Zuora and Stripe Partner to Accelerate the Growth of the Subscription Economy
- 08.12.2020 02:24 pm
Zuora, Inc. (NYSE: ZUO) a leading subscription management platform provider, today announced a strategic partnership with Stripe to accelerate the growth of the Subscription Economy®. A new product integration will enable Zuora customers -- including Carbar, Intercom and Seiko Epson -- to enhance their subscription experience with advanced payment capabilities.
IDC predicts that, by 2023, the global economy will reach a point of digital supremacy, whereby products and services from digitally determined organisations will make up over 50% of the global GDP. "Digitally determined" enterprises will be far more proactive than their peers in building out new partner ecosystems required to monetise and deliver digital services and consuming monetised digital services delivered through the partner ecosystems.
"Winning subscription companies want to use the best technologies to build a competitive advantage,” said Chris Battles, Chief Product Officer at Zuora. “We’re thrilled to work with Stripe in an ecosystem of new world partners that helps to optimise and automate processes throughout our customers’ journey in the Subscription Economy.”
Stripe’s Chief Business Officer Billy Alvarado said: "Stripe's mission is to grow the GDP of the internet, and this partnership with Zuora extends that goal by giving Zuora users access to the full capabilities of Stripe payments. With the internet powering a rapidly growing portion of the global economy, it's never been more important to provide subscription businesses with the economic infrastructure they need."
Zuora customers will gain access to Stripe's industry-leading payment capabilities within their existing Zuora subscription management integration, with key benefits like:
(1) Advanced payments, fully integrated. Zuora customers will be able to take full advantage of Stripe’s advanced payment processing capabilities integrated with the Zuora platform, including fraud detection, artificial intelligence-enhanced payment retries, and payment processing capabilities - ability to pass L2 and L3 data to issuers - that reduce transaction processing costs. Stripe’s direct connections to global card networks and non-card payment methods, such as ACH, SEPA Debit and Bacs enables businesses to easily expand into new markets.
Intercom leverages the integration between Zuora and Stripe to extend the full value of Stripe’s global payments infrastructure to users around the world. Kevin Kooi, Senior Director, FP&A said, "Our customers want seamless, secure transactions in any country. Zuora’s partnership with Stripe will enable Intercom to access the latest payments features across dozens of countries to offer a best-in-class customer experience."
(2) Payment flexibility across subscriber experiences. Companies in the Subscription Economy succeed when they deliver compelling subscription experiences that evolve with customer needs. Zuora provides the agility and automation needed to price, package, and bill in countless combinations, and now Stripe adds additional payments flexibility so subscribers can pay when, where, and how they choose.
Carbar, a subscription car company in Australia, uses Stripe and Zuora to create a more seamless subscription experience. Co-founder and CEO Desmond Hang said, “Together, the Zuora and Stripe APIs give us the ability to seamlessly integrate and scale the entire order to revenue process. The latest integration will not only provide a solid foundation for us to continue pioneering the growth of car subscriptions in Australia, but will enable us to truly focus on innovating the end-to-end subscriber experience.”
(3) Future-proofed architecture. Stripe and Zuora are working together as part of a modern ecosystem for digital subscriptions and commerce to create solutions that support global businesses. The partnership gives customers the access and ability to use an architecture specific to their unique needs.
Multi billion dollar manufacturer Seiko Epson Corp.’s Executive Officer, Junkichi Yoshida said: "As a global organisation operating in countless regions, it's critical for us to ensure seamless, reliable payment and billing processes that can scale when needed. Having experienced the benefits of Stripe and Zuora alone, the latest integration will enable us to truly optimise our ReadyPrint subscription offering, which has been deployed in nine countries so far, keep expanding, while increasing the overall success of subscription-based transactions."
IDC Research Director Mark Thomason, responsible for the Digital Business Models and Monetisation practice, said: “The Zuora and Stripe partnership brings together two leading payment and billing companies to help their customers succeed in this new digital era by combining shared insight and strategy.”
For more on the Stripe and Zuora integration, visit: https://www.zuora.com/stripe-partnership