Time to get hype – we just released Stripe
Is Stripe a household name yet? It is if you have anything to do with the ecommerce or tech industry. I personally love talking about Stripe with my partner over dinner. If you’re anything like me, then you’re gonna be excited about this next integration then….it’s Stripe!
Stripe is an online payment processor and credit processing platform for online businesses. Now, some of our customers choose to only accept payment through Shopify, if this is you, you can stop reading this blog – unless you’re planning on using Stripe soon.
If you do use Stripe as an alternative payment processor, you can now hook it up with OrderMetrics to get the transaction fees you’re paying to Stripe.
How it works
Stripe charges a transaction fee when they process a payment between you and your customer. If you’re using Shopify as a payment processor, they do this too, but those costs are factored into your metrics already since you’re already connected to Shopify. Adding the Stripe integration allows you to pull your transaction fees from Stripe as well so ALL transactions are accounted for. (Spoiler alert: we do this for PayPal too).
When you connect Stripe to OrderMetrics, we will pull the transaction fees you’re paying so we can show you a fuller picture of your business costs.
Why track transaction fees?
Transaction fees can be small, but they add up – obviously Stripe has built an entire empire on taking a few cents from people here and there (I’m oversimplifying it, but you get it). The point is, every fee you pay for every transaction ultimately adds up and eats into your profit.
When we pull in transaction fees from Stripe, you’ll get a better understanding of how much you’re profiting off of a single sale, and what your overall business analytics look like after all is said and done.
This will also help you make better decisions about your payment providers. Shopify, Stripe, and PayPal all have different fees associated with their transactions. Maybe you’ll determine that one is less expensive than another. Or maybe you’ll start to understand that your fees are eating into your profits and you need to charge a higher price to make up for it.
We’re all about helping you determine what is making you profitable and what is eating into your profits, so go connect your Stripe account with OrderMetrics and see what that looks like!
If you want to learn how – check out the help center article on connecting the Stripe integration. As always, reach out if you have any questions or comments!
Not Using OrderMetrics Yet?
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