Connected economies, increase in online purchases and business has increased the need for business to opt for Fintech stacking. The survival of small-scale and large-scale businesses, especially for the new start-ups, is dependent on the tech stack they use and whether you are prepared or not, eventually you have to become a fintech hub to compete with the macro-economy.
The mismanagement of billing, unclear payments and invoices, messed-up accounting, and non-compliance with taxation has paved the way for the Fintech revolution. The SaaS application that can help you with comprehensive subscription management is Zoho Subscription. And the best thing about Zoho is it offers a wide range of applications that one can get integrated with the Zoho CRM with the help of Zoho Consultants, and create a custom Fintech stack to support sales, marketing, and customer needs.
Here in this article, we have provided a detailed overview of how the integration of multiple Zoho applications and third-party integration with Zoho Subscription can help you optimize to support fintech revolution 2.0.
Read More: Subscriptions, An Ideal Avenue For Business Revenue!
How To Build Fintech Stack To Optimize Your Subscription Business With Zoho Subscription
First of all, let’s discuss the challenges that force the subscription or any business that is operating online and rendering services globally. On top of this is transparency, since business is operating beyond borders there is a need to offer transparency to customers, in all ways i.e. accurate pricing and the services which a customer can avail of while subscribing to a particular service at a given price.
On a business level, in the case of startups, there is a need to create transparency to avail funding. In this regarding having a clear account and bookkeeping play an essential role. However, the case of Subscription businesses, that are hosting multiple products with more than 3 subscription plan variations e.g. gyms, education, and eCommerce, etc. has complex monitoring, tracking, and revenue system. To make this clear and organize things for the administration to comprehend, Zoho Subscription plays a vital role. It allows businesses to create a well-organized system that makes subscription plans transparent. Yet, to get the optimal level of transparency, you have to get it integrated with other applications, it can either be in-house, offered by Zoho, or third-party to compliment the system. For Zoho Subscription Integrations you can reach out to Zoho Partners anytime.
Some of the essential Fintech Stack you’ll be needing in 2022 are:
1: Accounting Applications
The most important thing for a business is keeping the record as clear as possible. It is only possible, in today’s world with the help of automation, because the conventional ways of manual account management result in payment errors, often result in revenue leakages, cause a delay in document approvals, and also decrease the reliability of data entry. Hence to leakproof your account, you can opt for Zoho Books integration with Subscriptions. It will help you manage and organize receivable and payable with utmost ease, simultaneously it brings the feed from banks and help you to optimize you to remain agile. Along with this, detailed bookkeeping helps the business to keep compliant with tax rules and regulations.
In addition to Zoho Books, you can get it integrated with QuickBooks. The addition of this application will allow you to collaborate with other teams and also invite a guest accountant to help you sort the accounts. On top of this, you won’t require any paper since everything can be done online and it also eliminates the need for dozen of excel sheets by allowing central access to data.
2: Billing Application
The major concern of SaaS subscription business that is running online, hosting multiple products with a variety of subscription plans, along with regional customization. They need to have a system that charges the clients of subscribers accurately no matter how many time he or she makes changes in their subscription plan. Hence, another application that you need in your Fintech Subscription stack is Zoho Invoice. There are many reasons behind this, on top of our list is, it allow businesses to customize the invoice with a few click. Also, your team won’t have to insert any manual efforts to generate an invoice for every client individually and minimize the need for follow-ups, this makes the process agile.
Along with Zoho Invoice, you can also add Quotewerks to your Fintech stack. Doing so will advance your subscription management by keeping data updated in real-time whenever the invoice is generated or paid. In addition to this, offer multiple templates that one can use to send the invoice automatically and reduce errors.
Read More: Zoho Finance Plus A Must-Have Suite For Accounting And Finance Management
3: Applications To Support Tax Compliant Needs
Another Fintech app to add to your stack is the one that offers compliance with international tax regulation, changing rules and regulation i.e. state by state or country by country. On top of this, it should be agile enough to charge consumers the right tax amount as per their local regulations. This should the first thing that start-up and businesses that are offering international services should consider. And, Avalara integrations with Zoho Subscription is a viable solution. It is one of the best third-party applications that automation charges the clients the right amount and helps companies in generating accurate tax reports on the basis of regions.
4: Payment gateway integrations
Today businesses are operating online and almost all transactions are made online. Therefore, every business especially subscription businesses need to have comprehensive and secure Hosted payment pages to collect payment. In this regard, you are can Authorize.Net, PayPal, 2Checkout and Stripe Integration, etc. It will allow you to collect payment in local currency and through secure pages.
Conclusion
In 2022, building a fintech stack for every business that will be rendering services internationally and collecting payment online. Some of the essential reasons behind this are to deliver service transparently to clients, keep the record clean in order to comply with the international tax regulations. Some of the most important applications that you’ll be needing your customize Fintech stack for subscription should include apps for accounting, billing, payment, and payment gateways.
For Zoho Subscription integration, Techloyce is offering a wide range of services, to know more contact us today!
