Thrive Market is an online marketplace that makes it easier for quality-conscious consumers to find healthy, ethically sourced food and products via their website and mobile app. Founded in 2014, the e-commerce business has more than one million members and growing.
To meet increasing consumer demand, Thrive Market sought a payments processor with deep payments expertise and technological capabilities to help them scale the business, grow revenue and increase customer loyalty.
Likewise, the business wanted a processor that could help them continuously monitor, benchmark and improve their payments performance—including maintaining best-in-class approval rates, reducing processing costs, and mitigating fraud and chargebacks. To achieve their goals, Thrive Market started working with J.P. Morgan in 2019.
J.P. Morgan provided Thrive Market with online and mobile app payments processing for card-not-present transactions across credit, debit and e-check. The solution also includes recurring billing for memberships and shipments, which helps provide customers with a transparent, easy-to-use experience and a greater number of ways to pay. And by implementing Level II data capture and transfer, Thrive Market aims to reduce costs associated with interchange rates.
At Thrive Market, we pride ourselves on staying on the cutting edge. J.P. Morgan helps us by providing granular data and actionable insights into how to increase approval rates and decrease processing costs. With J.P. Morgan, we have seen a substantial savings.
Thrive Market is now capable of processing online and mobile payments from a growing customer base with enhanced efficiency. J.P. Morgan’s digital payment solution has been designed to enhance their ability to capture, grow and protect recurring revenue and customer loyalty.
Thrive Market’s subscription business model is supported by a digital payments platform that’s designed to perform at scale and adapt to changing technology and consumer payment preferences. In addition, J.P. Morgan’s payment optimization framework will help Thrive Market continuously monitor, benchmark and improve transaction approval rates and their total cost of payment acceptance.
Contact your J.P. Morgan representative to learn more about how we can support your business.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
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