During the past few years, many individuals and businesses have turned to Zoom’s trusted video-collaboration technology. But with rapid global growth came large-scale challenges, including the need for a more robust payment system that could keep up with international expansion.
To sustain its rapid development and serve its increasingly global audience, Zoom needed the ability to offer more payment options. “As part of our continued focus on international market expansion, we needed a partner that could help us provide local market expertise and give our customers the ability to use their preferred payment methods,” says Deepti Padiyar, product manager for digital payments at Zoom. “We also want not only to grow in markets that we already serve, but to reach new markets by supporting localised payment methods.”
With a focus on retaining customers and continuously improving its product, Zoom sought out a payments provider that would:
- Easily integrate with its existing business platforms
- Support international expansion with alternate payment methods
- Reduce involuntary customer churn
Built on the Payment Element, Zoom’s integration uses Stripe’s suite of rich UI building blocks to provide a secure payments experience that helps drive conversion. Through Stripe Payments, Zoom can easily add new payment methods and use advanced features such as Adaptive Acceptance to increase payment acceptance rates.
Meanwhile, Sigma provides data-driven insights and automated reporting to help the Zoom team track business growth and refine its payments infrastructure. Sigma is important for Zoom’s ability to reconcile billing and payment data on a global scale. And to ensure Zoom can continue to safely and securely scale in new and existing markets, Radar uses machine learning to provide smarter fraud protection.
“With Stripe at the core of our payments ecosystem, Zoom has the ability to offer fast, cutting-edge solutions to meet our customers’ needs, not only for the long term but on a daily basis,” says Alex Doroftei, head of global payments and fraud at Zoom.
The Payment Element supports more payment methods worldwide
The Payment Element allows Zoom to efficiently integrate alternate payment methods into its platform, helping the company scale faster in local and global markets. With the help of Stripe’s support team, Zoom can quickly understand, add, and implement each payment method, putting the company in a position to roll out one new payment method every month, as needed.
“The Payment Element has been crucial in helping us reach markets and surface payment methods in countries that Zoom cannot natively support,” says Padiyar.
Alternative payment methods activate global revenue streams
By empowering customers to pay in the way that works best for them, Stripe has helped Zoom maximise top-line growth. Most recently, Zoom added Furikomi (Japanese bank transfers) to its list of accepted payments, allowing customers in Japan to pay via bank transfer directly on the Zoom platform. Customers can even set up recurring payments with Furikomi to further streamline the subscription payment process.
Zoom also recently launched Sofort in six European countries, with especially high adoption in Germany and Austria, where Sofort is displacing a current global wallet solution. Similarly, in the Netherlands, iDEAL bank transfers have displaced 20% of international credit card transactions since launch, earning higher-order-value transactions and incremental adoption for Zoom, while reducing involuntary churn due to lost or expired credit card information.
“Our goal at Zoom is to offer one platform that delivers limitless human connection,” says Padiyar. “By enabling new product offerings and allowing us to scale our business exponentially, Stripe is helping us get there.”
Better data for stronger KPIs with Sigma
Zoom makes strategic use of Sigma, Stripe’s integrated data service, to build automated reports, measure the right KPIs, and sustain its payment volume. Sigma provides important information for revenue recognition, reconciliation, and reporting that Zoom can use to fix pain points and provide a frictionless payment experience for its customers.
Stripe is innovation at scale. There is always new tech, new services, and new payment methods coming in to improve the platform. These are core functions that Zoom needs to have and Stripe delivers.