diff --git a/db/migrate/20220118053107_convert_stripe_connect_to_stripe_sca.rb b/db/migrate/20220118053107_convert_stripe_connect_to_stripe_sca.rb
new file mode 100644
index 0000000000..5d57da7e9f
--- /dev/null
+++ b/db/migrate/20220118053107_convert_stripe_connect_to_stripe_sca.rb
@@ -0,0 +1,57 @@
+class ConvertStripeConnectToStripeSca < ActiveRecord::Migration[6.1]
+  class SpreePreference < ActiveRecord::Base
+    scope :leftover_from_payment_type, ->(class_name) {
+      joins <<~SQL
+         JOIN spree_payment_methods
+           ON spree_preferences.key =
+              CONCAT('/#{class_name.underscore}/enterprise_id/', spree_payment_methods.id)
+          AND spree_payment_methods.type != '#{class_name}'
+      SQL
+    }
+  end
+
+  def up
+    delete_outdated_spree_preferences
+    upgrade_stripe_payment_methods
+    update_payment_method_preferences
+  end
+
+  private
+
+  # When changing the type of a payment method, we leave orphaned records in
+  # the spree_preferences table. The key of the preference contains the type
+  # of the payment method and therefore changing the type disconnects the
+  # preference.
+  #
+  # Here we delete orphaned preferences first so that we don't have any
+  # conflicts later when updating preferences alongside the connected
+  # payment methods.
+  def delete_outdated_spree_preferences
+    outdated_keys =
+      SpreePreference.leftover_from_payment_type("Spree::Gateway::StripeConnect").pluck(:key) +
+      SpreePreference.leftover_from_payment_type("Spree::Gateway::StripeSCA").pluck(:key)
+
+    SpreePreference.where(key: outdated_keys).delete_all
+
+    # Spree preferences are cached and we want to avoid reading old values.
+    # Danger: The cache may alter the given array in place. Make sure to
+    # not use the `outdated_keys` variable after this call.
+    Rails.cache.delete_multi(outdated_keys)
+  end
+
+  def upgrade_stripe_payment_methods
+    execute <<~SQL
+      UPDATE spree_payment_methods
+        SET type = 'Spree::Gateway::StripeSCA'
+      WHERE type = 'Spree::Gateway::StripeConnect'
+    SQL
+  end
+
+  def update_payment_method_preferences
+    execute <<~SQL
+      UPDATE spree_preferences
+         SET key = replace(key, 'stripe_connect', 'stripe_sca')
+       WHERE key LIKE '/spree/gateway/stripe_connect/%'
+    SQL
+  end
+end
diff --git a/db/schema.rb b/db/schema.rb
index d3ec898e90..b1c9499ddb 100644
--- a/db/schema.rb
+++ b/db/schema.rb
@@ -10,7 +10,7 @@
 #
 # It's strongly recommended that you check this file into your version control system.
 
-ActiveRecord::Schema.define(version: 2022_01_14_110920) do
+ActiveRecord::Schema.define(version: 2022_01_18_053107) do
 
   # These are extensions that must be enabled in order to support this database
   enable_extension "plpgsql"
diff --git a/spec/migrations/convert_stripe_connect_to_stripe_sca_spec.rb b/spec/migrations/convert_stripe_connect_to_stripe_sca_spec.rb
new file mode 100644
index 0000000000..6a37b1b4a5
--- /dev/null
+++ b/spec/migrations/convert_stripe_connect_to_stripe_sca_spec.rb
@@ -0,0 +1,95 @@
+# frozen_string_literal: true
+
+require 'spec_helper'
+require_relative '../../db/migrate/20220118053107_convert_stripe_connect_to_stripe_sca'
+
+describe ConvertStripeConnectToStripeSca do
+  let(:owner) { create(:distributor_enterprise) }
+  let(:new_owner) { create(:distributor_enterprise) }
+  let(:old_stripe_connect) {
+    Spree::Gateway::StripeConnect.create!(
+      name: "Stripe",
+      environment: "test",
+      preferred_enterprise_id: owner.id,
+      distributor_ids: [owner.id]
+    )
+  }
+  let(:result) { Spree::PaymentMethod.find(old_stripe_connect.id) }
+
+  before do
+    # Activate the cache because it's deactivated in test environment.
+    allow(Spree::Preferences::Store.instance).to receive(:should_persist?).and_return(true)
+
+    # Create the payment method after cache activation to store the owner.
+    old_stripe_connect
+  end
+
+  it "converts payment methods" do
+    subject.up
+
+    expect(result.class).to eq Spree::Gateway::StripeSCA
+  end
+
+  it "keeps attributes" do
+    subject.up
+
+    expect(result.name).to eq "Stripe"
+    expect(result.environment).to eq "test"
+    expect(result.distributor_ids).to eq [owner.id]
+  end
+
+  it "keeps Spree preferences" do
+    subject.up
+
+    expect(result.preferred_enterprise_id).to eq owner.id
+  end
+
+  it "doesn't move outdated StripeConnect preferences to StripeSCA methods" do
+    # When you change the type of a payment method in the admin screen
+    # it leaves old entries in the spree_preferences table.
+    # Here is a simulation of such a change:
+    old_stripe_connect.update_columns(type: "Spree::Gateway::StripeSCA")
+    changed_method = Spree::PaymentMethod.find(old_stripe_connect.id)
+    changed_method.preferred_enterprise_id = new_owner.id
+
+    subject.up
+
+    expect(result.preferred_enterprise_id).to eq new_owner.id
+  end
+
+  it "keeps Spree preferences despite conflicting preference keys" do
+    # We change the payment method to StripeSCA and then back to StripeConnect
+    # to generate a conflicting preference. We want to keep the preference
+    # of the current payment method, not the intermediately changed one.
+    old_stripe_connect.update_columns(type: "Spree::Gateway::StripeSCA")
+    changed_method = Spree::PaymentMethod.find(old_stripe_connect.id)
+    changed_method.preferred_enterprise_id = owner.id
+    old_stripe_connect.update_columns(type: "Spree::Gateway::StripeConnect")
+    old_stripe_connect.preferred_enterprise_id = new_owner.id
+
+    subject.up
+
+    expect(result.preferred_enterprise_id).to eq new_owner.id
+  end
+
+  it "doesn't mess with new Stripe payment methods" do
+    stripe = Spree::Gateway::StripeSCA.create!(
+      name: "Modern Stripe",
+      environment: "test",
+      preferred_enterprise_id: owner.id,
+      distributor_ids: [owner.id]
+    )
+
+    expect { subject.up }.to_not change { stripe.reload.attributes }
+  end
+
+  it "doesn't mess with other payment methods" do
+    cash = Spree::PaymentMethod::Check.create!(
+      name: "Cash on delivery",
+      environment: "test",
+      distributor_ids: [owner.id]
+    )
+
+    expect { subject.up }.to_not change { cash.reload.attributes }
+  end
+end