reMarkable brought its eponymous product to market with a pre-launch, which enabled it to gauge market interest prior to manufacturing. To succeed, reMarkable needed a payments platform that could be implemented quickly for pre-launch and was robust enough to later handle regular orders and provide fraud protection. Fraudsters rarely target pre-orders since the cardholders will see the fraudulent payment on their credit card before the product even ships. reMarkable needed to ensure that it could leverage fraud prevention immediately when it switched to regular orders.
Stripe gave reMarkable the capabilities to implement a successful pre-launch on a short timeline, with the extra benefits of out-of-the-box features like PSD2 compliance and instant fraud detection when it shifted to regular sales. Radar, Stripe’s intelligent fraud prevention tool, leverages billions of data points to optimise fraud detection without blocking legitimate customers who are eager to purchase the product. Furthermore, the ability to create custom rules in Radar gives reMarkable the ability to tailor its fraud protection based on the trends they observe.
“As expected, when we moved from pre-orders to direct purchases we saw a significant jump in fraudulent orders. The fact that Stripe Radar was able to detect the vast majority of all fraud has been hugely impactful on our business.” Sigurd Gran-Jansen, VP of Marketing at reMarkable explains. reMarkable’s account manager at Stripe proactively guided the team to tailor fraud protection to its specific business needs for increased effectiveness. Over time, Radar will continue to improve results as it adapts to changing fraud patterns and will use a machine learning model that’s customised to reMarkable’s business and customer profile.
reMarkable recovers significant developer time
Although reMarkable rarely partners with external vendors – instead preferring to build in house – it knew that collaborating with Stripe would transform its payments workflows for the better. Stripe’s best-in-class API and clear, comprehensive documentation simplified every aspect of the implementation process for reMarkable’s developers. Using Stripe saved hours of precious developer time that the business could re-allocate to more demanding projects.
Stripe as the source of truth for sales data company-wide
The intuitive dashboard that accompanies Stripe’s payments infrastructure gave reMarkable the ability to explore and export data for key stakeholders in other departments. Stripe’s robust capabilities allowed reMarkable to harness payment metrics as a real-time indicator of its customer experience and financial performance for better analysis.
The ease of Stripe’s implementation has saved us hours of developer time. However, the time it’s saved our other departments has been equally impressive. Stripe has been built with a holistic approach, so that whether it’s a key stakeholder in marketing, accounting or finance, Stripe can easily provide the data they need to make better decisions and increase revenue.