Top 3 GTM recommendations
This guide explains many of the GTM options you have, but there are three that Stripe always recommends:
- Make Stripe the default processor for new users
- Financially motivate existing users to migrate to Stripe by:
- Charging extra for using other payment processors (e.g., Shopify pricing for external payment gateways)
- Offering discounts off your rates or SaaS fees if users migrate to Stripe
- Provide additional or enhanced product functionality to users that migrate to Stripe
Step 1: Analyze your current payment processing
Before you start working on your GTM plans, you should review your current payment processing. If you're accepting payments already, you should:
- Find out who your main processors are
- Calculate the percentage of your total volume on each processor
- Find or calculate the currency and country breakdowns for each processor
- List your main processors' advantages and disadvantages
- Ask your customer service team which processors require the most support
Whether you're accepting payments for the first time or migrating to Stripe, you should also think about:
- How you're going to roll Stripe out (by city, country, geographic region, etc.)
- The biggest risks to your launch date
- Hard deadlines other than your launch date
Step 2: Productizing and monetizing payments
Your primary monetization decision is made in the scoping and integration phases. However, some platforms use other methods due to the industries they operate in. Some examples include:
- Charging premiums for payment processing on a monthly basis, per charge, or both
- Subsidizing processing fees and charging a service fee for all users, or a subset of (premium) users
In addition to your primary monetization method, you may also want to:
- Segment monetization by customer groups, plans, etc.
- Match existing rates for some or all of your connected accounts
- Charge membership or one-off fees using account debits
Account debits are only supported for platforms and connected accounts that are in the U.S. or E.U.
Step 3: Gather information to communicate
After reviewing your current payment processing, work with your product management and engineering teams to list the benefits of your Stripe integration, and how it differs from your existing integrations. Some benefits are unique to your business, but some common ones we see are:
- Your users can accept new payment methods, like Apple Pay, ACH, or SEPA Debits
- International currency support for over 135 currencies
- Reduced churn due to an automatic card updater (supports most MasterCard, Discover, and Visa cards) and smart dunning
- Ease and speed of onboarding
- Improved seller dashboard functionality for handling refunds, disputes, etc.
- Simple chargeback resolution
- Fraud prevention (e.g., machine-learning tools, in-depth charge reviews, etc.)
- Your users can accept digital payments, resulting in faster bank transfers and automatic payouts
When you have your list of benefits, you can segment your users and figure out what benefits you may want to communicate to them. You may want to segment by:
- Customer size in monetary volume
- Percentage of recurring volume
- Integration complexity
- Customer satisfaction with their current processor
- Effort to become PCI compliant
One action item to communicate to your connected accounts regards CVC and AVS checks. Enabling these checks helps prevent disputes and fraudulent charges. After your connected accounts are migrated, they can enable these checks in the Stripe Dashboard.
Step 4: Plan marketing and multi-channel communications
With the raw information gathered, you can plan how to communicate it. You may want to contact some customers over the phone, but there are other channels to consider. The sections below have examples for landing pages, videos, and more.
Blog post and email campaigns
Step 5: Create sales strategy and resources
As part of your GTM plans, you should also build a sales strategy, which includes resources for your sales team. To build your sales strategy, organize your users into low-, medium-, and high-effort categories for migrating to, or adopting Stripe. Low-effort users commonly:
- Don't have recurring charges
- Have a low percentage of charges from saved customers
- Have issues with their current processor
You should also take your current processors into consideration. It might make sense to migrate users on a particular processor first because they have recurring issues with it, it's easier to migrate users off it, etc.
After you categorize your users, you can build a timeline for transitioning them. The timeline depends on your unique business scenario but as an example, you might schedule:
- Low-effort users to be migrated within a month
- Medium-effort users to be migrated within two to three months
- High-effort users to be migrated in four months or more
When your timeline is set, you can start creating resources. You should think about what your sales team needs to sell Stripe to new and existing users. You might also create incentives for users that migrate to Stripe.
You also need to decide when to mention Stripe in your sales cycle, if at all. If Stripe is visible to your users, you might need to explain your integration. If it's not visible, then it's probably unncessary.
Step 6: Facilitate migrations
Migrating volume from one processor to another is a complex process. Managing this process is your responsibility and it may take multiple years to migrate all of your volume. You can read more about this process in the Migrations Overview guide, but there are three considerations to make during the GTM phase:
- Access rights to end customer tokens (card data)
- Offering "white-glove" assistance to high-volume users
- Deprecating support for legacy processors (generally in three to six months)
If you have access rights to your users' end customer tokens, you can request that your current processor migrate those tokens without waiting for users to contact your existing processor. This can reduce your migration time considerably. Ask your legal team to review the contract with your current processor and look for a clause that grants you this ownership.
Step 7: Set goals
In addition to your timeline, it's helpful to set goals and key performance indicators (KPIs) for your migration and adoption process. These let you measure success, but they also help you make adjustments if needed. You may have some pre-existing goals and KPIs, but we've included some examples.
- Migrate 25% of volume each quarter
- Decrease payment processing support requests by 30%
- Increase new seller signups by 15%
- % of customers migrated
- % of monthly recurring revenue (MRR) or yearly recurring revenue (YRR) migrated
- Average time it takes users to migrate, potentially segmented by user (volume) size
- Checkout conversion % by processor
- Churn % by processor
Getting help from Stripe
Your Stripe contact can answer any questions you have but you should also include them in:
- Reviewing and providing feedback on your GTM strategy and goals
- Reviewing content you create for your sales team, or any other team
- Reviewing and helping define custom migration instructions for your users