Want to automate invoicing and contracting with Stripe? This guide tells you how to get started with Stripe contract management.
What is Stripe?
Stripe is a leading online payment processing platform that allows businesses to accept payments over the internet. It offers a suite of payment APIs that powers commerce for online businesses of all sizes.
Stripe supports various payment methods, including credit cards, debit cards, and local payment methods, making it a versatile choice for businesses aiming to scale globally.
But as most businesses have learned by now, most transactions are followed by a contract of some sort. How does Stripe fare when it comes to managing these and keeping the data within the payment processing platform, and the agreements, aligned? Let’s find out.
Can you manage contracts in Stripe?
While Stripe excels in payment processing, it does not offer native contract management features. Businesses using Stripe for transactions often need a separate system to handle contract creation, execution, and storage.
However, integrating Stripe with a contract management tool like Juro via Zapier can streamline the contract management process, automating the processes that typically lose you the most time.
Let’s explore the possible workflows one-by-one now.
How to manage contracts in Stripe
1. Automatically generate an invoice in Stripe when a contract progresses to a certain stage in Juro
As your contract moves through its lifecycle in Juro, you can set up an automation to generate an invoice in Stripe once the contract reaches a specified stage, such as "Signed" or "Approved." This ensures timely billing and reduces manual effort.
2. Automatically create a new customer in Stripe when a contract progresses to a certain stage in Juro
When a new contract is finalized in Juro, you can automate the creation of a new customer record in Stripe. This saves time and ensures that all customer information is consistently recorded across both platforms.
3. Automatically generate a payment link in Stripe when a contract progresses to a certain stage in Juro
To facilitate prompt payments, you can automate the generation of a payment link in Stripe when a contract reaches a specific stage in Juro. This ensures a seamless payment process and encourages better cash flow.
4. Automatically create a subscription in Stripe when a contract progresses to a certain stage in Juro
For contracts involving recurring services or products, you can automate the creation of a subscription in Stripe when a contract reaches an pre-defined stage in Juro. This ensures that your subscription records are always up-to-date and accurately reflect your contractual agreements.
5. Automatically create a contract in Juro when a new customer is added in Stripe
Whenever a new customer is added to Stripe, an automation can be set up to create a corresponding contract in Juro. This helps ensure that every new customer engagement is documented and managed right from the start.
6. Automatically create a contract in Juro when a subscription is updated in Stripe
To keep your contract records aligned with subscription changes, you can automate the creation of a new contract in Juro whenever a subscription is modified in Stripe. This ensures all contract adjustments are accurately reflected.
How to set up the integration
- Connect Stripe and Juro accounts to Zapier: Ensure both accounts are connected to Zapier.
- Create a Zap: Select a trigger event from Stripe (e.g., New Customer).
- Set Up Trigger: Configure the specific details for the Stripe trigger.
- Create an Action Event: Choose the Juro action that should follow the Stripe trigger.
- Configure Action: Map the necessary data from Stripe to Juro to ensure the information is correctly transferred.
- Test the Zap: Run a test to confirm the integration works as expected.
- Turn on the Zap: Once tested, activate the Zap to automate the contract management process.
Benefits of integrating Juro with Stripe
1. Increased efficiency
Automating the processes between Juro and Stripe significantly reduces the need for manual data entry and repetitive tasks. This means your team can focus on more strategic activities rather than administrative duties. For example, automatically generating invoices or creating customer records saves time and minimizes the risk of errors that can occur with manual input.
2. Greater accuracy
With automated workflows, the data transferred between Juro and Stripe remains consistent and accurate. When a contract is finalized in Juro and a customer record is automatically created in Stripe, it ensures that all relevant details are correctly recorded.
3. Shorter turnaround times
Automations ensure that tasks are completed as soon as a contract reaches a specific stage. For instance, generating a payment link or an invoice immediately upon contract approval means that there are no delays in the billing process. This prompt action can lead to faster payments and improved cash flow for your business.
4. More scalable
As your business grows and the volume of contracts increases, manual management becomes impractical. Automated workflows allow you to handle a high volume of contracts and financial transactions efficiently. Whether it’s creating multiple customer profiles or generating numerous invoices, automation scales with your business needs without additional manual effort.
5. Better customer experience
Automated workflows can also improve the customer experience. For example, generating a payment link immediately upon contract progression makes it easier for customers to complete their transactions quickly and conveniently. This efficiency and responsiveness can lead to higher customer satisfaction and loyalty.
Want to find out more?
These automated workflows optimize crucial elements of contract management, cutting down on manual work for busy legal and commercial teams while enhancing accuracy. By integrating Stripe with Juro, businesses can streamline their operations and ensure that their contract management processes are both efficient and effective.
To find out more about Juro and how it can be integrated with 5000+ tools, including Stripe, fill in the form below to book your personalized demo.
