Company’s new product helps subscription businesses manage and collect recurring payments
(San Francisco, Calif. — Oct. 7, 2008) — Zuora, Inc., formed by Software-as-a-Service (SaaS) industry veterans from salesforce.com and WebEx to revolutionize the online subscription industry, today announces the release of its second product, Z-Payments. Z-Payments is the first complete payment solution built for subscription businesses. As part of this announcement, Z-Payments will come pre-integrated with the ability to accept PayPal payments. This powerful combination allows subscription businesses to offer their customers flexible and secure online payment options, manage the complexities of collecting recurring subscription payments, and ultimately get paid faster.
“Zuora is entirely focused on creating products that help companies build, manage and grow subscription businesses. As it turns out, one of the major pains facing a subscription business is getting paid on time, every time,” says Tien Tzuo, founder and CEO of Zuora. “To solve this problem, we teamed up with PayPal to create our new Z-Payments product. Z-Payments is a best-of-breed payment solution from the leader in online subscriptions and the leader in online payments.”
“We are excited to have Zuora on board using PayPal,” said Garrett Price, Vice President of Business Development at PayPal. “Zuora’s expertise in the subscription market, coupled with our recurring billing functionality, makes Z-payments a fast way for businesses to give their customers security and convenience when making payments online.”
Z-Payments helps subscription companies automate the complexities associated with recurring payments all in one complete solution. Subscription businesses now have the ability to:
- Handle multiple payment methods including checks, wire transfers, credit cards, and PayPal
- Offer multiple payment terms to customers including weekly, monthly or annually
- Automate exception handling around any payment issue
- View customer account balances, and create a single place to answer customer questions
- Notify customers when their credit card is about to expire and send out suspension warnings for overdue accounts
- Automate the collection process so they get paid faster
Box.net, a leading provider of tools for managing and sharing data online, is a current user of Z-Payments. “With over two million users on Box.net, we wanted to be proactive in securing the best billing and payment partner to enhance our business operations,” said Aaron Levie, Box.net’s CEO. “We wanted to automate the issues and exceptions that arise with recurring payments and Z-Payments has allowed us to do this. Now we can focus on efficiently scaling our business.”
Teach the People, a Facebook application that allows any Facebook user to become a teacher or a student, is using Z-Payments to accelerate the launch of their service. “We had a great business model but legally didn’t know how to monetize it,” said Jason Beckerman, CEO of Teach the People. “The idea of building our own billing and payment collection system was daunting. Z-payments is exactly what we needed to help us launch.”
Z-Payments is the second product for Zuora, Inc. The company launched their first product, Z-Billing, in May 2008 after securing a Series A funding round of $6.5 million from Benchmark Capital and Marc Benioff. The company currently has over 40 customers, including Marketo, Cloud9, and TopRight. Z-Payments starts at $500 per month and comes pre-packaged with Z-Billing.
About Zuora, Inc.
Zuora, Inc. is a Redwood City based company created to support the growing subscription market with a complete solution that is flexible, powerful, and integrates with the entire company infrastructure. The platform created by Zuora changes the way subscription businesses manage and sell to customers, as well as allows them bring new products to the market in less time, and with less hassle. Zuora was built from the ground up by SaaS industry visionaries and veterans from salesforce.com, WebEx, Accenture, Postini (now Google), and Oracle. To learn more about Zuora, please visit zuorainternprd.wpengine.com.