29 June 2020 / by admin_V

Optimization of payments collection : One of Z-Keys main differentials

Optimization of payments collection : One of Z-Keys main differentials

The Z-Keys platform is a tool for monetizing service offers that integrates all your business models from customer acquisition to invoicing.

Integrating the Z-Keys platform make companies benefit from all payment gateways capacities to collect money. It brings complementary solutions and completes the Zuora Core offer. 

With the Z-keys platform, money can be collected via two payment gateways:

– credit card, through Stripe, 

– SEPA, via GoCardless. 

The benefits of using several payment methods apply at several levels and allow our customers to:

– fasten their income increase: +4%*

– decrease their churn rate by 5%*

– increase their customer base more quickly: +4%*

– increase the efficiency of payment collection by 4%*

Also, companies that accept multiple currencies:

– increase their revenues faster: 8%* 

– increase their number of subscribers: +5.8%* 

In addition, with Z-Keys new “Payment collection optimization”-module, companies can:

  1. Pilot different payment gateways 

Depending on the customer context, different scenarios are considered in order to limit the costs in case of payment failures:

– Debit by credit card at the first payment and then SEPA direct debit for the entire duration      the subscription.

– In the event of a payment failure, and depending on the reason for the failure, the direct debit can be renewed or directed to another payment gateway.

2- Define an automatic payment schedule

In the same way, in case of payment failure, a payment schedule can be set up with the customer by the Sales and Distribution department.

Thus, the Z-Keys platform provides the company with all necessary tools to manage and optimize the collection of payments and increase customer engagement. 

3- Handle collection management (including payment status and automatic collection)

The company can pilot recovery management and more particularly the dunning rules and the communication channel (registered mail, sms, email, …). 

According to the nature of the debt (customer, duration, amount), rules can be established according to customer relationships and optimization of payments collection.

The types of dunning are associated with the offering (suspension, cancellation, …).

4- Master reconciliation of commissions and gateway payments

When payments are collected, commissions are directly collected by the gateways.

The “Payment collection optimization”-module can reconcile commissions with subscriptions, invoices and payments, all the way to the amount paid into your bank account.

In case of failed payments, the reason for the failure is also mentioned in order to facilitate the choice of the best payment strategy for the specific situation.

For example, it may be proposed to set up a payment schedule for a customer whose account is not funded.

In other cases, the Sales Administration department may contact a customer if the credit card has expired.

*Subscribed Institute (Zuora) January 2020

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