transparency throughout the company.
Reducing bad debt boosts revenue
With Stripe, SHARE NOW can block unqualified drivers, which reduces fraud expenses and increases revenue. After migrating to Stripe, the company introduced a small pre-authorization for new payment profiles, which alerts SHARE NOW instantly if a payment method is not valid. Stripe also allows SHARE NOW to address customer disputes in real time.
Stripe offers a host of features and add-on products that enable SHARE NOW to provide a top-tier customer payment experience. Because all payment methods are processed from a single source, we have the ability to reduce fraud and strengthen customer authentication. Stripe is a critical component for the future of our SHARE NOW app.