Efficient payment methods are at the heart of running any successful business. Stripe is one of the most trusted payment processors, offering robust security, seamless integrations, and support for a wide range of payment types. Its global reach and developer-friendly tools make it an excellent choice for businesses of all sizes. Odoo users can enjoy the native integration with Stripe.
Our team has developed a series of key improvements to the Stripe-Odoo integration that further simplify financial processes and improve customer experience, which includes Stripe Payment Auto-Reconciliation. If you want to check out the other improvements our team has done, you can check them out below:
Table of content
- Bank Online Syncronization aka Auto Reconciliation for Stripe
- Real-World Use Cases
- Getting Started with the Enhanced Integration
- Conclusion
Online Bank Synchronization aka Stripe automatic Reconciliation
The Challenge
There are three main challenges:
- Odoo offers an online bank synchronization feature for most banks and financial institutions. This feature requires a third-party service, which is largely for free. However, Stripe transactions can only be synchronized through Ponto, which requires a 3€/month fee. This monthly fee adds costs to using Stripe as a payment method.
- Stripe is automatically deducting their fees to each transaction. Matching transaction records in Odoo can add hours to the reconciliation process each week. The Stripe bank sync available in Odoo only brings in transactions and payouts as is but it does not take into account the transaction fees. This disconnect forces users to take extra steps before the payments can be properly reconciled.
- Manually reconciling payments with invoices or sales orders is not only tedious but also highly error-prone. Businesses often find themselves dealing with mismatched records, delayed financial reporting, and excessive ad hoc work. As transaction volumes grow, the complexity of reconciliation increases, leading to inefficiencies and potential financial discrepancies.
The Solution
With our new bank sync auto-reconciliation feature payments, refunds, backcharges, reversals, fees, adjustments or other exceptions processed through Stripe are automatically migrated and matched with payments recorded in Odoo. This eliminates the need for manual matching and ensures your financial records are always up-to-date.
The Benefits
Time-Saving
Reduce hours spent on extra steps and manual reconciliation.
Accuracy
Minimize human error and discrepancies in financial records.
Efficiency
Enable faster and smoother month-end closing processes.
Real-World Use Cases
This enhancement empowers businesses across various industries:
Retail Chain:
A multi-location retailer accepts online and in-store payments. Auto-reconciliation helps streamline accounting, ensuring all Stripe transactions are accurately recorded across different sales channels.
Subscription-Based Business:
Companies using recurring billing no longer needs to manually reconcile incoming payouts from Stripe, as the auto-reconciliation feature seamlessly updates subscription invoices.
E-commerce
A growing online retailer processes multiple transactions daily. Auto-reconciliation ensures Stripe payouts received on bank statement are accurately matched with orders in Odoo, reducing accounting workload and preventing financial mismatches.
Getting Started with the Enhanced Integration
Ready to take advantage of this feature? Here’s how to get started:
- Get in touch with Stripe and set up an account.
- Contact our team for a quote.
- Our team will assist in installation*, configuration and training
- Start enjoying the benefits of an improved Stripe as a payment method!
* only available for odoo.sh and on-premise servers.
If you need assistance, our team is here to help you unlock the full potential of the Stripe - Odoo integration.
Conclusion
These improvements to the Stripe - Odoo integration make managing payments and refunds more intuitive and efficient. With auto-reconciliation, card-present refunds, and partial refunds, businesses can save time, reduce errors, and enhance their customer experience.
Odoo Online Bank Synchronization for Stripe