Are you looking to work with Stripe data? If your answer is yes, you are in the right place.
In this blog post, you will be looking at the following aspects of working with Stripe data:
- What is Stripe?
- How Stripe Works
- Technology Stack Compatibility
- Analyzing Stripe Data for Marketing
- Combining Stripe Data with CRM/Digital Marketing Applications
What is Stripe?
Stripe is an American Financial Services & Software as a Service (SaaS) company having headquarters in San Francisco, California. The company offers payment processing software & APIs for e-commerce websites & mobile applications. Stripe may as well be called the “Full Stack Payment Processor” or a Payment Gateway. It means that Stripe allows businesses to process credit and debit cards, as well as automated clearing house (ACH) transactions including both offline & online transactions.
Hevo, A Simpler Alternative to Integrate your Data for Analysis
Hevo offers a faster way to move data from databases or SaaS applications into your data warehouse to be visualized in a BI tool. Hevo is fully automated and hence does not require you to code. You can bring your Stripe data to any destination of your choice.
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How Stripe Works
Stripe is actually an extensive payment tool in which some complex processes are running. In simple words, it allows you to transfer money from a customer’s bank account into your business account by a way of credit or debit card transaction.
Take it this way. To process online transactions you need both a payment gateway and payment processor. The gateway securely captures and transmits the customer’s credit card payment information to the processor, which then actually processes the transaction. Funds from the customer’s bank are then temporarily routed to a merchant account (in this case of a third party processor like Stripe, it’s an aggregated account — more on that later), where credit card-related fees are deducted from the sum. The payment is then routed to the merchant’s bank account.
Stripe combines gateway functionality and payment processing, making it a convenient (if not necessarily the cheapest) way to handle eCommerce. Now let’s take a look at how Stripe makes it happen.
Technology Stack Compatibility
As far as technology stack is concerned, Stripe is compatible with almost all server-side languages like Python, Ruby, Node.js, Java, PHP, Go & .Net. The minimal setup up for Stripe is actually pretty simple and, if you’re using a pre-built checkout like Stripe Checkout, is probably manageable for developers with limited experience (we’re talking less than 15 lines of code to test the API call).
Following are the steps:-
- Install a language-appropriate Stripe library. It can be done by using package managers like npm for node.js & pip for python etc.
- Setting up the API key.
- Create an object containing your payment intent with properties for amount, currency, payment method, and the email address the receipt will be sent to.
If all goes well, Stripe will return an object containing transaction details.
Types of Data in Stripe
As Stripe is a Financial Product, it mainly focuses on the following data points:-
- Growth Parameters
- Products Information
- Customers Retention Rates
- Fixed-Price Subscriptions
- Metered Subscriptions
- Per-Seat Subscriptions
- Change Subscriptions
Further details can be found out on the following links.
- Financial Reconciliation Information
With the help of Radar, another financial product offered by Stripe, we have access to the following Data Points as well:-
- Disputes Data
- Performance Reviews
- Payment Statuses Review
- Tax Rates
General Stripe Dashboard Interface looks like this:-
Analyzing Stripe Data for Marketing
As described earlier, Stripe is one of the best platforms when it comes to managing or running your internet business. Billions of transactions are being handled every year in each part of the globe. When analyzing Stripe data for marketing purposes following are the important aspects to consider:
- Performance of the Marketing Funnels in current years & their projections for the next year.
- Money made per subscriber in one of the most recent launches.
- Role played by E-mail Marketing in making the launch a success.
- Most valuable subscribers & how much they are generating revenues for themselves & for you.
- Customer Journey Analysis on your web applications. Analysis of where your potential customers are spending most time & what actions they are taking on the website & from what pages the bounce rate is the highest.
- Customers Segmentation on basis of different parameters like revenue, age, sex etc.
Stripe provides an easy & hassle-free integration with Segmetrics which is a Stripe official partner to analyse data for marketing purposes.
Let’s have a look at a simple use case on how a Stripe partnered tool Segmetrics can help in tracking ROI over Customer’s Lifetime also known as Sales Velocity.
With the help of Segmetrics we can have the following answers which are needed to track ROI over Customer Lifetime Value (CLTV):-
- Are leads who opened a certain email more likely to buy than those who did not?
- Does a particular free download lead to bigger purchases?
- Monetization report provides detail about how long does it take for Ad Campaigns to get ROI.
- Collection Report provides details about how many customers don’t pay all the invoices on the payment plans.
- The Subscriptions Report provides you with details about which subscription products help companies in making the most money every month.
Combining Stripe Data with CRM/Digital Marketing Applications
Apart from Segmetrics, Stripe also provides easy integrations with following Top Marketing Tools:
A long list can be found out on the following link.
Let’s have a simple use case to integrate Stripe with Hubspot.
- In your HubSpot account, click the Marketplace icon marketplace in the main navigation bar. Under Manage, select Connected apps.
- Click Visit App Marketplace.
- Use the search bar to search for Stripe, then select Stripe from the dropdown menu.
- Click Connect app, then enter the required information for Stripe in the pop-up window. You can also click Sign in in the upper right if you already have a Stripe account.
- Click Authorize access to this account to finish integrating your account with HubSpot.
By integrating Stripe with Hubspot it becomes very easy to send quote payments with Stripe Account.
Overall, Stripe is one of the best Payment Gateway & Payment Processors & it provides extensive analytics through an interactive dashboard. Also, it provides easy integrations with all the top market analytics platforms & CRMs.
If you use a lot of cloud-based services for running your business, a cloud-based ETL tool like Hevo can help you get the most out of your data by integrating various sources. Hevo supports many cloud-based software services and on-premise databases. Hevo can help you integrate them in a few clicks without using any code at all.
Try Hevo out by signing up for a free trial!
Have any further queries about using Stripe data? Let us know in the comments section below.