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You can easiliy create a Stripe report following this step :
To start exporting your Stripe data to Google Sheets, you need to install the Catchr add-on. You currently have two options :
Option A: Via the marketplace:
Option B: Directly within a Google Sheets:
Once you have installed the add-on, you can start making requests.
Stripe is the top priority of global e-commerce firms to move money and process financial transactions with a variety of clients. It handles all your payment-related needs with pre-built API integration and complete automation of the process. With seamless data reporting, you can evaluate your business and make changes – if needed – to provide a more suitable customer experience.
However, tracking huge chunks of information is quite tough when it comes to transactional relations between you and your clients. Keeping this in view, we have come up with the top 10 best Stripe KPIs to help convert your data into measurable metrics and bring more value to your overall business, So, let’s dig in to learn more about this topic!
Stripe’s current market share is around 68% of the overall payment processing platforms in the United States. This increasing popularity can be attributed to several factors.
For instance, the platform doesn’t charge a fee for initial setup, making it a go-to business choice for many corporate owners. Moreover, using this transaction app, you can mitigate the amount of risk and build a secure relationship with different clients from around the world. Speaking of another perk, it costs you the minimum fee when compared to major payment processing solutions in the market.
Walk through the top 8 best Stripe KPIs in the following section and regulate your financial trade like never before!
MRR refers to the potential revenue earned by businesses through their monthly subscription services. For example, as a subscription-based video entertainment platform, Netflix has a total of four paid plans based on how much content you want to consume each month. In this scenario, whatever the consumers pay to renew their monthly subscription will translate to Netflix’s MRR.
For Stripe, you can use this KPI to test the efficacy of your subscription models and per-month pricing plans. If you observe the value declining each month, it indicates that your company is losing clients. There could be several reasons for this, like high fees, lack of valuable features, or strict policies. So, look through the plan and introduce some changes that not only draw more customers but also retain them.
Formula for Calculation
Monthly Recurring Revenue = Total customers x Average revenue paid by the user each month
The churn rate depicts the percentage of clients who stop engaging with your business over a given time. As it happens, the value will also include customers withdrawing from your monthly or yearly subscription plans. According to the Forbes Advisor Report, a SaaS company with a 5% annual and less than 1% monthly churn rate is competent enough to hold its place in the market.
Identifying the churn value is definitely crucial for stripe tracking. While it reveals the public sentiment around your content, you also learn about the effectiveness of your marketing strategies. For instance, a massive reduction in churn rate will indicate that your business is doing well and can convert most of the users into a loyal customer base.
Formula for Calculation
Churn Rate = Total Customers Lost / Total Customers at the Start of a Given Time x 100
The refund rate gives the total number of transactions that eventually result in returning the customer’s money (excluding the original fee). It is one of the best Stripe KPIs to determine the health of your financial trading and improve the customer experience. If you notice an exponential increase in the percentage, it could point to many potential errors that you need to address.
The customer can request refunds due to sudden price hikes in your products, lack of customer support after completing a transaction, substandard services, and much more. Therefore, any refund rate above 5% is a sign that your marketing approach needs to be revised in order to provide a seamless trading experience and better quality products to your audience.
Formula for Calculation
Refund Rate = Total number of refunds / Total number of successful transactions x 100
The amount of money a consumer spends with your business in a single deal represents the average transaction value in the Stripe metrics. It is a significant KPI to evaluate for more than one reason. You get to know the volume each customer is adding to your revenue and the specific areas that need improvement in case the ATV is below normal.
For instance, you might observe that your customer base is large, but each individual is only contributing a small amount of money. With this information, you can optimize the pricing strategy by offering discounts and exclusive deals to attract buyers and sustain your average income. One good way of increasing your ATV is to introduce alternative payment methods that suit a border group of people.
Formula for Calculation
Average Transaction Value =Total Revenue over a given period/ Total transactions during the same period
As the name suggests, the customer satisfaction score estimates the satisfaction level of customers who deal with payment processes and customer care agents. Ranked among the most valuable SaaS metrics, it lets you understand the bigger picture through customer feedback and helps you spot loopholes in your digital marketing strategy for a better outcome.
As an example, conduct a customer survey like “How would you rate your experience with our online payment services?’’ You will get a percentage score varying from 0% to 100%, where 0% translates to the worst and 100% translates to the best customer experience. Make sure your CSAT falls around 75% to 85%, and take necessary actions if it drops down to the minimum.
Formula for Calculation
Customer satisfaction score = sum of positive responses (people who rated above 70%) / total responses x 100
What’s the probability that the clients will recommend your brand due to the smooth business transactions? You can get this information through the net promoter score. It’s a litmus test for consumer loyalty and overall customer satisfaction rate regarding your business. The test is based on a simple query followed by three response categories, including promoters, detractors, and passives.
Keep in mind that a higher number of detractors is a drawback for your business. It shows that you can further improve your digital marketing and build a strong communication strategy to win your customers. Since customer opinions are volatile, tracking NPS is good for keeping yourself aligned with the trends.
Formula for Calculation
Net promoter score =percentage of promoters - percentage of detractors
The dispute refers to a situation where cardholders contact their card-issuing bank to demand a refund. Dispute rates due to any valid reason, such as poor quality services, payment errors, or unauthorized transactions, directly impact your business, and you might have to compensate with fines if the number crosses a specific limit. Typically, a 1% dispute rate is considered ideal for successful businesses.
It means only 1 customer out of 100, or 10 out of 1000, demands a chargeback, which reflects positively on your brand. With these details in hand, you can handle client complaints more effectively and formulate a smooth transaction process, making your company a reliable trading source in the market.
Formula for Calculation
Total Dispute Rate = The number of chargebacks / The number of transactions over a given time
When dealing with money online, many transactions get interrupted due to blocked, declined, or invalid payments. Because it causes a substantial monetary loss to your company, you should screen the reasons for failure and make suitable ways to amend them. One easy trick to solve the problem is evaluating the cards used by each of your customers.
Looking at them in terms of failed charges, you can pinpoint the types of cards that are more likely to cause invoice failures. It will help revise your upcoming business strategy, causing little to no financial loss in the long run.
The best Stripe KPIs in the checklist will help you track your financial performance and optimize the potential revenue associated with your online business. However, simplifying the data is essential for easy reporting and sustainable subscription growth. In this regard, the only reliable solution is the ultimate data extraction tool, Catchr.
Using this tool, you can convert your data into easy-to-read and stunning dashboards, which make the entire process more manageable. From visualizing data to creating digital marketing reports, Catchr can handle everything in a breeze. Apart from this, you can also incorporate your data into powerful analytic tools such as Looker Studio, PowerBI, and Tableau.
The other notable features of the tool include
Want to sign up? Book your first demo here and boost the Stripe journey with Catchr.io integration!
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