Baremetrics is ready for the future of Stripe
As of May 20th, 2021, Baremetrics has launched a new version of our Stripe integration that better accommodates the new Stripe updates. As of now all customers are experiencing the benefits of the new Stripe integration.
Here at Baremetrics, we’re stoked to bring you better Stripe service. If you have any questions, reach out to us at firstname.lastname@example.org, or jump onto the chat box on the bottom right and get chatting with us!
Now let’s dive into the specifics of what changes were made and what the benefits of these changes are.
Stripe has discontinued the Stripe Retrieve Event API
Stripe now only allows access to their events records through the API for 30 days.
A Stripe Event refers to any action in the history of a Stripe account. For example, upgrading a plan, adding a one-time payment, changing the number of users, and more. Any of these changes would become a “Stripe event” and then they would get recorded into the history of that Stripe User.
In order to monitor Stripe account histories, users would access their Stripe events through the “Retrieve Stripe Event API”. In Stripe’s recent update, Stripe reduced the amount of access a user has to this information to the most recent 30 days.
This change disables users from querying long-term trends in the behaviour of their customers.
As well, this means that Baremetrics must adjust how we query and store information related to the long-term behaviour of Stripe accounts.
The new Baremetrics and Stripe integration
The new Baremetrics Stripe integration immediately provides users with five new data settings. As well, it means it will become much easier for Baremetrics to support new Stripe features in the future.
Here are a couple of other changes have occurred that add to how your Stripe data is handled in Baremetrics:
- Auto-cancellation will now happen 31 days after the first failed invoice. Previously it was happening 31 days from the time that the subscription transitioned to the “unpaid” state on Stripe.
- Baremetrics can read plan specific discounts.
- Baremetrics can support backdated invoices now.
- Baremetrics excludes on_behalf_of subscriptions for all accounts (Stripe docs).
- Discount handling is now more granular (sub item level).
Five new data settings for Baremetrics Stripe integration users
Baremetrics now has five new data settings for Baremetrics Stripe integration users. Let’s dive into the five data settings now!
Adjust your customer’s historical plan price record
Some customers update the price of an existing customer plan rather than change that customer over to a new plan. When customers changed their prices in this way, Baremetrics was not previously able to see it. Baremetrics wasn’t able to recognize the historical plan price in our records of MRR. Now, we are able to keep the historical record of your customer’s plan price intact while calculating MRR.
Choose how the Baremetrics MRR calculation handles cancelled plans
When a customer cancels their plan, when do we stop including the revenue from the cancelled plan in the MRR calculation? Do we stop including the revenue when the cancellation occurs, even if the customer is still paying you for 3 more months? Or, do we include the payments in the MRR all the way until the customer stops paying? Now, you can choose how Baremetrics handles the remaining revenue from your cancelled plans.
Choose to ignore voided invoices
The default Baremetrics behavior is to treat voided invoices as causing a delinquency. This might not work for every Baremetrics user, so you can now choose to ignore voided invoices.
Choose to ignore uncollectible invoices
If an invoice is labelled as uncollectible, this typically results in a bad debt. Now, you can choose to ignore uncollectible invoices by marking them as void. Once they’re marked as void, you can choose to completely ignore them or keep them in your record as a voided invoice.
Receive invoices with active status rather than delinquent status
Invoices received into a Baremetrics account have the default status of delinquent until it’s paid. This happens even if the invoice isn’t delinquent. For customers who don’t want to have a list of delinquent invoices, you can choose to import invoices into the “active” status.
Future Positioning with Stripe
These updates position us to maintain a strong partnership with Stripe moving forward. Stripe is positioned to keep developing into the future, and Baremetrics will be heading in the same direction alongside Stripe.
With these updates, Baremetrics is ready to continue to provide excellent metrics for Stripe users, regardless of changes within the Stripe platform. We’re excited to help our customers make more from their data through great insights!
Metered Billing is on the roadmap
Metered billing is immensely important to us, so we’re building out metered billing as the next part of our Stripe integration! Baremetrics users will be able to measure the revenue from their customers even when that revenue changes daily.
We’re looking forward to it! Please reach out to us at email@example.com if you’re interested in more. We want to hear about how you would use metered billing.
Reach out to us!
We’re stoked to have you as our customers, and we can’t wait to see how these updates help you get the most out of your data. Reach out to us at firstname.lastname@example.org or through the chat box if you have any questions!
We’re here to help you build dashboards, get great data insights, and make more from your data. We’re always here to chat!