Technology has come a long way — especially in the past decade. We’re now able to pay for items at the touch of a button and retailers can experience traffic and sales on a global scale. At the center of this eCommerce phenomenon is Stripe, the world’s second largest digital payment solution.
Why take payments with Stripe?
Serving over 100,000 customers across 25 different countries, Stripe is the payment processor of our generation. Valued at $9 billion, Stripe keeps their financials close to their chest, however, analysts estimate that the company handles $20 billion in transactions per year. Not bad for a company that only launched in 2011.
Stripe works in partnership with global brands such as Adidas, Facebook, and Salesforce. Backers of Stripe include PayPal founder Elon Musk and Marc Andreessen of Andreessen Horowitz, Visa, and American Express.
The Stripe Ecosystem
Stripe puts online businesses at the center of the company focus. Instead of trying to keep everything inside of their own fishbowl, by releasing its API, Stripe has nurtured an entire ecosystem of powerful third-party apps.
Stripe highlights many of these companies in their always expanding Works with Stripe integration page.
The payment processor’s ease of setup and ability to integrate with third-party tools create an ecosystem that allows for all areas of a business to work seamlessly together. Let’s take a closer look at the different components of the Stripe Ecosystem.
Components of the Stripe Ecosystem
Monitoring and reporting transaction analytics is one of the cornerstones of any successful business. While it’s true that Stripe does offer its own dashboard, you may benefit from the advanced analytics offered by third-party apps.
Instead of trying to compete in this area, Stripe has opened its API up to companies like Control and Statsbot, who have built sophisticated business intelligence tools upon Stripe a user’s payment data.
A powerful analytics tool provides business owners with in-the-moment access to data, enabling them to make important decisions on the fly.
The point of automation isn’t to relinquish control of your business, but to accelerate growth by eliminating repetitive tasks that a computer program can handle.
For example, the popular automation tool IFTTT can automatically add new Stripe payments to a Google spreadsheet. This allows a CEO to keep on top of transaction history while eliminating the grunt work. This is the power of automation, and it’s something that Stripe has embraced in its ecosystem.
Booking and Ticketing
Over the past decade, we’ve seen a dramatic increase in the amount of tickets and bookings that are made online. This has given rise to a host of apps that allow the booking and ticketing processes to be completed as smoothly and securely as possible.
Whether it’s a concert, a sporting event, or a booking for your local hair salon, the Stripe Ecosystem has an app that is the right tool for the job.
Card Readers and POS
Stripe integrates with physical card readers and Point-of-Sale systems, allowing business owners to expand their online empire into physical realms with ease. In today’s omni-channel environment, selling online and in-person is more important than ever before. Card readers and POS systems are the tools to bring this to fruition.
Control has partnered with Muira to offer a Stripe card reader that is PCI and EMV compliant. What’s the difference between PCI and EMV compliance? Learn more about the regulations surrounding card readers here.
Good customer support should be at the heart of any online business. Especially in the payment world, when things go wrong (and sooner or later, they will!) your customers will expect a quick resolution to their problem.
That’s why so many businesses have integrated with modern customer communication apps like Intercom, which integrates with Stripe, allowing the transaction data to be readily available. This enables your Customer Success team to have a user’s buying history right where it needs to be, which is critical information when resolving issues such as payment disputes.
Pivotal to Stripe’s success has been its ability to become a popular payment processor for eCommerce businesses. This is where the Stripe ecosystem flourishes. It allows online business owners to receive payments on a global scale through partnerships with Squarespace, Shopify, Weebly, WooCommerce, and more.
The future for Stripe focuses on the processor’s ability to partner with other software and systems — for example, Apple Pay and Android Pay. Patrick Collison, co-founder and CEO of Stripe, has even called these two brands the most disruptive tech in the payment ecosystem.
In its typical fashion, Stripe, has worked with these big brands, not against them. So it’s no surprise that they’ve built an ecosystem that’s continually welcoming new additions and helping businesses on a worldwide scale.
Stripe foster a global market, with the mission of increasing the GDP of the Internet. Their Stripe Atlas program and their latest partnership with Alipay and WeChat Pay, shows that giving opportunities to local businesses around the world is a key goal.
Email Marketing & Dunning
Email marketing and dunning are essential elements of all online businesses. It’s necessary to have effective channels to communicate with your customers before, after, and during their purchasing experience.
The Stripe Ecosystem makes this possible with a variety of apps. Churn Buster, for example, helps with dunning by automating messaging around failed payment recovery. Drip helps you create marketing funnels is a lightweight but powerful visual campaign builder.
Many of the email marketing and dunning tools available rely on elements of automation. By using segmentation, these apps are able to reduce the number of emails that are manually created.
The Stripe Ecosystem supports a number of financing apps for your business, and in turn, the apps support Stripe users.
Take, for instance, iwoca, a UK-based company offering 30 days interest-free loans to Stripe customers. This illustrates how the Stripe Ecosystem has opened the door for win-win possibilities.
Harness the power of Stripe notifications directly to your favorite platforms, because let’s be honest, no one likes needlessly logging into different platforms to get their updates.
For example, one company that embraces notifications directly to their platform is the popular team communication tool, Slack. Slack allows you to automate updates to a chat channel every time you make a sale.
At Control, we have a #dollarbills Slack channel that notifies us, with a dollar bills GIF, every time we get a new customer paying for our services.
How’s that for a little Monday morning motivation?
By opening up their API, Stripe has allowed a host of apps focusing on recurring payments to integrate with their platform. Even if your industry isn’t traditionally subscription-based, the recurring revenue model could prove useful if you have a product or service that is needed on a regular basis.
There are many different options for managing your subscription billing. One popular choice is Recurly, which offers out-of-the-box integrations with enterprise solutions like Salesforce, NetSuite, and Avalara.
Ask almost any eCommerce business and they will tell you the shipping process is complicated. But it can be simplified by using some of the tools in this section of the Stripe Ecosystem.
There’s EasyPost, which integrates with over 60 carriers to give accurate and up to date information on pricing. Or ShipRobot, which allows you to streamline your shipping process by importing shipping addresses directly from your Stripe customer’s data.
Whatever the needs of your business, if you accept payments from Stripe, the Stripe Ecosystem is here to help. Through automation and ingenuity, these apps will make your life easier and your workforce more productive.
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