Odoo Stripe Integration to Streamline Payments & Boost Sales

One key to a successful online business is the efficient management of payments and transactions. This is where seamlessly integrating Odoo with Stripe emerges as a business game-changer.

The combination of Odoo and Stripe unlocks hidden opportunities and creates powerful workflows, eventually improving efficiency and boosting your online sales. Let’s discover the whys and hows.

About Stripe in Odoo

Odoo

Odoo is a suite of open-source management apps that enables companies to manage operations from a single source of truth to streamline business workflows. It provides a variety of functions, including CRM, manufacturing, accounting, sales, and e-commerce. Odoo is built on a modular architecture, allowing businesses to select and install whichever apps they need. This makes it a scalable option for a wide range of businesses in various industries.

The latest Odoo version currently supports several payment providers including Stripe, which you can enable according to your needs.

Using Stripe in Odoo

Stripe is a leading payment processing solution that optimises online transactions for businesses. It allows businesses to offer multiple payment methods, such as credit cards or digital wallets (i.e. Apple Pay), based on the location. Stripe features also include invoicing, fraud detection, and subscription management. Its intuitive user interface and powerful API make it an attractive option for companies across industries, specifically e-commerce.

Notably, Stripe integrates smoothly with Odoo, enabling you to link the payment system to order management, customer data, and other critical features. Further, Stripe allows both online and in-person payments as cohesive solutions to run physical and online storefronts:

• (Odoo) online payments: Stripe helps you handle customers’ online payments on Odoo or your e-commerce platform. It makes the online checkout process easier for customers as they won’t have to leave your website while running secure and reliable transactions
• (Odoo) POS or in-person payments: You can connect the Stripe terminal to the POS system to accept in-person payments in addition to your online store. This streamlines procedures and gives customers a seamless omnichannel experience.

Read more: Odoo & Hubspot - How to Tackle Data Silos Problems With Integration

Why Integrate Stripe with Your Odoo Store?

Stripe integration with your Odoo store provides numerous benefits, including the potential to automate your online sales processes. Let's look at some of the noteworthy advantages:

1. Streamline payment processing

Productivity is fundamental in the modern fast-paced e-commerce landscape. How can the Stripe integration ease the process of payments in your Odoo store?

• Effortless setup & management: Integrating Stripe helps minimise your setup time and ongoing maintenance. It enables you to concentrate on developing operations rather than dealing with complicated payment processing procedures
• Automated workflows: Webhooks are utilised to automate processes that are triggered by certain Stripe events (such as valid or failed payment, and refunds). It may enhance your Odoo operational procedures such as order fulfilment, inventory adjustments, and invoice generation, saving you hours of work.

2. Enhance customer experience

An effortless checkout experience matters to retain your customers and increase sales. Here's how Stripe integration improves the customer experience in your Odoo business:

• Seamless checkout: With Stripe integrated into Odoo, customers don’t have to leave your website when making payments. This helps prevent cart abandonment and boost conversions. Cart abandonment rates can reach up to 70% (Baymard Institute). The stats underline the significance of a smooth checkout experience
• Multiple payment options: When integrating the two systems, you can cater to diverse customer preferences by providing multiple payment methods. This flexibility allows your customers to select their preferred payment method and end up with a more satisfying purchasing experience.

3. Reduce manual data entry

Manual data entry takes a lot of time and may cause errors. By integrating Stripe, you can automate data processing and save valuable resources:

• Automatic data synchronisation: You won’t have to input data manually between Odoo, your store and payment processor when integrating Stripe. This approach makes sure that data is consistent across systems. Moreover, when data is automatically synchronised, you can reduce data errors and produce more accurate financial and inventory management reports.

4. Drive sales with actionable insights

In any industry, data is key to making more strategic decisions. The Stripe integration lets you take advantage of critical customer data from Odoo:

• Consolidated data analysis: You can use both data from Odoo and Stripe to study customer behaviour, buying habits or payment preferences. These data are useful for personalised marketing strategies, and ultimately, identifying areas for improvement
• Data-driven decision-making: The integrated data is incredibly useful if you need to make more strategic decisions on marketing initiatives and overall business development. This approach can help you improve your business practices and increase your sales possibilities.

5. Simplify subscription management

Managing recurring billing can be difficult if you provide subscription-based products or services. Stripe integration streamlines subscription management in your Odoo store:

• Simpler recurring billing: Integrating Stripe with Odoo simplifies your recurring billing processes. Within Odoo, you can easily automate subscription payments, track customer subscriptions, and manage cancellations.

Maybe you’re interested: Odoo for Retail - Why Is It a Great Fit for Your Store? (+ Solutions Package).

Common ways to integrate Stripe with Odoo

As mentioned, the latest version of Odoo supports Stripe integration. In the case that you are using an older version of Odoo that is no longer supported, you should consult Odoo support or experienced developers to check whether Stripe is available in Odoo. Otherwise, you'll need custom integration. 

Here are the common integration methods:

1. Manually using Stripe credentials

This method is suitable for those using Odoo versions that currently support Stripe integration.  Specifically, you need to configure the connection between Odoo and Stripe using your Stripe API credentials. In this case, although having great control, you should have some technical and maintenance knowledge to succeed.

To begin, go to your Odoo payment provider settings, choose Stripe, configure its credentials, and enable it. For more details and accurate instructions, read more Odoo online payment documents.

2. Using pre-built connectors in the Odoo apps marketplace

The Odoo App Store provides a wide range of pre-built connectors from third-party providers. These connectors aim to ease the Odoo Stripe integration procedure and often minimal technical knowledge is required.

Odoo connectors are more suitable for those using Odoo versions that previously didn’t support Stripe integration. You can find them in the Odoo App Store by looking for "Stripe" or exploring the payment processors category. After selecting a connector, it is advisable to review their functionality and compatibility with your Odoo, then install them based on the instructions.

3. Custom integration by professional services

Custom integration provides greater flexibility if you have unique requirements or complex operations that pre-built connectors or manual configuration cannot meet. Accordingly, to implement this custom approach, you need to find a team of Odoo or Stripe experts with continuous development support. We recommend you collaborate with an Odoo service provider to develop a custom solution that caters to your needs.

Get the most out of your Odoo Stripe integration

Completing your Odoo Stripe integration successfully is just the first step. 

Keep in mind that the integration can only become effective when it is continuously optimised. It’s important to regularly check your payment processing workflows, utilise customer data, and catch up with new features of Odoo and Stripe. By adopting a data-driven strategy and continuous improvement, the connection between Odoo and Stripe will remain a valuable asset for your e-commerce venture.

References:

• Baymard Innstitute (2024). 49 Cart Abandonment Rate Statistics 2024.