Diamond Kinetics Experiences High Growth Leveraging Stripe
Diamond Kinetics chose Stripe to support recurring subscription model and payments, which they determined was the best solution to help them grow. The following is an excerpt of the success story available for download at the end of this article.
Diamond Kinetics is a baseball technology company that specializes in providing software and hardware solutions to help kids enjoy and improve their skills in baseball and softball. Historically, the company has focused on providing training metrics and swing analysis. They are now pivoting towards activity-based interactions to make training and practicing more enjoyable and effective.
Managing recurring subscription model & payments
As Diamond Kinetics broadened its focus, it faced several challenges. The company needed a reliable way to manage their recurring subscription model and the payments behind it. With a small team handling operations and finance, they found Stripe provided the best functionality to handle both their subscription model and payments. Diamond Kinetics was also looking to address:
Working with different platforms - Diamond Kinetics sells products through Apple and Amazon, which has its own in-app purchases and processes that need to be reconciled. This made keeping track of payments and subscriptions a challenge.
Bundling products - Diamond Kinetics launched a new version of their product that bundled software with a physical product. They needed a way to sell this product through their e-commerce store, which posed several challenges because their previous platform was not set up to handle it.
Accounting for both software & hardware - Diamond Kinetics had unique accounting needs because they had both hardware and software components in their offering. For Diamond Kinetics, this meant making a shift from QuickBooks to NetSuite.
Stripe & Myers-Holum help address challenges
Stripe and Myers-Holum were instrumental in helping Diamond Kinetics address these challenges. Stripe provided Diamond Kinetics with a reliable recurring subscription model that integrated seamlessly with NetSuite. Myers-Holum helped them set up the Stripe connector to NetSuite, which allowed them to ensure that all data flowed correctly between the two platforms.
“Stripe is our preferred payment processor because it has a great API that is both well-documented and easy-to-use,” said Ed Lach, Director of Information Operations at Diamond Kinetics. “Myers-Holum helped us set up reconciliation of payments and subscriptions from different platforms, making it easier to keep track of our finances.”
Myers-Holum helped Diamond Kinetics find a solution that allowed the company to sell their bundled product through their e-commerce store. Diamond Kinetics ended up using BigCommerce, which integrates well with Stripe and allows for seamlessly bundling physical products and subscriptions. Working with Myers-Holum, Diamond Kinetics also set up their accounting system in NetSuite and made sure that all data flows correctly between their various systems.
Overall impact of implementing Stripe
Diamond Kinetics has experienced several benefits using Stripe. Firstly, Stripe has provided the necessary tools to manage their subscriptions and collect payments, allowing for the optimal customer experience and support.
“Stripe has been great for us,” Lach explained. “We can easily refund payments and provide complimentary subscriptions to customers. Our Dev team loves Stripe because of its API, which allows us to easily work with the subscriptions and receive webhooks.”
The integration between Stripe and NetSuite implemented by Myers-Holum has allowed Diamond Kinetics to become GAP compliant and recognize revenue when expected. It is now possible to create individual invoices and sales orders on a customer level, track customer purchases, and automate the entire customer sale pipeline. Stripe's flexibility has also allowed Diamond Kinetics to marry hardware and software purchases, which has been crucial for its evolving business model
“With Stripe, I’m confident there is really nothing we cannot do; we can integrate it with any of our services. Stripe has helped us become more data-centric and make better-informed decisions. Working with Myers-Holum has been good because we were doing multiple implementations at once and their team know everything about Stripe and can explain specific functionality in a very succinct and easy to understand way in areas that were new territory for us.”