Contributed content from Angelo Ngo, Senior Manager, Product Marketing at Zuora.
Zuora Collect is purpose-built to handle the complexity of collections in the Subscription Economy
Managing collections in the Subscription Economy is complicated. Companies moving from perpetual sales to a subscription model quickly find themselves chasing unpaid invoices and facing delinquent accounts of unprecedented volumes. Their teams end up spending precious man hours calling and emailing customers. To make matters worse, they’re operating on a global scale. They have people around the world, in different time zones, but all requiring the same data.
So they start by tracking aged accounts and creating customer outreach spreadsheets and updating each other via email. When this becomes too cumbersome to scale, IT teams start hacking away to stitch together data from various billing, payments, and collections systems to make it available to global users. It just doesn’t work.
That’s why we built Zuora Collect. Zuora Collect offers a brand new way to handle Collections in the Subscription Economy.
Zuora Collect for Easy Customer Payments
Zuora Collect helps you minimize the chances that an invoice goes unpaid in the first place by letting your customers pay how they want, fast, with the convenience of self-managing their accounts and submitting payments through our prebuilt, PCI compliant website.
Zuora Collect for Automating Dunning
For invoices that do go unpaid, Zuora Collect will immediately reduce stress by automating dunning for high volumes of both electronic and manual payments.
- Electronic Payment Failures: Unbeknownst to many businesses, 20-40% of involuntary churn result from electronic payment failures. Zuora Collect offers intelligent logic to automatically retry electronic payments based on the failure reason.
- Manual Payment Failures: You can design automated dunning workflows without typing a single line of code. Use our drag-and-drop user interface to build and sequence tasks like emailing customers when an account is overdue, suspending service for customers who are severely delinquent, and resuming service when customers submit payment.
Zuora Collect for Collection Escalation
Finally, for accounts that still haven’t been resolved with automation, Zuora Collect captures all customer account data and payment history. This means that your collection agents will have a central place to interact with each other and customer contacts, with all the data they need at their fingertips.
Zuora Collect helps any subscription company maximize revenue recovery while reducing the stress and inefficiencies of collections.
Interested in learning more about Zuora Collect? Contact our sales team or your Customer Success Manager.