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Stripe

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"Processes payments globally for digital transactions."

Case Study
Frequently Asked Questions
The company offers comprehensive solutions for handling global payment processes. Services include online payments, fraud prevention, and various financial operations. Additional features support subscription management, invoicing, accounting, and even identity verification, catering to different business models like e-commerce and SaaS.
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Stripe Stated Claims
These are public claims Blurbs AI believes to have been made by Stripe.
Comprehensive payment solutions
Stripe claims that their global payments platform offers access to over 100+ different payment methods worldwide.
Fraud prevention technology
Stripe claims that their Radar feature offers advanced fraud prevention to protect businesses from fraudulent activities.
Revenue and finance automation
Stripe claims that their Billing and Revenue Recognition tools automate accounting and subscription processes for businesses.
PRICE OPTIMIZATION
PAYMENT SOLUTIONS
GLOBAL PAYMENTS
ONLINE INVOICES
FRAUD PREVENTION
IN-PERSON PAYMENTS
ACCOUNTING AUTOMATION
SALES TAX AUTOMATION
API INTEGRATION
SUBSCRIPTION MANAGEMENT
SHOPIFY INTEGRATION
BlurbSTAR Case Study
Stripe & Eight Sleep
Stripe integration boosts Eight Sleep’s sales and satisfaction.
50%
Reduction in subscription renewal failures
70%
Increase in conversion rate
This profile remains unclaimed. Blurbs can only offer a partial, unverified case study.
1.
Situation
Expanding global business faced challenges
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Existing provider couldn't support market growth.
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Checkout experience led to abandoned carts.
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Fraud protection flagged legitimate transactions.
In 2019, Eight Sleep had gained significant traction with the success of their Pod technology, catering to the sleep needs of their customers by enabling real-time temperature adjustments. Despite their innovative approach, Eight Sleep encountered substantial difficulties with their incumbent payment provider, which could not support the company's expanding global operations. Each new market required a separate storefront, leading to procedural complexities and a fragmented customer experience. This issue, coupled with a slow and cumbersome checkout process, resulted in numerous abandoned shopping carts. Furthermore, the inadequate fraud protection led to an increase in legitimate transactions being wrongly flagged. Eight Sleep needed a streamlined payment solution that could integrate effortlessly into their existing model, facilitating a sleek checkout experience and providing robust fraud protection. They also sought a solution that could manage both product purchases and subscription renewals smoothly to avoid high churn rates.
2.
Task
Find innovative payment solution
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Needed a consolidated global storefront.
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Sought streamlined and swift checkout process.
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Aimed to reduce churn through better billing.
Eight Sleep sought a comprehensive payment solution that would support their current operations across 14 countries and facilitate potential expansion into new markets. The critical task was to find a provider that could consolidate their global storefronts, streamline the checkout process, and integrate advanced fraud protection mechanisms. The new payment system needed to ensure seamless user interactions through a unified, fast-loading checkout page. Additionally, Eight Sleep required the new solution to offer efficient billing for its subscription-based service, Autopilot, which needed automatic renewals to minimize subscription failures and involuntary churn. The company's ambition was to maintain the innovative and customer-centric spirit of their product line, while optimizing the backend processes for payment and billing to enhance user experience and operational efficiency.
3.
Action
Implemented Stripe's integrated solutions
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Used Stripe for a single global storefront.
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Enhanced fraud protection with machine learning.
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Integrated diverse payment options for customers.
Eight Sleep partnered with Stripe to revamp their payment and billing systems. Utilizing Stripe Payments and Stripe Billing, they transformed their checkout experience into a single, intuitive page that increased user efficiency. The collaboration allowed Eight Sleep to operate a single storefront in 14 countries, comfortably extending the horizons for future expansions. They leveraged Stripe’s machine learning capabilities via Stripe Radar to enhance fraud protection, reducing false positives significantly. Stripe's Optimized Checkout Suite, particularly Stripe Elements, enabled Eight Sleep to offer diverse payment options, including the buy now, pay later method—crucial for high-value items like the Pod. Additionally, Stripe’s professional services team facilitated rapid deployment by working closely with Eight Sleep's developers, sharing knowledge through communication channels like Slack. This collaboration ensured that Stripe's APIs were optimally integrated, reducing Eight Sleep’s subscription renewal failures and increasing operational efficiency.
4.
Result
Increased conversion, reduced churn and chargebacks
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Conversion rates soared by 70%.
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Significant reduction in chargebacks rates.
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Halved subscription renewal failures with new billing.
The strategic integration of Stripe produced remarkable results for Eight Sleep, reflected by a 70% increase in conversion rates from cart additions to purchase completion. This immediate checkout was pivotal in improving user satisfaction and driving sales surge year over year. The implementation of Stripe Radar's machine learning capabilities yielded a 45% decrease in chargebacks, emphasizing improved fraud handling. Crucially, the refinement of subscription billing processes—aided by features like Smart Retries—halved the subscription renewal failure rate, dramatically reducing involuntary churn. These enhancements not only bolstered Eight Sleep’s revenue streams but also solidified their reputation as a leader in sleep technology. Furthermore, the quick rollout of the Stripe system allowed Eight Sleep to meet seasonal demands efficiently, setting a strong foundation for future growth and continuous improvement of the user experience.
Keywords
STRIPE INTEGRATION
EIGHT SLEEP
CHECKOUT OPTIMIZATION
CONVERSION RATE INCREASE
SUBSCRIPTION MANAGEMENT
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