The world around us is constantly evolving with the introduction of newer technologies. With it, our need to upscale is also evolving. For Example, Payments through UPI have boomed since its launch and cash transactions have vastly reduced.
But, businesses have complex payment terms and processes, which need to be carried out smoothly. Stripe is one such platform that assists in the smooth flow of payments.
Stripe is a full-stack payment processor that processes third-party payments and establishes a payment gateway. It goes beyond just being a payment processor as it also provides application programming interfaces. Here are the top 9 tips and tricks to get the most out of Stripe.
Under the Generally Accepted Accounting Principles (GAPP), one should record the revenue when it is earned and not when it is actually received. This principle is known as Accrual Accounting and forms the basis of Revenue Recognition. It enables you to get accurate financial insights based on profitability and business health.
Stripe provides you with the Revenue Recognition feature, which is a snapshot of the financial statements along with;
Data Warehouse acts as your storehouse for all your company data. Your Stripe account can be integrated with your data warehouses such as ‘amazon Redshift’ or ‘snowflake’. This way, all the data recorded by Stripe will automatically be stored in your data warehouse. With all of your data centralized, you will get better business insights and you can avoid the cost of adopting an external Business Analytics tool.
Benefits of using Data Pipeline include,
Prices and applicable taxes are taken into consideration while making any purchase decision. With Stripe, you can provide a breakup of pricing in the form of quotes to help your customers in proper decision-making.
To send a quote:
Starting a company requires loads of documentation which is a time-consuming process.
Not to worry though!
Stripe holds your hand with its Atlas feature.
Activating the Atlas feature means that all the burden of filing the paperwork to getting your Tax ID number is taken off your shoulder. They guide you through the essential steps and handle the rest themselves. With Atlas, the time spent on legalities to form a company is shortened.
This feature also lets you issue stock to the founders by the issuance of the documents that hold a standard process for formation.
For more inputs, click here.
There is no doubt that smart work leads to productivity and integrating apps is one of the smart plays.
Therefore, Smart Work = Integration => Productivity.
With Stripe, you can have that smart play by integrating your applications and getting the most out of your workspace. Stripe integrations include Xero, Mailchimp, DocuSign eSignature, and many more to help scale your business. Though Stripe provides you with ample applications to integrate with, it does not cover all of them.
This is where Integrately makes its mark. It is an automation platform that helps in upscaling your productivity by bringing clever work into play. For example, you can integrate Stripe with Google Sheets so that whenever a charge is created in Stripe, a row record will be created in Google Sheets. This way, you will always stay on top of your receipts and payments thereby giving you a summary of your total inflow/outflow.
This is how Integrately comes in handy with more than 8 million ready-to-activate automations for more than 900+ applications.
8 Million+ Ready Automations
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Stripe is not only your payment partner but also your growth partner.
It provides advisory services and an executive strategy program to create an ambitious plan for your business.
The ‘snowflake’ partnership with Stripe is one of the services that help you store loads of data without setting up an operational layout on your end. For detailed guidance, please read here.
Anything that reduces human effort is an innovation, and Stripe does not shy away from innovative ideas. The addition of QR codes in the online payment system is one such innovation by Stripe.
Therefore, instead of clicking on a hyperlink and proceeding with payment; your customers can just scan the QR code for instant payments.
This helps :
To use QR Code:
There is no doubt that Stripe provides top-notch services. But it does not end there!
Stripe also provides its own in-person checkouts to accept payments by card.
Its terminals provide an option for those buyers that prefer cards for payments. Due to increased payment options, customer retention improves; thereby increasing the goodwill of your business.
It is an excellent practice to send payment acknowledgments to your customers through emails. It adds to professionalism and gives credibility to your business. The receipt gives them a confirmation that their transaction is successful.
You can set this up by checking the box ‘Email finalized invoices to customers on the billing page.’
Source: https://ghost.org/resources/managing-your-Stripe-account/
Stripe is embedded with ample features to help in scaling your business and streamlining your payment system. However, if not optimally utilized these features might get overlooked.
So, keep our tips and tricks in mind to make the most out of Stripe and create a smooth workflow.
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