In today’s time, we are quite ignorant about the amount of subscription-based services we use daily. From monthly groceries to gym memberships, from OTT platforms to online magazines, the amount of indulgence in the subscription economy is massive.
Consumers love the idea of a service-based model as it allows them to experiment with the product. Hence, many businesses are shifting from a product-based to a service-based model. But in this journey, service-providers face one problem: as the pool of customers gets bigger, the difficulty in handling all those customer’s payment cycles also increases. It might feel like a difficult problem, but not with Paytm Subscriptions.
With Paytm Subscriptions, you can provide your customers with a payment portal where they can set up recurring payments from any source that they select. It makes it possible for the customer to make recurring bill payments without any explicit payment action. It not only makes it easier for them to pay for the services you offer but also makes it easier for you to collect the payments periodically.
You can set up Paytm Subscriptions in three simple steps:
- Create subscription
- Activate the subscription
- Collect the payments
But why Paytm Subscriptions specifically?
Let us take an example of a business that provides content-streaming services. The primary finances to handle are the Subscriptions of various customers. A manual request-receive for payments is taxing, especially if the business has more customers. You require a solution that can ease this process by providing a way to get the payments on time as well as let your customers make payments easily.
As most of the content streaming is done through television, imagine the customer likes your product and needs to set up a subscription. You can provide a QR code (one of the checkout solutions) on the screen that can be scanned by the user and post that he or she is directed to the subscription page of your choice. No extra work needs to be done.
Once the subscription is set up, there is no need for indulgence from the customer’s side. You can send the payment request when it is due, and the subscription model will deduct that amount (if the payment request is valid) and sends a receipt back to you. That’s it.
Taking a small diversion, imagine the customer is making the payment for the first time, and as per your services, you need to get some upfront fee. Paytm can help you set that up and make it possible for you to even offer a trial period(s) for your services.
This way, it helps in retaining customers as they can set up the subscription, without any extra effort and also help you get the payments faster. From insurance premiums to loan collections to periodic membership fees, Paytm Subscriptions can help you in whatever field you provide your services.
To put it all together, Paytm subscription provides:
- Support for establishing recurring payments from Credit card, Debit card, Paytm balance, UPI as well as E-mandate.
- Easy integration of various sources, as it already has 220 million-plus saved cards and over 100 million stored bank accounts. It makes it extremely convenient for your customers to set up a recurring payment solution.
- Support for integration of the Subscriptions in various kinds of business models with customizable checkout solutions.
Paytm makes both sides of the recurring payment model easier, the collection as well as the payment side. It makes the payment model better for you as well as your trusting customers.
Paytm subscription will help you manage the payment collections, so you can focus on the crucial part of the business and let the payment gateway handle the finances. So why wait? Get in touch and make your service end better with Paytm Subscriptions.