The Combined Power Of Stripe And OfficeRnD [Webinar Insights]

Without a doubt, streamlining payment processes is crucial for businesses striving for efficiency and growth.

Our latest webinar, “Elevate Your Payments: Unleashing the Power of Stripe with OfficeRnD,” provided invaluable insights into how this dynamic integration can revolutionize payment systems for coworking spaces.

In result, it can boost your operational efficiency and significantly improve member experience.

If you missed the live session, don’t worry—we’ve got you covered with this comprehensive recap.

Meet the Speakers

David Adato; COO/CTO, Downtown Works

Downtown Works has been using OfficeRnD Flex since 2018, but prior to integrating with Stripe, they were using PlacePay.

They found that their wants and needs ultimately were not being met with that provider, as their number one goal is always “to be as operationally efficient as possible.”

They longed for the day people could go online and have access to everything without having to wait for the Downtown Works team to respond or act. The only way to achieve that was through Stripe.

Miro Miroslavov; CEO & co-founder, OfficeRnD

Miro served as the webinar moderator and facilitated the discussion with David around what it’s like to be both an OfficeRnD user as well as a Stripe 2.0 user.

Miro knew exactly what questions to ask to get to the meat and potatoes of what OfficeRnD and Stripe can offer users.

Orlin Grigorov; Senior PM, OfficeRnD

Orlin highlighted the key features of the Stripe integration and how it simplifies payment processing.

From configuring payment method options to a live demo, Orlin went into great detail about the benefits in using a payment service provider, and the benefits in using Stripe with OfficeRnD specifically.

Key Takeaways

• Seamless Integration: One of the primary advantages discussed was the seamless integration between OfficeRnD and Stripe. This allows for a unified platform where coworking space operators can manage memberships, bookings, and payments all in one place.
• Automated Processes: The automation of invoicing and payment reminders significantly reduces administrative tasks. This not only saves time but also minimizes errors, ensuring that payments are processed accurately and on time.
• Enhanced Security: With Stripe’s advanced security protocols, including regional parameters and risk management initiatives, coworking spaces can assure their members that their payment information is safe and secure. Stripe is constantly making upgrades to enhance the security of payment, providing a sense of relief to users. Learn more here.
• User Experience: All speakers emphasized the importance of user experience. The integration aims to provide a smooth and hassle-free experience for both operators and members, making it easier to manage payments and financial reporting.

Behind the Scenes with Downtown Works

OfficeRnD CEO, Miro Miroslavov, moderated the rest of the webinar, interviewing Downtown Works COO/CTO, David Adato about his experience with Stripe 2.0. The two discussed user experience and security and compliance, amongst several other topics.

Let’s take a closer look at their conversation.

What made you switch to Stripe?

David explained that their initial payment gateway, PlacePay, was not ideal for the member experience. Operational efficiency is a top priority for Downtown Works, and they wanted to provide their members the freedom and accessibility to complete tasks on their own. With PlacePay, the Downtown Works staff had to get involved in many steps of the payment process, significantly disrupting operational efficiency.

When the Stripe 2.0 integration came out and allowed Downtown Works to instantly verify bank accounts without their staff having to get involved, they knew it was time to phase out their other provider. They had been utilizing both Stripe and PlacePay for about three years before deciding Stripe met all of their needs.

What payment methods are you using?

Adato recognizes that having the flexibility to choose your payment method can be highly beneficial, saying:

The more options you give someone to pay, the more likely they are to not only complete the checkout but continue the process.

He used the example of using Apple Pay when shopping online because it is significantly faster than manually entering in credit card information. Downtown Works uses all available payment methods in the United States (credit/debit cards, ACH, Cash App, Google Pay, etc) to provide options and make the checkout process easier.

What is the user experience with Stripe 2.0?

As an admin and from a member perspective, regardless of the business or industry, everyone looks for a platform with a good, functional UI/UX. Users and members of coworking spaces want a user portal that’s secure and visually appealing as well. Adato explained that from the member perspective, Stripe 2.0 is a significant step up from that of the Stripe 1.0 integration.

He recommends anyone still on the original platform to upgrade so they can experience the features and benefits. As an added bonus, Adato explained that if users have previously input their payment details on other merchants’ websites who use Stripe, they can select the saved card details rather than manually entering them again.

A huge time saver, this is an excellent feature that provides a seamless checkout. On the admin side, Adato noted that the integration provides a great experience and is a huge asset to the overall product suite. Miro also opened up about product updates and new features that are in the works to enhance the user experience even further.

How do you deal with security and compliance?

With Stripe’s advanced security protocols, including regional parameters and risk management initiatives, coworking spaces can assure their members that their payment information is safe and secure. Stripe is constantly making upgrades to enhance the security of payment details, providing a sense of relief to users.

Adato explained, Stripe has improved, and continues to improve, their platform from a security and compliance perspective.

There are things based on your region that they allow or they don’t allow, and in terms of just user data and user safety, I think it’s extremely important because we’re trusting both OfficeRnD and Stripe to process our members’ personal and private information.

There was also a focus on not being the hero and taking members’ details over the phone. The panel suggested using the automation and payment option features as a good rule of thumb to make sure your organization is staying compliant.

What about pricing?

Adato talked through the process for Downtown Works in terms of pricing, saying they charge members a 1.99% processing fee for any credit or debit cards, however, this can change based on the organization. He also explained the general pricing for Stripe is 2.9%, with an additional 30 cents per transaction.

Both Adato and Miroslavov recommend reaching out to your Stripe representative to request lower rates. Ultimately, Adato said he is willing to pay for this Stripe integration that allows both Downtown Works and their members the freedom and access to complete payment processes with ease.

Do you use something for a Point-of-Sale (POS terminal)?

Adato explained that Downtown Works only uses a POS for their mini-market. He also inquired about the possibility of integrating a Stripe terminal to which Miroslavov confirmed this is next on their list to tackle. Again, Adato said he would be willing to pay for a Stripe reader to make their lives so much easier.

Final Thoughts

This important webinar successfully highlighted the transformative potential of integrating Stripe with OfficeRnD Flex.

By automating and streamlining payment processes, coworking spaces can focus on what truly matters—building a thriving community and providing exceptional service to their members.

Note that this is just a general recap.

If you’re interested in discovering all the details about this powerful integration, be sure to check out the recorded session. It’s really value-packed.

Stay tuned for future webinars that continue to explore innovative solutions for coworking space management.

Learn more about all our integrations that improve the coworking experience here.