|By PR Newswire||
|November 3, 2009 02:00 PM EST||
SAN FRANCISCO, Nov. 3 /PRNewswire/ -- INNOVATE 2009 -- Zuora, Inc. the fastest growing billing and payments service, today announced its newest product, Z-Payments 2.0 powered by PayPal X, the world's first truly global payments platform.
Z-Payments 2.0 is the first subscription commerce solution built with PayPal X to help businesses manage the complexities associated with recurring subscription commerce.
Zuora created Z-Payments 2.0 while participating in the closed beta program for PayPal X's first suite of APIs, Adaptive Payments. Z-Payments 2.0 exemplifies Zuora's focus on developing the full suite of commerce operations needed by subscription businesses. The flexibility of PayPal X makes it easy for Zuora to extend and innovate on PayPal's core capabilities such as payment failure handling and diagnostics and processing of refunds, overpayments, chargebacks, write-offs, voids, and invoice adjustments.
Zuora is among the first wave of innovators to take advantage of features of PayPal X to simplify its customers' online payment experience.
"The decision to build with PayPal X was an easy one for us - PayPal is the global leader in online payments and is paving the way for the future," said Tien Tzuo, CEO, Zuora. "With PayPal X, we are able to give our customers the security and safety PayPal is known for as well as new flexible payment options that are tightly integrated with our subscription commerce applications."
Z-Payments 2.0 is the most flexible and powerful payment and commerce solution for subscription businesses. Z-Payments 2.0 works seamlessly with PayPal's Adaptive Payment APIs to enable:
- Pre-authorized payments: Makes it easy for companies to handle varying recurring payments, e.g. usage-based charges.
- Improved payment auditability and failure handling: Companies know the exact status of each payment and cause for each error and are able to communicate with customers quickly and effectively to correct any issues.
- Revenue operations: Z-Payments 2.0 tracks and automates key revenue operations transactions, including voids, refunds, overpayments, chargebacks, and credit adjustments. All transactions are automatically reflected on the account and invoice balances.
- Automation and notification: Companies can automatically notify customers about key payment events, including successful payments, failed payments, and credit card expirations.
- Support for more payment gateways: Z-Payments 2.0 supports PayPal, Authorize.net, CyberSource, Chase/Paymentech and provides a Payment Gateway SDK to make it easy for customers and partners to integrate additional gateways.
- Advanced payment processing features: New features include $0 authorization, export compliance checks, and other fraud prevention checks, including CVV code and AVS (Address Verification Service)
- Accounting System Integration: All payment and revenue operations are tracked and integrated with the company's accounting system and include reconciliation tools that make sure billing and payment operations are in sync with the company's accounting system.
With Z-Payments 2.0, companies in various industries can build subscription storefronts using PayPal X's capabilities, for example:
- Media, which requires the ability to check entitlements and control access to online content,
- Cloud Computing, which needs to support metered based pricing and charge for actual usage,
- SaaS, which wants to support flexible, recurring subscription pricing plans based on many variables (users, modules, etc.),
- Gaming, which is in need of the flexibility to charge with subscription or micropayments options.
All of Zuora's existing customers will be automatically upgraded to Z-Payments 2.0 when it is released in Q1 2010.
"Zuora extended PayPal's payments capabilities into recurring payments, addressing complex business needs for a range of verticals, such as media companies, SaaS vendors and cloud computing," said Osama Bedier, PayPal's vice president of platform. "The combination of our Adaptive Payments APIs and Zuora's Z-Payments technology provides an even easier way for companies to provide subscription payments capabilities to their customers."
The public launch of PayPal X will be at PayPal X Innovate 2009, the first ever PayPal-dedicated developer conference being held on November 3-4, 2009 in San Francisco.
About Zuora, Inc.
Zuora is the fastest-growing on-demand subscription billing and payment service. The Zuora platform changes the way subscription businesses manage and sell to customers, and allows them to bring new products to market in less time, with less hassle. Zuora is built from the ground up by SaaS industry visionaries and veterans from salesforce.com, eBay, WebEx, Accenture, Google, and Oracle. The company is based in Redwood City, California. To learn more about Zuora, please visit www.zuora.com.
SOURCE Zuora, Inc.
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