diff --git a/changelog.txt b/changelog.txt
index 0000b895a..90b71d2a2 100644
--- a/changelog.txt
+++ b/changelog.txt
@@ -18,6 +18,7 @@
 * Add - Add support for Stripe Link payments via the new Stripe Checkout Element on the product, cart, checkout and pay for order pages.
 * Add - Show ECE button preview on settings page.
 * Tweak - Remove the subscription order notes added each time a source wasn't migrated.
+* Fix - Prevent marking renewal orders as processing/completed multiple times due to handling the Stripe webhook in parallel.
 
 = 8.8.1 - 2024-10-28 =
 * Tweak - Disables APMs when using the legacy checkout experience due Stripe deprecation by October 29, 2024.
diff --git a/includes/compat/trait-wc-stripe-subscriptions.php b/includes/compat/trait-wc-stripe-subscriptions.php
index f9f9cc9d8..bc032d379 100644
--- a/includes/compat/trait-wc-stripe-subscriptions.php
+++ b/includes/compat/trait-wc-stripe-subscriptions.php
@@ -499,11 +499,6 @@ public function process_subscription_payment( $amount, $renewal_order, $retry =
 
 				throw new WC_Stripe_Exception( print_r( $response, true ), $localized_message );
 			}
-
-			// TODO: Remove when SEPA is migrated to payment intents.
-			if ( 'stripe_sepa' !== $this->id ) {
-				$this->unlock_order_payment( $renewal_order );
-			}
 		} catch ( WC_Stripe_Exception $e ) {
 			WC_Stripe_Logger::log( 'Error: ' . $e->getMessage() );
 
@@ -511,6 +506,8 @@ public function process_subscription_payment( $amount, $renewal_order, $retry =
 
 			/* translators: error message */
 			$renewal_order->update_status( 'failed' );
+			$this->unlock_order_payment( $renewal_order );
+
 			return;
 		}
 
@@ -561,6 +558,8 @@ public function process_subscription_payment( $amount, $renewal_order, $retry =
 
 			do_action( 'wc_gateway_stripe_process_payment_error', $e, $renewal_order );
 		}
+
+		$this->unlock_order_payment( $renewal_order );
 	}
 
 	/**
diff --git a/readme.txt b/readme.txt
index ac8b5b0f0..ea0f5787d 100644
--- a/readme.txt
+++ b/readme.txt
@@ -128,5 +128,6 @@ If you get stuck, you can ask for help in the [Plugin Forum](https://wordpress.o
 * Add - Add support for Stripe Link payments via the new Stripe Checkout Element on the product, cart, checkout and pay for order pages.
 * Add - Show ECE button preview on settings page.
 * Tweak - Remove the subscription order notes added each time a source wasn't migrated.
+* Fix - Prevent marking renewal orders as processing/completed multiple times due to handling the Stripe webhook in parallel.
 
 [See changelog for all versions](https://raw.githubusercontent.com/woocommerce/woocommerce-gateway-stripe/trunk/changelog.txt).