Lottus Education believes in education as a tool to transform, with a focus on providing Mexican students with unique experiences and quality educational alternatives in various sectors. However, the organisation was struggling with a payment structure that was antiquated and causing significant inefficiencies in its operations. Looking to modernise its payments infrastructure, Lottus Education wanted an intuitive platform with robust security to simplify recurring payments for its students. The organisation specifically needed a partner that could help increase the adoption and retention of students’ online payments.
Lottus Education chose to partner with Stripe for its seamless UI and integrated payment experience. One of Lottus Education’s target objectives was to integrate several payment methods within a single payment processor, including credit/debit cards, bank transfers, and local payment methods – specifically OXXO and Meses Sin Intereses. Supported by Stripe Payments, which offers dozens of payment methods, the organisation has been able to convert more customers. Lottus Education also implemented Stripe Radar to reduce time spent on payment disputes, allowing the team to optimise efficiency in operations.
The next step for Lottus Education is to launch Stripe Billing, which will streamline tuition payments for students. With the ability to save credit card information, Stripe Billing minimises the churn of payment drop-offs and improves retention. “Our goal in launching Stripe Billing is to give students more simplicity in the way they pay, with hopes that our retention rates are going to improve,” says Andres Fleiz Jaso, chief product officer at Lottus Education.
Lottus Education was able to implement a fully compliant payments solution in just two weeks with two engineers. And the process will be simple to incorporate additional Stripe products in the future or to scale to new universities.
Stripe has enabled Lottus Education to offer a seamless payments experience to both domestic and international students, which ultimately allows the company to increase revenue. The organisation experienced a 15% jump in online payments after integrating Stripe, with 50% of payments now processed online. “After switching to Stripe, we saw far better data retention, dashboard flexibility, and technology documentation,” Jaso says.
Lottus Education also realised an 80% reduction in payment disputes thanks to Stripe Radar. Now with a fraud rate of 0.05%, this has lessened the need for additional headcount in Lottus Education’s fraud department.
We needed a plug-and-play solution that would be easy to scale and replicate into our other brands. Stripe has allowed us to operate more efficiently and put time back into working toward our mission as a company.