The joint solution enables businesses to immediately decrease churn and more efficiently collect international recurring payments(Zuora )
Zuora, the leading subscription management platform provider, announced an expanded global partnership and new product integration with GoCardless, the leading fintech for recurring payments, to help companies across more than 30 countries, including the U.S., U.K., Europe, Australia, New Zealand and Canada to process recurring payments faster and reduce payment-related costs and customer churn.
“The Zuora and GoCardless partnership means we can run everything through one integration, removing manual processes like payment reconciliation. The level of automation with Zuora’s platform coupled with the transparency of bank debit fees with GoCardless gives us the predictability and reliability we need to grow our business long-term.”
Over the past eight years, subscription revenue has grown up to 8 times faster than the sales revenue of the S&P 500, according to Zuora’s Subscription Economy® Index. As consumers increasingly demand access to digital services, the GoCardless Global Payment Preferences report found that the use of bank debit to pay for online subscriptions is growing as an alternative to legacy payment methods like wire transfers, paper checks, and credit cards.
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Companies that prioritize pull-based payment methods can avoid the high transaction costs and hidden fees associated with legacy payment methods, both locally and globally, as well as the costs associated with chasing late and failed payments, which ultimately leads to involuntary churn and lost revenue. Additionally, companies can access 44% more markets by offering bank debit as a collections gateway, according to IDC’s “The business value of taking recurring payments with GoCardless.”
“It’s critical for any company with a significant share of its revenue obtained from cross-border transactions, as well as any business hoping to scale internationally, to have a seamless payment collection experience – not only to drive efficiencies across accounting and collection operations, but to drive a consistent and seamless customer experience,” said Thomas Zink, Research Director at IDC.
