Applications & Technology Archives

Data Archiving: Why It Slipped Your ERP Vendor’s Mind

by Estuate | Jul 13, 2023 | Applications & Technology, ERP

In today’s tech-savvy world, Enterprise Resource Planning (ERP) systems have become the backbone of businesses. They help streamline operations, manage finances, inventory, and customer relationships. But, wait a second! Have you ever wondered why some ERP vendors seem to forget about data archiving? Stick around as we uncover the why and the what of this essential aspect of data management.

Why Data Archiving Matters

Picture this: You’ve been diligently using your Enterprise Resource Planning (ERP) system to manage your business operations, from tracking inventory to processing sales transactions. But as time goes by, your database starts to accumulate a mountain of old and rarely accessed data. Before you know it, your system begins to feel sluggish, response times slow down, and you find yourself grappling with storage constraints. It’s like trying to navigate through a cluttered office with files piled up to the ceiling. Frustrating, right?

That’s where data archiving swoops in to save the day! Imagine having a superhero-like solution that effortlessly moves all that inactive data to a separate storage space, freeing up valuable real estate in your database. With data archiving, your ERP system becomes a well-oiled machine, humming along smoothly without any hiccups. You’ll notice an immediate boost in performance, as queries and transactions zip through the system with lightning speed.

But that’s not all! Data archiving is like an invisible shield that protects you from compliance headaches and costly legal troubles. With regulations becoming increasingly stringent, ensuring the proper retention and management of your data is more important than ever. By archiving your data, you demonstrate your commitment to compliance, safeguarding sensitive information, and avoiding the hefty fines and reputational damage that non-compliance can bring. It’s like having a legal advisor by your side, guiding you through the maze of regulations and keeping your business on the right side of the law.

Data archiving: the forgotten cornerstone of ERP systems. Don’t overlook its vital role in optimizing performance, reducing costs, and ensuring compliance.

Why Some ERP Vendors Slip Up

You might be thinking, “Why would a vendor overlook something so important?” Well, there are a few reasons:

Lack of Awareness

Sometimes, vendors may focus too much on the core ERP features, forgetting about the long-term impact of not including data archiving. They might not fully grasp the benefits it brings to the table.

Complexity of Customization

Each business has its unique processes, making customization a must for ERP systems. Incorporating data archiving can be a bit complex, as it needs to cater to everyone’s individual needs. So, vendors may lean towards generic features instead.

External Solutions Assumption

“They’ll figure it out.” That’s what some vendors might think. They assume you’ll turn to third-party solutions for data archiving. While external options exist, it’s more seamless when the ERP system itself has built-in archiving capabilities.

Infographic on 5 Key Steps to Secure Payment Processing

Consequences of Neglecting Data Archiving

If your ERP vendor misses the data archiving boat, you might encounter some not-so-fun issues:

Slowpoke Performance

As your database grows, performance can take a hit. Sluggish response times and increased system complexity could be a daily frustration.

Storage Nightmare

Hey, storage isn’t cheap! Keeping heaps of unused data in your operational database might lead to skyrocketing storage costs. Not the best way to allocate your budget.

Compliance Headache

If your business operates in a regulated industry, data retention is a big deal. Neglecting data archiving can put you at risk of compliance violations and the legal woes that follow.

What You Can Do

Don’t worry; there are steps you can take to handle this situation like a pro:

Be a Savvy Shopper

When looking for an ERP system, keep data management capabilities in mind. Ask vendors about their data archiving features, automation possibilities, and how they seamlessly integrate it all.

Explore External Options

If your ERP vendor lacks data archiving features, don’t fret! External solutions can come to the rescue. Just ensure they play nice with your ERP system.

Be Proactive

Take charge of your data management strategy! Define archiving policies and make sure they align with your business needs and regulatory requirements. Regularly review and optimize them to stay ahead of the game.

Data archiving is your secret weapon to ERP success!

Alright, you savvy business owner! Now you know why data archiving can sometimes slip the minds of ERP vendors. But, fear not! Armed with this knowledge, you can choose an ERP system that’s data-archiving-ready or find the perfect external solution. Take control of your data, boost performance, save on storage costs, and breeze through compliance like a pro. Data archiving is your secret weapon to ERP success!

Estuate is the most trusted data archival partner of IBM InfoSphere Optim

Estuate is a trusted partner in data archiving, especially with IBM InfoSphere Optim solutions. With deep experience and over 450+ successful implementations, Estuate provides efficient data management and access through Archive Viewer. This solution offers advanced search and retrieval functionalities, enhancing productivity and informed decision-making based on historical data.

Related read: Application archiving and retirement solutions with IBM InfoSphere Optim

Remember, data archiving is essential for ERP success. Choose a data-archiving-ready ERP system or find the right external solution to take control of your data, boost performance, save on storage costs, and effortlessly comply with regulations. Estuate is here to help you on your path to success.

The evolution of payment processing: what’s next?

by Estuate | Apr 11, 2023 | Applications & Technology, Stripe

Payment systems are a fundamental part of our daily lives, allowing us to conduct financial transactions efficiently and securely. From traditional cash transactions to modern digital payment systems, payment methods have evolved significantly over time, revolutionizing the way we do business and interact with each other.

In today’s digital age, the ability to process payments quickly, securely, and seamlessly is essential for businesses to succeed. A reliable payment system is the backbone of any commercial activity, enabling businesses to accept payments from customers, pay suppliers, and manage their finances effectively.

The importance of payment systems extends beyond individual transactions. Efficient payment systems contribute to the growth of the economy, facilitate trade, and enhance financial stability. Payment systems also play a critical role in promoting financial inclusion, enabling people to access financial services regardless of location, income, or background.

Efficient payment systems contribute to the growth of the economy, facilitate trade, and enhance financial stability.

Payment processing has evolved significantly over time, from simple bartering and cash transactions to the digital payment methods that are prevalent today. In the past, payments were typically made with physical currency, with limitations such as security risks and the need for physical exchange. With the advent of technology, payment processing has become more efficient and secure, with the development of electronic payment methods such as credit and debit cards, online payment gateways, and mobile payment apps. These new payment methods have greatly expanded how businesses and consumers can transact, making it easier, faster, and more secure to make and receive payments.

Current payment processing methods and their pros and cons.

There are several payment processing methods available today. Here are some of the most common ones, along with their pros and cons:

Credit and Debit Cards

This is the most common payment method used in most businesses. Customers swipe or insert their card, and the transaction is processed through a card network like Visa, Mastercard, or American Express.

Pros:

Widely accepted and convenient for customers
Ensures secure transactions for customers
Offers cashback or rewards to customers

Cons:

May have high processing fees for businesses
Chargebacks can be a headache for merchants
Credit card fraud can be a concern

Mobile Payments

This newer payment method allows customers to pay using their mobile devices, typically through an app or wallet. Examples include Apple Pay, Google Pay, and Samsung Pay.

Pros:

Fast and convenient for customers
Enhanced security beyond traditional payment methods
Easy to track transactions and receipts

Cons:

Not all businesses accept mobile payments
May require a compatible device or app to use
May have limited customer adoption

Online Payment Gateways

This payment processing method allows businesses to accept payments online, typically through a website or e-commerce platform. Examples include PayPal, Stripe, and Square.

Pros:

Easy to set up and use for businesses
Widely accepted and convenient for customers
Can provide fraud detection and prevention tools

Cons:

May have higher processing fees than other methods
Chargebacks can still be an issue
Customers may be hesitant to share personal information online

Secure Your Payment Processing: 5 Key Steps to Protect Your Business and Customers

Security is a major concern in payment processing, with the risk of fraud, hacking, and data breaches. Payment processors are responsible for ensuring that their systems and processes are secure, but businesses also need to take steps to protect their customers’ information. This includes using encryption, tokenization, and other security measures to protect sensitive data, as well as implementing fraud detection and prevention tools. Businesses also need to comply with regulatory requirements related to data privacy and security, such as the Payment Card Industry Data Security Standard (PCI DSS).

Emerging payment processing technologies: benefits, impact, and challenges.

Emerging payment processing technologies are poised to revolutionize the way we make and receive payments. Here are some of the most promising technologies and their benefits:

Mobile Payments

Mobile payment technologies like Apple Pay, Samsung Pay, and Google Wallet allow consumers to make payments using their mobile devices. Benefits include convenience, speed, and enhanced security.

Blockchain

Blockchain technology provides a decentralized, secure, and transparent way to process payments. Benefits include improved security, reduced transaction fees, and increased efficiency.

Contactless Payments

Contactless payment technologies like NFC and RFID allow for quick and easy payments without the need for physical contact. Benefits include speed, convenience, and enhanced security.

Biometric Payments

Biometric payment technologies use biometric data such as fingerprints, facial recognition, or voice recognition to authenticate payments. Benefits include enhanced security and convenience.

The impact of these technologies on the payment processing industry is significant, as they can greatly improve efficiency, security, and convenience for businesses and consumers. However, there are also challenges to implementing these technologies, including the need for infrastructure updates, user adoption, and regulatory compliance. Despite these challenges, the future of payment processing looks promising with the emergence of these new technologies.

Emerging payment processing technologies: benefits, impact, and challenges.

The payment processing industry is rapidly evolving, and there are several key trends shaping its future. Here are some of the most important trends and their impact:

Digital Payments

The move towards digital payments continues to accelerate, with more consumers using mobile wallets, online payment gateways, and other digital payment methods. This trend is driven by the increasing use of smartphones, e-commerce, and the need for contactless payments in the wake of the COVID-19 pandemic.

Payment Security

Payment security is a top priority for businesses and consumers, and there is a growing demand for secure payment processing methods. The adoption of technologies such as encryption, tokenization, and biometric authentication is helping to address these concerns.

Payment Integration

There is a trend towards payment integration, with businesses looking to streamline payment processing and reduce costs by integrating payment systems with other business software and tools.

Personalization

There is a growing demand for personalized payment experiences, with consumers expecting customized payment options and user interfaces that reflect their preferences.

Discover the latest payment processing technologies and their benefits.

These trends are having a significant impact on businesses and consumers, with businesses needing to adapt to changing consumer preferences and expectations. The move towards digital payments and payment integration is helping businesses to improve efficiency and reduce costs, while the focus on payment security and personalization is helping to build consumer trust and loyalty. Overall, the payment processing industry is undergoing a major transformation, and businesses that stay ahead of these trends will be better positioned to succeed in the future.

In conclusion, payment processing is a critical function for businesses and consumers alike, and it is constantly evolving with new technologies and trends. Businesses that stay updated with the latest payment processing technologies will be better positioned to improve efficiency, reduce costs, and build consumer trust and loyalty. Key trends shaping the payment processing industry include the move towards digital payments, payment security, payment integration, and personalization.

As a business owner or manager, it’s important to evaluate your payment processing needs and adopt the right payment processing method for your business. This may involve upgrading your payment processing infrastructure, integrating payment systems with other business software and tools, or implementing new payment security measures. By staying updated with the latest payment processing technologies and trends, you can position your business for success in the rapidly evolving payment processing landscape.

Therefore, we encourage businesses to act now and adopt the right payment processing method that suits their needs. By doing so, they can enhance the payment experience for their customers, improve operational efficiency, and stay ahead of the competition in today’s digital world.

At Estuate, we have extensive expertise in payment processing technologies, including Stripe. With our help, businesses can take advantage of the latest digital payment solutions to improve efficiency, reduce costs, and enhance the customer experience. Our team of experts can help you evaluate your payment processing needs and develop a customized payment processing solution that meets your business requirements. Whether you need to integrate Stripe with other business software and tools, implement new payment security measures, or streamline payment processing, we have the expertise to help you succeed. With Estuate, you can stay updated with the latest payment processing technologies and trends, and position your business for success in the rapidly evolving payment processing landscape.

If you’re interested in learning more about how Estuate can help your business with new-age digital payment solutions, contact us today to schedule a consultation with one of our payment processing experts.

Help Desk Software at the Helm: Trends for 2023

by Estuate | Oct 7, 2022 | Applications & Technology, CRM, ITSM

There are a million reasons why the term ‘help desk’ begins with ‘help’. A help desk software solution is to today what the wheel was to the Sumerians – a one-stop solution to a plethora of pain points. Many consider helpdesk ticketing tools to be the panacea for modern-day customer centricity. For today’s customers, turbulence-free service is non-negotiable. To such ends, incident management needs to be flexible, friendly, and real-time. So in order to match, businesses need stellar ticketing tools in place. Fortunately, a robust customer experience provider can make life 1000x easier for you by plugging in the right help desk tool. And well, how to achieve that? A Zendesk support partner might just be what you are looking for.

What is a help desk software solution?

A help desk software is a solution/tool that businesses use to optimize customer experience. The utility spectrum is broad – from managing support requests to tracking performance to bringing issues to resolution. Such tools singlehandedly streamline your enterprise IT, customer service, and a host of other business-critical units. In functional terms, these customer-facing ticketing software expedites the process of ‘organize-manage-respond-repeat’. Your business teams become happy and your clients happier, as a result. Goes without saying, a customer service software is essential for modern-day businesses to survive and thrive.

Did you know, 60% of high-productivity customer service teams count on an IT help desk solution to ensure smooth-sailing customer service?

However, customer satisfaction does depend a lot on the choice of your help desk tool. Smart businesses go for customer experience providers such as Zendesk for ensuring robust CRM. It includes a stellar ticketing software as a core offering. But, even smarter businesses put efficiency in the mix by shaking hands with a credible Zendesk support partner. It ensures to onboard all the latest advancements in help-desk technology for you.

Which help desk software features will trend in 2023?

Here are the help desk software features that will shine in 2023 and beyond.

Multi-channel ticketing
Transparent incident resolution
Self-help first and rich in data
Automated notification mechanism
Integrability with other software
Service Level Agreements (SLAs) customization
Reporting and dashboarding
Compliance with security standards

1. Multi-channel ticketing

The more channels you are present on, the easier it is for you to reach your customers. This includes emails, phone, social media platforms, live chats, and more. With auto-trigger messages set for each channel (matched to the end user, platform, and the right mix of empathy), this strategy can reduce the first user-touchpoint time to as less as 60 seconds. Your customers do not have to raise a query and wait for ages to be acknowledged. As a result, the overall ticket turnaround time becomes significantly faster. Manual processes like emails/phone calls, on the other hand, involve a lot of cost, time, and human resources.

A streamlined multi-channel presence also means that your customers do not have to raise the same concern more than once. A help desk software tool syncs all your data in an exhaustive dashboard for your team’s quick reference and action. Onboarding a customer experience provider can be a business-smart choice in this regard.

2. Transparent incident resolution

A help desk ticketing software brings customer and customer success under one roof – in real time. It helps you track, categorize, and assign tickets to the appropriate agents via its automatic ticket categorizing feature. The path forward is transparent to the customers as well. They are able to track the status of their requests from start to finish, all the way to resolution. They have all interactions with the customer service representative at their fingertips and can refer to them at any time. Automation reduces turnaround time for them; they receive empathetic and professional responses. In a nutshell, they are empowered to be on top of the requests they raise. And, this improves customer satisfaction. So all in all, despite hundreds of customers, an IT help desk software can make the experience personalized for each of them.

The right Zendesk support partner can help you upgrade and personalize your incident management mechanism.

3. Self-help first and rich in data

The modern consumer is self-sufficient. S/he wants to be able to solve problems by her/himself before relying on others. And in this regard, a help desk software tool can be truly helpful. It allows you to store handy tools like FAQs, how-to guides, and help articles as your knowledge base. Your customers can access it at any time for quick reference and customer-level problem-solving. Any sound customer experience provider will always empower you with this capability. The functionality makes your team’s job easier.

Modern ticketing software tools are also made mobile-first to fit this bill. Their digital knowledge library is structured, updated, and optimized for multiple screens (mobile, tablet, laptop, desktop, etc.) for high-velocity incident resolution.

4. Automated notification mechanism

When it comes to a ticketing tool, automation has the last word these days. Automated help desk software tools collate requests across channels and create the corresponding tickets. The latter are then auto-assigned to respective customer service agents based on their expertise and/or the pre-defined parameters set by you. Automation gives you complete autonomy over the incident resolution process. Agents are kept informed and prompted throughout the process to prevent requests from being lost/forgotten. Automation makes the process so smooth that you end up with almost no request backlogs.

Read: the critical needs of modern Information Technology Service Management (ITSM)

The help desk software solution trends for 2023

The features that are going to shape help desk software solutions in 2023

5. Integrability with other software

A software standalone can only provide a certain set of features and functions. However, if it has the flexibility to integrate with other business software, it can provide much more robust and coordinated service experiences. There then remains no need to switch between applications during issue remediations. Cross-functional teams can collaborate without difficulty. The total process becomes time-saving and efficiency-boosting.

6. Service Level Agreements (SLAs) customization

Sound ticketing systems have the ability to incorporate Service Level Agreements (SLA). SLAs make the entire incident resolution process well-functioning and streamlined. Customers are made aware of the timeframe for issue remediation. Your agents and reps are made aware of all aspects involved in each request scenario. All activities are executed via pre-defined rules and templates. There is minimal manual intervention or room for last-minute decisioning on the spot. Apart from being super efficient, such SLA compliance also ensures that business targets are met with the best possible service standards.

That said, SLAs vary from business to business. Therefore, it is important that your helpdesk is customizable to meet this flexibility. A competent customer experience provider can help you adhere to all business-critical SLAs.

7. Reporting and dashboarding

In-built reporting and dashboarding are at the heart of good IT help desk support solutions. KPI analysis can tell you whether your customer service is in line with the success you envision. Channel usage, ticket volume, ticket resolution time, first-response time, SLA compliance, agent activity, etc. are examples of such KPIs. Consolidated reporting leads to effective data visualization and decision-making. You can even automate the reports to reach you at specific time intervals with the help of a customer experience provider.

Here’s a screenshot of the leading help desk platform, Zendesk, working its magic with customer chat metrics. A Zendesk support partner can guide you in this quest for customer excellence.

Screenshot of leading help desk platform Zendesk spinning magic with customer chat metrics

Source: https://support.zendesk.com/hc/en-us/articles/4408888768410-Monitoring-real-time-chat-metrics

8. Compliance with security standards

Compliance with industry standards is a critical aspect of any help desk software tool. A help desk tool is a giant collaborative space. It involves various cross-functioning people, practices, and processes. Naturally, it means the involvement of a plethora of SLAs, password-protected documentation, and authorization. Non-compliance with security and safety standards can lead to system breakdown and even data breaches and loss.

Bring in help desk software zen with Zendesk

Zendesk is the world’s leading customer service software platform. From customer experience to customer satisfaction, Zendesk helps with all. Team up with the right Zendesk partner to catapult your customer service into customer excellence. Zendesk implementation not only results in happy clients, but also productive and agile sales, marketing, and customer service teams. As a customer experience provider, Zendesk’s offerings can be game-changing across verticals if leveraged right.

Estuate is a leading Zendesk Master Partner

Whether it’s implementation, training, consulting, optimization, apps, or integration, we are the most trusted provider of implementation solutions for Zendesk. We are one of the world’s leading Zendesk support partners.

Our Zendesk implementation plans are tailored to all business needs.

Zendesk Customer Service Management (CSM)

Our customer service and customized approach meet CRM needs across vertical business applications.

Zendesk IT Service Management (ITSM)

We provide industry-leading, simple, reliable, and cost-effective ITSM solutions for your modern business.

Zendesk Sell

Get a clear view of your sales pipeline and keep your team focused on the most valuable leads and deals with our Zendesk Sell support. We also have a dedicated recurring revenue app for Zendesk Sell, EZ$tream. It facilitates automated calculation of subscription metrics and revenue forecasting in a seamless way. Explore EZ$tream

Zendesk Sunshine Platform Development

Our Zendesk Sunshine solutions include complete platform development, implementation, migration, and support services.

Read the press release: Estuate Achieves Zendesk Master Implementation Partner Status

Our Zendesk expertise reflects in our consistent KPIs:

Core global system integration partner of Zendesk
Fast and secure migrations from any reporting platform
Out-of-the-box integrations and accelerators
100+ successful Zendesk projects
Consistent CSAT: 97%
Cross-industry expertise
Flexible deployment models

So if you need any assistance in amping up in the customer service arena, we are right here to help

Can IT help desk software truly live up to the challenges of modern-day customer service? What are your thoughts? Let us know on LinkedIn, Twitter, or Facebook. We would love to hear from you!

Why modernize your subscription business?

by Estuate | Sep 9, 2022 | Applications & Technology, Subscription Billing and Revenue Management

The subscription economy is a constantly evolving space. Earlier, subscription models were mostly restricted to magazines, newspapers, utilities, and telecommunication services. But, subscription offerings have grown exponentially over the years. Today, a robust subscription management platform is critical to start growing your subscription business. And, a Zuora partner is the rest you need to bring out the best from the same.

The global subscription and billing management market is expected to reach $10.5 billion by 2025.

Technology has been a game-changer in how subscription businesses are managed worldwide. It has transformed how recurring revenue businesses monetize billing and streamline revenue. More and more businesses are digitizing their subscription activities today. So in times such as these, it becomes pertinent to know: how to modernize my subscription business. In other words, it becomes pertinent to zero in on a subscription management platform.

Read the case study: Estuate modernizes subscription services of a supply-chain-risk-management global leader

Know More

How to modernize your subscription business?

Engage the power of e-commerce
Make personalized offerings
Adopt a faster quote-to-cash mechanism
Implement seamless subscription billing
Automate subscription revenue generation
Improve payment mechanisms
Leverage enhanced analytics

1. Engage the power of e-commerce

The global subscription e-commerce market size is expected to reach $904.2 billion by 2026. Subscription businesses are entering into e-commerce through web-based subscription sites and mobile applications. Online stores allow businesses to offer more products and services and engage more customers. This results in a win-win situation for both sellers and buyers. Being a proven method for lead generation, this is an excellent way to modernize subscription businesses. A Zuora partner can help get you there via synchronized adaptations.

2. Make personalized offerings

Technology has made subscription businesses highly flexible. Now you can offer weekly, monthly, or annual subscriptions for your products and services based on customer preferences. Also, it is much easier today to cancel, renew, or upgrade subscriptions anytime. By automating subscription management, you modernize your subscription business. You don’t have to worry about keeping a track of your customer’s preferences or changes in plans. It results in higher customer satisfaction as well as simplicity in operations.

Today’s subscription market is a high-competition one. Here are some handy tips to get robust ROI from your subscription business despite the changing field dynamics.

3. Adopt a faster Quote-to-Cash mechanism

Traditional subscription models involve lengthy and time-consuming processes to convert orders to cash. Modern subscription management solutions automate your Quote-to-Cash process. It helps you manage orders, leverage workflows, and join the dots faster from order to cash. This in turn enables faster revenue recognition.

Watch: Overview of Zuora: The world’s only subscription Order-to-Cash platform

4. Implement seamless subscription billing

New-age subscription models are designed to manage recurring billings effectively within a single platform. Automated subscription management helps you generate invoices, notify customers, deduct payments, and customize subscriptions as required. Also, they allow you to manage a range of product categories and billing cycles effortlessly with end-to-end subscription management features.

A PCI-DSS-compliant Zuora partner can bring forth synchronization in your billing and revenue operations while simultaneously adhering to the payment card industry regulations. It a smart move to modernize your subscription business with industry-efficient operations.

A subscription management platform can help you achieve all of these and more.

5. Automate subscription revenue generation

Easy revenue recognition speeds up ROI generation. A Zuora Revenue partner can help you automate your revenue operations. It helps you modernize all quarters of your revenue management process from consulting to deployment. This facilitates smooth audits of functional, technical, and conversion design documents. You can configure your revenue management systems and opt for inbound and outbound data integrations. A capable Zuora partner can also streamline incident tracking and issue resolution for you.

Read the case study: Estuate streamlines closing (accounting) and collection processes for Mindvalley

Know More

6. Improve payment mechanisms

Gone are the days when you lost revenues because of failed payment mechanisms. Modern subscription platforms help you monetize your recurring billings and manage revenues effectively. Today, you can introduce multiple payment options and adopt more efficient payment gateways. You can also notify your customers immediately when a payment has failed and reprocess it in time.

7. Leverage enhanced analytics

Traditional subscription models lack a mechanism for tracking daily operations and analyzing business performance. With the best practices in subscription management, you can generate custom reports, measure the performance of individual product lines, and improve decision-making. With advanced analytics, you can modernize your subscription business, channel your marketing strategies, and improve performance to achieve business goals efficiently.

Zuora is the world’s leading subscription management platform

Zuora is the subscription economy pioneer and is the most robust subscription management platform in the world. Choosing a Zuora partner for streamlining your subscription business is an ROI-driving decision.

Estuate is the most trusted Zuora implementation partner

We at Estuate host a dedicated Zuora center of excellence. We are PCI-DSS compliant. And, our Zuora-certified experts are champions in driving digital transformation in subscription businesses across verticals, around the world. Be it for Quote-to-Cash management needs or recurring revenue automation support, we are equipped to modernize your subscription business. We are Zuora’s most trusted consulting and implementation partner.

Watch: Seamless subscription management with Estuate’s Quote-to-Cash solutions

Check out our Zuora Billing services, visit us here

For our Zuora Revenue solutions, drop in here

So if you need any help in archiving your ERP data, know that we’re just this click away.

What are you doing to make your subscription business model stand out? Do you think a subscription platform enabler can help? Let us know on LinkedIn, Twitter, or Facebook. We would love to hear from you!

Download the FREE E-book – The Subscription Economy: An Executive Overview

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Selling subscription services online? Pro tips to follow!

by Estuate | Jun 3, 2022 | Applications & Technology, Subscription Billing and Revenue Management

The art of selling subscription services online has come a long way. Consumers in today’s subscription economy are more aware than ever before. That’s in part because millennials make up a large portion of the consumer-facing market. Being tech-savvy and financially smart, they prefer the convenience of use over ownership any day. So if you want to spur your recurring revenue business growth, understanding today’s consumer psyche is paramount. And say, you are running your subscription business through a platform like Zuora, make sure to plug in a reliable Zuora billing and revenue partner. Brownie points if this Zuora partner is compliant with PCI-DSS.

The subscription economy is currently worth $275bn USD. Over the past decade, the subscription business model has shown 5-8x faster growth vis-à-vis the traditional revenue models. No wonder they say that the subscription economy is on the rise. But this also means that the timing is conducive to boost your recurring revenue business growth. The key lies in identifying the channels right.

Read: Reasons to modernize your subscription business

What are the best tips for selling subscriptions online?

Make your customers see value
Make your pricing flexible
Make friends with freemiums
Make smart use of social media
Don’t make it too salesy
Don’t forget about buyer experience
Don’t put off customer service

Like we said at the very onset, the new-age customer is smart. With hordes of options all around offering a similar bundle of conveniences, the interest span of the average customer is dangerously short today. From clicking to reordering, a smooth experience is non-negotiable for today’s buyer experience. This necessitates a smooth quote-to-cash process for you to grow at scale. Here is what you can do:

Leverage a robust subscription platform handler (if you use Zuora subscription solutions, then it must be a Zuora billing and revenue partner company)
Ensure the compliance-fitment of the Zuora partner (a PCI-DSS compliant Zuora partner is deemed best)

Read: Why do subscription businesses need a PCI-DSS compliant IT partner?

The world of throttling competition in subscription commerce may also lure you to enter the infamous ‘race to the bottom’. You start lowering your prices to attract new buyers, and at some point, you will have to start compromising on quality. But, no recurring revenue businesses can see growth in the face of such qualitative and quantitative losses. The way out? Apply a few tricks to the way you sell subscription services online. Here is how you can get started:

1. Make the customers see value in your subscription packages

Do you know how your customers perceive your services? Do you know their exact pain points? Creating and analyzing the ideal buyer persona can help you with the answers. With soaring subscription commerce, consumers are becoming increasingly subscription-curious. They try and test offerings from various subscription providers and cancel those that fail to thrill. So, analyze what extra value you can provide that your competitors do not – and add the same to your bundle.

When it comes to selling subscriptions and signing-up customers online, the wind also blows in the direction of value bundling. Create value-for-money combinations of complementary products and services using your existing offerings.

2. Make pricing flexible for selling subscriptions online

Consumers today want flexible pricing options, custom payment methods, multiple billing frequencies, and everything that suits their convenience. Especially to satisfy the needs of millennials and bridge millennials, offer different price plans and convenient billing cycles. A sturdy Zuora billing and revenue partner company can help scale your recurring revenue business growth. A PCI-DSS compliant Zuora partner will further ensure the stringent safety of your credit card data.

Read: the 360-degree approach to online retail success

3. Make friends with freemiums for recurring revenue

Who doesn’t like free stuff? To put the recurring in your recurring revenue business, you first need to build a solid foundation for why your customers should stick with you. Pull them in first by offering a freemium strategy. If they see the value you offer as personal and unique, they will most likely convert. Almost 80% of retail subscribers who converted during the early pandemic period were lured by the availability of the first-free-trial option.

Recently, the Financial Times conducted an experiment to test the power of freemiums. It reduced the number of free articles for non-subscribers from 3 to 0. Website visits dropped by 30% and there was a marked reduction in new subscribers. So, regardless of the power of your brand and the potential benefits, selling subscription services online today needs freemiums to be a regular feature.

Master the art of selling subscription services online

The top tips for increasing your recurring revenue subscriber base

4. Make smart and skillful use of social media platforms

The world today lives and breathes social media. With competition intensifying, it’s no longer enough to just have a profile on digital channels; you need to gain a foothold there. Though the conversion rate from social media may not be impressive, you can use this marketing channel to draw your target market closer. Create awareness and engage with your audience to keep your offerings at the top of the consumers’ mind. Be it informational blog posts or updates about your subscription packages, staying active on social media is synonymous with staying relevant today. Recurring revenue business growth can get truly recurring if social media is utilized skillfully.

5. Sell subscriptions but don’t make it too salesy

Everyone is selling something today. Ask yourself: how do you stand out? Shifting from a transactional mindset to a value-driven mindset needs a culture change altogether. It may sound confusing, but when selling subscription services online, do not focus entirely on selling! Create value instead – be it in terms of customer experience or customized offerings or something else you see fit. This will not only help you acquire new subscribers but also retain the existing ones for the long term.

Citing another example pertaining to the Financial Times: with the shift of focus from mainstream news from print to digital media, FT needed to improve its value proposition for its user base. The company tied up with a European media organization to bring in more customer-centricity. This saw a 29% rise in subscriber base with a 6-month timeline.

6. Sell subscriptions but don’t forget about buyer experience

A seamless buying experience will always be an unmatched quality. From easy-to-use UIs to guest checkout options, always look for adding that extra convenience for your users. Turn these users into subscribers by empowering them with the option to start, restart, pause, and even edit their subscription purchases.

According to a SUBTA study, the modern subscriber is highly focused on getting exclusive access. People sign up when they find high-quality content that is not available anywhere else. For growing your recurring revenue business, revaluate your present offerings and see if such capabilities can be added.

7. Sell subscription but don’t put off customer service

As competition soars in the market, a tiny bad experience can be detrimental to your recurring revenue business growth. Always communicate your product/service-related updates, post detailed guarantee and cancelation policies, and make your privacy policy very clear. Train your CRM team to go beyond the minimum and build relationships with the clients. Selling subscriptions online today demands emotional engagement. It increases the lifetime value (LTV) of your products/services.

Understandably, the subscription economy is expanding rapidly with a rise in both seller and buyer bases. Having a unique product/service bundle is the bare minimum today for spurring your recurring revenue business growth. You must ensure the entire experience you hand out – from the first site visit to the repeat order fulfillment – everything is squeaky clean. Platforms like Zuora can be the single touchpoint for your order-to-revenue process.

Zuora is the world’s leading subscription management platform

Reinvent your quote-to-cash and revenue management with the world’s most reliable subscription management platform. Leverage Zuora’s SaaS solutions for your recurring revenue business growth. The subscription economy evangelist has been simplifying subscription businesses worldwide since 2007. Join forces with a Zuora billing and revenue company to ace the art of selling subscription services online.

Read the e-book – The Subscription Economy: An Executive Overview

Estuate is a PCI-DSS compliant Zuora billing and revenue partner

We at Estuate host a dedicated Zuora center of excellence. We are proud to be the most trusted Zuora billing and revenue partner company. We have the following Zuora capabilities in our ambit:

Advisory Services:We help you transform your business – from strategy consulting to implementation – and provide expert guidance with tangible business benefits.
Implementation and integration services:Our experts help businesses connect their systems to the Zuora ecosystem and transition from traditional systems to subscription models.
Billing Revenue and operations:Our certified consultants have deep industry insight and proven experience with cloud billing solutions with a long track record of delivering Zuora solutions.

With over 400 Zuora implementations and extensive Zuora billing and revenue experience, we are successful in maintaining a CSAT level of 9.7 over the last 9+ years.

Watch: seamless subscription management with our Quote-to-Cash solutions

Do you know that we are also the first Zuora ecosystem partner to achieve the PCI-DSS certification? This accreditation underscores our already stringent security standards for protecting the customers’ credit card data.

To learn more about us, please visit our Zuora page here

Why do subscription businesses need a PCI-DSS compliant IT partner?

by Estuate | May 6, 2022 | Applications & Technology, Subscription Billing and Revenue Management

PCI-DSS compliant IT partner: A subscription economy growth catalyst

Security is no secret sauce – especially if you are one of today’s subscription businesses. It is probably the first thing your customers think of when they give you their payment data. What’s more, the data is often shared with third-party integrators who manage your subscription management platform. The smart save? Cue in credit card data security solutions with a PCI-DSS compliant IT partner. For instance, if you use Zuora for your subscription management needs, it’s smart to seek support from a Zuora implementation partner that is PCI-DSS compliant. The accredited IT firm will take care of your payment information security via its secure credit card processing. It’s that simple.

What does PCI-DSS compliance mean for an IT company working with credit card data?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of stringent global security requirements to ensure the safety of credit card data. Any organization that handles, processes, stores, and/or transmits cardholder data must be PCI-DSS compliant.

PCI-DSS is administered by the Payment Card Industry Security Standards Council (PCI SSC), an autonomous body formed by five international banking moguls (Visa, MasterCard, American Express, Discover, and JCB).

In today’s subscription climate, businesses need a modern implementer for their subscription management platform. For top-notch solutions, this IT partner company needs to access your customer base’s credit card data. Herein, a PCI-DSS compliant IT partner can be key.

Zuora is the world’s leading subscription management platform. A PCI-DSS compliant Zuora implementation partner can be a game-changer for your subscription business.

What qualifies as tough credit card data security solutions?

PCI-DSS compliance is the single global standard for cardholder data safety. Any enterprise stamped with this accreditation is treated as a world-class provider of credit card data security solutions. Not to forget, this is a payment data security standard mandated by five major players in the international banking field. Hence, a PCI-DSS compliant IT partner is the sturdiest padlock you can find for ensuring your subscription payment data’s security. And in today’s subscription climate, a PCI-DSS compliant Zuora partner might just be what you are looking for.

PCI-DSS involves a rigorous twelve-step action plan. Organizations eyeing secure credit card processing and vying to be PCI-DSS compliant partners must meet the following requirements.

What are the twelve steps to becoming a PCI-DSS compliant partner?

1. Install and maintain a firewall configuration
2. Implement strong settings for passwords
3. Ensure the security of stored cardholder data
4. Encrypt data transmitted over public networks
5. Use anti-virus programs and update them regularly
6. Maintain and update all systems and applications
7. Limit access to cardholder data on a need-to-know basis
8. Assign a unique ID to each person with system access
9. Restrict physical access to payment information data
10. Track and monitor all network and cardholder data logs
11. Regularly audit security systems for vulnerabilities
12. Maintain an enterprise-wide information security policy

The ultimate goal of each of these steps is to ensure credit card data security. Here is a brief run-down:

1. Install and maintain a firewall configuration – Properly placed firewalls and router policies control incoming and outgoing data. To be PCI-DSS compliant, partners must install such configurations in, out, and around the card data environment.

2. Implement strong settings for passwords – Devices such as routers and POS systems typically ship with factory-set passwords and usernames. The manufacturer’s default settings are easily hackable, so a strong password configuration of all operating devices and systems is non-negotiable for secure credit card processing.

3. Ensure the security of stored cardholder data – Partners who wish to be PCI-DSS compliant must be clear about the scope, location, and retention period of the payment information data they intend to store. Data must also be truncated, tokenized, or encrypted using acclaimed algorithms (like AES-256, RSA 2048). For the safety of PAN card data, the partner should regularly run data discovery tools like PANscan or PIIscan.

These actionable insights on how to avoid data breaches can also come in handy.

4. Encrypt data transmitted over public networks – Cardholder data is primarily passed to payment gateways and processors for transaction processing. TSH, SSH encryption, etc. can prevent the possibility of data theft and secure credit card processing.

5. Use anti-virus programs and update them regularly – An up-to-date anti-virus routine helps keep malware at bay. Anti-virus and anti-malware programs on a PCI-DSS compliant partners site must always be active, using the latest versions, and generating timely logs.

6. Maintain and update all systems and applications – PCI-DSS certification calls for applications regularly updated with the latest security patches. For secure credit card processing, all pathways in the PCI-DSS landscape – from browsers to operating systems to POS terminals – must be covered under the updates.

The 12-point requirement for a PCI-DSS compliant partner

Required actions to become a PCI-DSS compliant partner

7. Limit access to cardholder data on a need-to-know basis – Role-based access control (RBAC) must be in place in the PCI-DSS compliant partner’s ecosystem. Names of team members with access to data along with their respective roles must be documented.

8. Assign a unique ID to each person with system access – All team members with organization-provided system access must have a unique and complex password. Remote employees must adhere to multi-factor authentication.

9. Restrict physical access to payment information data – Physical pathways to locations where cardholder data resides must be secured using electronic access controls like CCTVs. A potential PCI-DSS compliant partner establishes electrical access controls to distinguish authorized employees from general employees and workplace visitors.

10. Track and monitor all network and cardholder data logs – All systems in the PCI-DSS landscape must have updated audit policies. They must also be connected to a centralized Syslog server. The latter must be reviewed daily to detect and address anomalies and ensure secure credit card processing.

11. Regularly audit security systems for vulnerabilities – Security audits like wireless analyzer scans, quarterly examination of external IPs and domains (by PCI ASV) along with annual application & network penetration tests, and internal vulnerability scans must be an integral part of the PCI-DSS compliant partner’s security routine.

12. Maintain an enterprise-wide information security policy –The IT company’s information security policy must be reviewed annually and shared with all stakeholders. This will maintain the basis for secure credit card processing. Alongside, there should be an annual risk assessment identifying all critical assets, threats, and vulnerabilities.

Does your credit card data service provider really need PCI-DSS certification?

Yes, it does! Tying up with an IT partner known for the most secure processing of credit card data brings numerous benefits to your business table. A PCI-DSS compliant partner not only helps you build better customer trust, but also arrests data breaches, threats, and losses.

A PCI-DSS compliant Zuora partner that keeps itself updated with the latest industry trends on payment data security is the perfect fit. The partner must be aware of the evolution of credit card data security over the ages. Watch this video by PCI Security Standards Council for a perspective.

The stringent security checks mandated by PCI-DSS ensure holistic payment card data security. With subscription economy on the rise, this can be a trailblazer for your subscription business.

A modernized subscription business ultimately is the key to the world of customer engagement.

Estuate is the first-ever Zuora partner to receive the PCI-DSS certification

We are the first global system integrator in the Zuora ecosystem to receive PCI-DSS certification. Numerous businesses around the world rely on us for the security and governance of their data, including payment and credit card information. The PCI-DSS certification is an added layer of protection to ensure the secure processing of credit card data.

Ensuring compliance with PCI-DSS is one of the strategic initiatives of our Zuora practice team. Over the past 9+ years, this group of Zuora-certified consultants has driven 400+ successful Zuora implementations worldwide.

To reach our Zuora center of excellence, click here.

Check all our certifications in detail, click here

Does pairing up with a PCI-DSS compliant IT partner sound smart to you? What else do you look for in a subscription platform enabler? Let us know on LinkedIn, Twitter, or Facebook. We would love to hear from you!