In today’s times, subscription-based services have become the norm. From daily and monthly groceries to annual gym memberships, from OTT platforms to online publications, the number of services that we subscribe to have grown massively.
Of course, this is great news for businesses. Allowing customers to subscribe to your product or service has many benefits:
- It attracts a higher number of customers
- It offers predictable revenue
- It enhances customer lifetime value
And more. Which is why more and more businesses are shifting from a product-based model to a service-based model. But of course, this comes with its own set of challenges as well. As the pool of consumers gets bigger, it becomes increasingly difficult to handle their payment cycles. This is where Paytm Subscriptions can come to the rescue.
With Paytm Subscriptions, you can provide your customers with a payment interface where they can set up recurring payments using a payment source of their choice. Paytm Subscriptions supports all payment sources like:
- Bank accounts
- Credit cards
- Debit cards
- Paytm Wallet
Your customers can make recurring payments without any explicit payment action required every time. This makes it easier for them to pay you for your services, and easier for you to collect payments periodically.
Benefits of using Paytm Subscriptions
Let us take the example of a content-streaming platform. The business would need to do two things:
- Provide an easy way to pay
- Collect payments on time
With Paytm Subscriptions, the business can do both. As most content is streamed on smart TVs, a content platform would need an easy way to get users to subscribe from their televisions. Paytm Subscriptions offers a QR code solution that allows users to scan a QR code on their TV screen and quickly initiate a subscription.
Check out the QR code subscription solution.
With Paytm Subscriptions, businesses also get other checkout solutions like:
- All-in-One SDK
- Custom checkout
- Standard checkout
- JS Checkout
These checkout options ease customer experience, while other features of Paytm Subscriptions allow the business to manage subscriptions of various customers.
Once the subscription is set up, there is no need for any further action from the customer. The business can send the payment request when it is due, and the subscription model will deduct that amount (if the payment request is valid) and send a receipt back to you.
If the customer is paying you for the first time and you need to charge an upfront fee, you can do that with Paytm Subscriptions. You can even offer trial periods for your subscription services with Paytm.
This is how Paytm Subscriptions helps businesses in retaining customers without any additional efforts. And allows businesses to get paid faster as well. It’s a win-win in every way.
From insurance premiums to loan collections, from grocery purchases to periodic memberships, Paytm Subscriptions is ideal for all kinds of subscription businesses.
In a nutshell, Paytm Subscriptions provides:
- Support for accepting recurring payments from credit cards, debit cards, Paytm Wallet, netbanking, UPI and e-mandate
- Easy integration for various sources, since Paytm already has 250 million+ saved cards, 100 million+ saved bank accounts and 15 million+ UPI IDs
- Integration support for various kinds of business models with customisable checkout solutions
Paytm Subscriptions makes both sides of the recurring payments model easier – payments as well as collections.