Zuora, Inc. (NYSE: ZUO), a subscription management platform provider, announced on Tuesday it has formed a partnership with payments platform Stripe to accelerate the growth of Zuora’s new product, Subscription Economy. According to Zuora, the product integration will enable the provider’s customers to enhance their subscription experience with advanced payment capabilities.
Zuora further revealed that through the integration its 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 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.”
While speaking about the partnership, Stripe’s Chief Business Officer, Billy Alvarado, stated:
“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.”
Chris Battles, Chief Product Officer at Zuora, went on to add:
“Winning subscription companies want to use the best technologies to build a competitive advantage. We’re thrilled to work with Stripe in an ecosystem of new world partners that helps to optimize and automate processes throughout our customers’ journey in the Subscription Economy.”