I should add that this is also a great move by Baremetrics, who are likely to gain much more out of this.
The other part of it is now we want to help people too, so we've written a few posts about our own spending and metrics. Great to be able to shed some light on early stage questions.
If you are reading this, Baremetrics guys, do consider making an installable version, e.g. in a form of a VM appliance. Feel free to charge monthly, but it should be in a form that allows retaining full and close control over all data your dashboard pulls off Stripe servers. Just look at what AeroFS did if you need some inspiration and validation.
I am genuinely curious whom you think Baremetrics is a right product for. Excluding companies run by your friends and acquaintances, who either trust you implicitly or just want to be supportive.
As a Stripe Connect service operator (at http://churnbuster.io/) I've only once had someone in the onboarding process express any concern that all their financials would be available to our service, and in that case they were a developer who wanted to double check with their CEO that it was OK, which it was.
Your question really isn't for Josh, it's for Stripe with regard to the entire Stripe Connect ecosystem. Sure, some people may be really concerned about sharing financial information with a third-party service, and that's totally fine, but I'm pretty sure they're the ones missing out. Speaking now as a technology consultant, I can say that the ability to plug-and-play all sorts of different and very valuable third-party services is allowing the rest of us to build businesses in record time with minimal investment and part-time resources.
> Note: The transactions you see throughout the dashboard are real, but we've used fake customer names to keep them private.
As I said, they did a distributed Angel round, not a traditional investment from an institution (VC).
I noticed 30,000 failed charges in one year. I'm not sure if that's interactive failures, as in users actively trying to complete a transaction, which is much less important than the recurring failed charges, as in money you thought you were going to get but didn't, for no other reason than the payment network.
I hate seeing those failed charge notifications that go out every morning when you try to bill that day's batch for the next month of service. And then wondering how much that's pushing up your churn rate, how much effort should you spend trying to get updated billing info, etc. Buffer is mostly $10/mo, so I would imagine not much chasing is going on beyond a few automated emails... but it's enough to make you want to switch to ACH!
Does Stripe handle auto-updating credit card details when a card expires like some companies seem to be able to do? With the massive leaks lately, and so many card numbers getting cycled, it definitely hits the bottom line.
It's a problem you wish you could eliminate instead of just trying to optimize around.
Gotta love 75% growth, and 199% yearly growth.
That seems like a very healthy business right there, which might be able to squeeze a bit more growth out of its free tier.
Would love to see it work for more than just Stripe.
Perhaps for a variety of backends, or an aggregate one like Xero so that it can get insight into payments coming in from sources like PayPal and direct bank transfers too.
I've watched and enjoyed reading the Buffer story since the early days. In fact it probably played a small part in my path towards quitting work last summer and starting my own thing.
I'm considering doing an 'Open blog' for our enterprise start-up http://www.fundrecs.com like the guys did with Buffer.
Trying to weigh up whether it would limit us or enable us to do more. My gut is saying go for it but my co-founders aren't convinced.
Out of our total March revenue of $246,000 , 79% came from our $10/mo Awesome Plan and the other 21% came from Buffer for Business .
Let me know if you have any other questions :-)
+ I've been using Buffer for few weeks now and it's really a pain killer. Hope they can make 'locale/language' setting available for Facebook Pages tho.
https://buffer.baremetrics.io - Buffer's metrics
https://demo.baremetrics.io - Our metrics :)
do you know what are the main reasons?
The brief conversations we've had with you have been great and we think you're a really nice guy.
We've built a similar app but hope to compete with slightly different features (more details to come).
We launched our private beta today, and it's either good or bad timing ;)
Axel, designer at SaaS Metrics