In 2021, technology and the internet are ruling the world and our lives, which has led to payment portals quickly replacing the cash economy. The traditional reluctance of not accepting money in any other form than currency notes and coins is slowly washing away from millions of shop owners’ minds.
The Indian e-commerce payment portal, which cash dominated at one point in time, is evolving to meet the demands of its increasingly smartphone-led online shopping culture. This is especially true among Millennials (Gen Y) and Gen Z. They want quick solutions and are tech-savvy as they are mostly exclusive users of cards and digital wallets.
What if your customer became your subscriber?
When a business simplifies its operations and provides a better service to its customers, an appreciation in goodwill and constant growth is assured.
Being a customer-centric business means adapting and evolving, and we are here with the perfect solution for your growth.
As we advise you to become more customer-centric, we also intend to lead by example, which is why we have launched the all-new subscription model!
What is a subscription model?
A subscription model is a payment portal for you to collect regular payments (weekly, monthly, quarterly, or yearly) from your customers in a hassle-free manner without creating a separate payment platform. With the feature of enabling pre-set payments, your customers will not have to worry about anything anymore!
Paytm has designed the model to provide a seamless payment experience to the customers with no customers’ action. Our platform is best suited to merchants like OTT platforms, Utility Bill payment providers, Edutech companies, BFSI companies – Lending, Insurance, Investment, Credit Card payments where consumers make periodic payments.
What is more interesting is the fact that the Paytm subscription model works on three simple steps.
1. Create a subscription
With Paytm Subscriptions, you can offer your customers to make payments weekly, monthly, or yearly for the products/services provided to them regularly. By creating a subscription, you can make sure you get paid for the product or service already offered and gain a regular customer for the future.
The billed amount gets deducted from the customer’s default payment mode for the products/services availed.
The subscription plan shall have the following details to the customer on your app or website:
- Amount/Max Amount
- Frequency
- Start & End Date
2. Activate subscription
The next step is to activate a subscription created by the customer. The customer has to choose a payment instrument, and the Paytm payment portal provides a one-time consent to:
- To make the first payment*
- To make all future payments automatically from the selected payment instrument.
This step is as per the subscription plan accepted by the customer while creating the subscription.
The subscription model is now active, and you can start receiving money into your accounts.
3. Collect payment
Merchants can send payment requests to customers on or before the due date. Paytm will process the payment through its payment gateway and confirm the merchant account once the linked payment instrument has been charged. The merchant has only one task here; to ensure that the payment request is valid as per the chosen subscription plan.
If you are still wondering about the reason you should choose Paytm Payment Gateway, then here is your answer:
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Exhaustive Payment options
The end customer (your clientele) will have numerous payment methods through our payment gateway to ensure convenience and flexibility. Net Banking, UPI, Credit Card, Debit Card, EMI, as well as Paytm Instruments – Paytm Wallet, Postpaid are all available on the Paytm Payment Gateway.
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Superior payment gateway experience
With the utmost flexibility and ease, the entire experience of hassle-free payments will help you establish long-term relationships with your customers. With our strong 400 million user base, our payment gateway is quality-driven and easy to use.
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Powerful Dashboard
Not only will our subscription model prove efficient for your customers but you as well. Here on, you will be able to track payments, make bank settlements, and will also be able to manage refunds easily. In short, Paytm Subscriptions is your on-the-go solution for all banking and financial needs.
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Versatility
From freelancers to well-established businesses, from Kirana shops to departmental stores, from small and medium enterprises to the most prominent companies out there, the Paytm subscription model is highly versatile and customisable!
With a supreme user-interface, hassle-free payment gateway, and unmatched offers, the Paytm subscription model is your way to go. So, what are you waiting for? Sign up now!
