Enhancing Subscription Business Models with Stripe

Location

Global

Industry

Client

A leading finance platform providing online access to sophisticated trading indicators to help clients see markets smarter. The client developed a comprehensive all-in-one toolkit for nearly every aspect of technical analysis, from dynamic features to price action-based investment strategies. The platform offers an all-inclusive membership with premium features provided on a subscription basis, where users can choose a plan according to their needs.

Challenge

The client had initially partnered with subscription services provider Chargebee for recurring billing while utilizing Stripe as the payment gateway. However, the Chargebee subscription system proved to be unsuitable for their needs due to the following shortcomings:

Business scalability challenges
Limited subscription flexibility and management tools
The presence of extra expenses due to redundant service providers
A lack of convenience and coherence among various components

The client also faced a tax compliance challenge. They required a solution to simplify the calculation, collection, and reporting of taxes for the various countries and US states where they offer their services.

To enhance its platform performance and provide a better user experience, the client decided to partner with DataArt, trusting in our extensive experience within the finance industry and our proven expertise with Stripe.

After a complete assessment, DataArt proposed the migration to Stripe Billing as the subscription system with a customized approach to face the following migration challenges:

Specialized integration of payment methods, including Coinbase and PayPal, not natively supported by Stripe
A custom checkout flow was required to accept all the payment methods
A seamless migration of customer and subscription information

Solution

DataArt successfully migrated the platform’s subscription and payments systems to Stripe by implementing the following:

Stripe Payments: A solution built to accept global online payments, accessing multiple payment methods.
Stripe Payment Elements: With this product, DataArt could fully customize the payments user interface (UI) to design a secure, optimized-for-conversion, checkout experience.
Stripe Billing: DataArt integrated one of Stripe's core products for subscription management, allowing the client to collect recurring payments, manage its subscription strategies, and adopt free trials and discounts. Leveraging Stripe Billing, DataArt also implemented the Stripe Customer Portal, providing users with several benefits, including self-service subscription management, billing history and receipts, payment method updates, invoice management, and subscription details, all in one platform.
Stripe Radar: DataArt also helped leverage the features of Stripe’s fraud prevention and risk management system, allowing them to measure and minimize the impact of credit card fraudulent activity.
Stripe Tax: With this integration, the platform now collects taxes globally, while the system determines the customer’s precise location, and calculates and collects the right amount of tax. Stripe Tax monitors transaction levels and indicates when and where the company has obligations to register to collect taxes.

DataArt also integrated PayPal and Coinbase payment methods, which required the implementation of a web application with a customized checkout UI.

The data migration process conducted by DataArt was a success. It included migrating the customer and subscription information placed on the previous service provider database to Stripe. Also, a customized process was carried out to recognize the subscription status at the current time and migrate it to Stripe Billing.

Products

Benefits

Increased Subscriptions: DataArt simplified the payment process, making it easier for customers to subscribe. The seamless payment experience and diversity of payment methods have led to higher conversion rates.
Enhanced User Experience: Users now can leverage tools like the partners portal to manage their subscriptions, update plans and payment methods, access their billing history, and download payments from previous payments, making it easier to track their financial interactions.
Increased Flexibility in Subscription Plans: The client now has several tools to design and implement subscription models, allowing the usage of free trials, coupons, money-back guarantees, and more.
More Traceable Data and Enhanced Reporting: Granting access to revenue tracking, subscription metrics, customer insights, and payments and plans performance, helping them make data-driven, informed decisions.
PCI DSS Compliant: Ensuring that sensitive payment card data is stored, transmitted, and processed securely, adhering to the highest security standards and reducing the risk of data breaches.
Taxation Automation: Allowing for global tax compliance, real-time tax calculations, easier cross-border sales, automatic updates on tax rates and rules, and sales tax reporting.
Reduced Support Operations: By streamlining and automating several aspects of the subscription lifecycle, providing users with detailed subscription information and self-management tools.

Technology Stack

NextJS (BE)

ReactJS

Vercel

TypeScript

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