Weave Deepens Partnership with Stripe, Adding New Features for Small Businesses

Rhea-AI Summary

Weave (NYSE: WEAV) has renewed its multi-year agreement with Stripe to enhance payment processing for its 27,000+ healthcare customers in the U.S. The partnership now includes Stripe Capital, offering flexible financing for small business owners. Weave aims to improve customer engagement through digital payment options like Text to Pay and mobile wallets. Recent insights reveal that 63% of patients prefer to receive healthcare bills via text, highlighting a gap in payment collection methods. This strategic alliance is set to elevate payment experiences and operational efficiency for Weave's clients.

Positive

• Renewed multi-year agreement with Stripe enhances payment processing capabilities.
• Integration of Stripe Capital allows access to fast financing options for small businesses.
• Enhanced digital payment options expected to improve customer engagement.
• Insights reveal patient preferences for payment methods, aligning with Weave's offerings.

Negative

• None.

Multi-year agreement includes additional Stripe functionality to drive processing volume among Weave’s 27,000+ U.S. customers

LEHI, Utah--(BUSINESS WIRE)-- Weave (NYSE: WEAV), the all-in-one customer communication and engagement platform for small- and medium-sized businesses, and Stripe, a financial infrastructure platform for businesses, announced today a multi-year agreement to process payments on Stripe Connect for Weave’s 27,000+ specialty healthcare customers across the U.S.

As part of the expanded partnership renewal, Weave has added Stripe Capital, an embedded finance option for business owners, to its all-in-one platform. Stripe Capital provides access to fast, flexible financing so small business owners can manage cash flows and invest in growth. Weave will leverage additional Stripe features later this year as it expands its Payments offering for existing and new customers, helping small businesses be even more successful in engaging their patients, collecting balances, and meeting the growing demand for digital payment options like Text to Pay and mobile wallets like Apple Pay and Google Pay.

“One of the most important interactions Weave customers have with their patients is in payment collection,” said Weave CEO Brett White. “Our renewed relationship with Stripe as our strategic partner, combined with Weave’s award-winning customer communication and engagement technology, is helping offices power convenient and modern payment experiences that their patients want.”

Weave’s 2023 Healthcare Business Insights Report recently identified a patient expectation gap around the payment options healthcare providers offer compared to how patients would prefer to pay. 63% of patients said they were most likely to pay a healthcare bill if it was sent via text with a link to pay, but 53% of providers still prefer to collect payments with a phone call. Weave and Stripe will enable businesses to easily offer online payments and preferred card payment methods. Stripe Terminal will also power in-person payments for customers on Weave’s platform.

“Our strategic partnership with Weave means more businesses can access fast, reliable financing through Stripe Capital," said Kate Jensen, Head of Platform Sales at Stripe. "Weave patients expect a seamless payment experience, and we're thrilled our platforms are teaming up to get the job done."

To learn more about Weave’s full suite of payment options, go to getweave.com/weave-payments.

About Weave

Weave is the all-in-one customer communication and engagement platform for small- and medium-sized businesses. From the first phone call to the final invoice and every touchpoint in between, Weave connects the entire customer journey. Weave’s software solutions transform how local businesses attract, communicate with and engage customers to grow their business. Weave has set the bar for Utah startup achievement & work culture. In the past year, Weave has been named a G2 leader in Patient Engagement, Optometry, Dental Practice Management and Patient Relationship Management software. To learn more, visit getweave.com/newsroom/

View source version on businesswire.com: https://www.businesswire.com/news/home/20230328005204/en/

Kali Geldis

Sr. Director of Communications, Weave

pr@getweave.com

Source: Weave

FAQ

What is the significance of the Weave and Stripe partnership announcement?

The renewed partnership enhances payment processing for Weave's healthcare customers, adding features like Stripe Capital for financing.

How many customers does Weave serve with its new Stripe agreement?

Weave serves over 27,000 specialty healthcare customers across the U.S.

What new features are included in Weave's payment processing by Stripe?

Weave has added Stripe Capital and is introducing digital payment options like Text to Pay and mobile wallets.

What do patient preferences indicate about Weave's new payment strategies?

63% of patients prefer paying healthcare bills via text, showing alignment with Weave's enhancements in payment collection.

What is the stock symbol for Weave?

Weave is traded under the stock symbol WEAV.