Zuora, Inc., (NYSE:ZUO) the leading cloud-based subscription management platform provider, announced today that its customer, KeepTruckin uses the Zuora® Central Platform to automate its subscription payment collections process. KeepTruckin, a leader in fleet management on a mission to connect the world’s trucks, is seeing immediate benefits such as fewer overdue invoices, increased revenue, improved subscriber retention, and a savings of 10 minutes per invoice (for hundreds of thousands of subscribers) for the collections team.
Founded in 2013, KeepTruckin built modern technology products to usher the antiquated trucking industry into the digital world. The trucking industry is a lynchpin of the U.S. economy, with over 70 percent of all freight tonnage moved in the US traveling on trucks. KeepTruckin’s products serves more than 250,000 vehicles and 55,000 for-hire carriers in a $700 billion dollar industry. Its subscription-based products and services are used for fuel tax reporting, GPS tracking, vehicle utilization, and other means to increase safety and efficiency.
Early on, KeepTruckin recognized that it needed to adopt a multi-channel growth strategy and be able to offer flexible pricing and packaging to meet evolving customer needs. While many large companies build their own electronic logging devices (ELD) to meet the government mandate, small companies turn to KeepTruckin to help them manage this important change.
In 2016, the company chose the Zuora Central Platform and Zuora Billing to manage its subscription financial operations allowing the company to sell through various channels, offer its subscribers different pricing options, and automate many of the resultant downstream impacts. This pricing flexibility permitted KeepTruckin to serve the diverse industry comprised of fleets of one to over a thousand, each needing a different level of features and support. Between 2017-2018, KeepTruckin witnessed phenomenal growth, but it also brought challenges. Most owner-operator truckers manage their business from the cab of their truck with no back-office support to track renewal dates or keep credit cards up-to-date. As a result, KeepTruckin was inundated with overdue invoices. The company also had several internal operational inefficiencies due to a heavy reliance on manual processes.
KeepTruckin turned to Zuora’s Central Platform to customize billing and payments workflows for their unique processes such as provisioning, data integration, and customer communications. Using the platform’s drag-and-drop Workflow Builder, KeepTruckin was able to easily build an automated renewal workflow, which helped to trim the number of overdue invoices by checking the validity of credit cards before charging them, sending automatic reminders in advance of the renewal date, and creating other automations.
All of this has also resulted in fewer overdue invoices and fewer chargebacks by customers who get charged without intending to renew. While it has increased collections and revenue, it more importantly has improved customer goodwill and retention since fewer accounts are now canceled due to missed payments. This is a crucial advantage in an industry as competitive as trucking.
Automating processes with the Workflow Builder also shaved 10 minutes off the time it takes the collections team to process each invoice. Multiply that by the hundreds of thousands of accounts that the company has to invoice and the result is a savings of several hours per day — time that the collections team can now use to play a more strategic role and drive business growth.
“It’s amazing how much more responsive we can be to our customers when we’re not spending the first half of our day just sending out emails. In the same way that we help truckers focus on driving instead of paperwork, Zuora helps us focus on our customers instead of our back-end processes. Now, we can focus on continuously improving our product and winning more customers,” said Ben Seeman, Credit and Collection Manager at KeepTruckin.
Read more about KeepTruckin in the company case study here.
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-cash process, including billing and revenue recognition. Zuora serves more than 1,000 companies around the world, including Box, Rogers, Schneider Electric, Xplornet and Zendesk. Headquartered in the Silicon Valley, Zuora also operates offices around the world in the U.S., EMEA and APAC. To learn more about the Zuora platform, please visit www.zuora.com.
KeepTruckin is a comprehensive fleet management platform that consists of the KeepTruckin Vehicle Gateway (ELD), KeepTruckin Electronic Logbook App for iOS and Android, the KeepTruckin Smart Dashcam, and KeepTruckin Asset Gateway to seamlessly connect vehicles, drivers, and fleet managers. The KeepTruckin App Marketplace offers customers a catalog of customizable integrations that can improve operational efficiencies and increase productivity to save fleets money. KeepTruckin is trusted by over 55,000 for hire carriers and over 250,000 vehicles to make them more efficient, safe, smart and reliable. To learn more about KeepTruckin visit keeptruckin.com.
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SOURCE: Zuora Financial
This press release contains forward-looking statements that involve a number of risks, uncertainties and assumptions, including but not limited to statements regarding the expected growth and trends in the global trucking sector, consumer buying trend expectations, the expected growth and trends in the market for subscription businesses, and the expected benefits of any such trends. Any statements that are not statements of historical fact may be deemed to be forward-looking statements, and actual results could differ materially from those stated or implied in forward-looking statements. This press release also includes market data and certain other statistical information and estimates from industry analysts and/or market research firms. Zuora believes these third party reports to be reputable, but has not independently verified the underlying data sources, methodologies or assumptions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information.