General queries related to stripe before integrating

1. The embedding checkout button will navigate to the stripe payment gateway.

2. In Stripe, we need to create a product and plan. i.e. each plan for each customer.

3. Plan can be created either through stripe dashboard or API.

4. The plan amount cannot be updated. Once a plan has been created, only the metadata and nickname can be modified; the amount, currency, and interval are fixed. Should you need to change any of these parameters, a new plan must be created instead.

5. To lower the price amount without touching the plan is by using discount/coupon. A subscribed customer can be upgraded or downgraded to any plan, which means you are switching a “PLAN A” to lower-priced “Price B” or vice versa.

6. When the user clicks the checkout button it navigates to stripe payment gateway where user can type their email and card details. This will create the customer, subscribe to the customer, save a card for future payments(recurring).

7. Bank details can also be added for recurring payments in the stripe dashboard.

8. Sending email reminders

• Upon failed payment attempts
• With receipts after invoices are paid
• When a subscription is about to renew
• When a card on file is about to expire

9. Each plan reports are not provided from the stripe, but we can see

• Balance summary: Shows starting and ending balance in your Stripe account. Starting balance is the sum of your available balance and the pending balance. Changes to your balance come from activity (payments, refunds, transfers, etc.) and from payouts to your bank.
• Balance change from the activity: Detailed breakdown of the balance change from activity line from the above Balance Summary report. Includes changes to your Stripe balance from activity (payments, refunds, transfers, etc.), excluding payouts, as well as itemized downloads.
• Payouts: Detailed breakdown of the less payouts line from the above Balance Summary report. Includes changes to your Stripe balance, from payouts to your bank, as well as itemized downloads.

10. Cancelling and pausing subscriptions: By default, subscriptions and billing continue until cancellation. As configured in your subscription lifecycle settings, a subscription may cancel automatically after up to four unsuccessful attempts to bill the customer. You can also cancel subscriptions yourself, either through the API or the Dashboard.

If a payment does fail, Stripe presents a feature that allows you to send an email to your customer informing them of the failed payment. These emails can also be customized with your company’s branding.

11. Saved card details can continue to work even if the physical card has been replaced by the issuing bank. Stripe has a feature that helps merchants when a subscriber cancels their card and gets issued with another, Stripe works with the card networks to attempt to update their card information. Accessibility to this feature does vary depending on location and regulations that govern a region.