Businesses today have many different KPIs to indicate success and profitability. Their importance by hierarchy may be debatable by many individuals, but the one that matters the most is ROI or ‘Return on Investment.’
Making a payment today has become easier than ever. Cashless is the new cool and most services are adopting digital payment options to increase revenue. A new addition to the digital payment space is the humble yet powerful subscription links.
So if you’re a business that relies on recurring payments, Paytm Subscription Links may be exactly what you need to help improve business ROI.
While payment gateways will continue to thrive, Paytm Subscription Links is another hassle-free payment solution for your business that allows you to collect recurring payments at specific intervals, without the customer worrying about delays, dues or repeated logins to complete their payment. In the long run, this benefits customer satisfaction and steadily improves business ROI.
Here are 5 ways in which you can leverage the subscription link:
1. Easy to set-up & customisable dashboard
With the robust yet easy-to-use dashboard, the Paytm Subscription Links allow your business to harness the capabilities of a comprehensive payment system.
You neither require a technical team nor technical expertise to use a subscription link service for your business. The subscription link is made for non-tech savvy merchants who may not have an app nor a website.
Catered to the needs of businesses from all possible sectors, it lets you:
- Create templates for every service you offer
- Create customised plans
- Set subscription amounts
- Set renewal dates
2. Automated operation
Once you create a template, all you need to do is associate a plan to a certain subscriber. Following this, you can choose how to charge your customers, either weekly, monthly, quarterly or yearly and automate the billing cycle.
After authorization of payment, you can automate future payments without the hassle of notifying your customers or requesting them with repeat calls and messages. You can enable email and SMS updates to intimate customers of service expiration dates, renewals and billing cycle changes.
3. Versatility across business sectors
Subscription links can benefit mid-tier businesses offering daily services or large companies looking to expand and build their customer base with subscription services. The easy-to-understand and user-friendly interface makes it easy for any novice to set up and use the dashboard.
With many businesses aiming to automate payments and run on subscription-based models, the subscription link is a perfect alternative in various business sectors.
The BFSI sector can benefit from subscription payments in the domain of EMIs, SIP payments, trading and timed transfers.
Similarly, the product is helpful for rental services such as furniture, electronics, home & vehicle rentals as well as for businesses offering subscriptions for groceries, meal deliveries and even OTT platforms or online entertainment services.
4. Increased customer trust
Uninterrupted service with a carefully constructed business model can increase customer satisfaction quite a bit. One-time authorization of the payment makes the customer carefree while they enjoy your product without having to constantly think about the billing period.
The ability to provide discounted or free trial periods to new customers can lead to permanent loyalists and long-term customers who may continue to use your services for a long time.
5. Ability to have more long-term customers
The easy-to-access and easy-to-use subscription link allows customers to pay for the service easily and use one of the many payment options available to them; from cards to UPI and e-wallets. This significantly boosts customer intent and results in lasting ROI.
The added benefit of subscription services is that you can charge your customers a one-time fee for a certain period and reap the benefits of payments and keep paying customers in your ecosystem for longer with your products or services.
Paytm Subscription Links give you, the merchant, full control of your business. With a completely controllable payment gateway and the ability to design the groundwork of your business the way you want, you will reap the benefits of improved ROI and revenue. For information on how you can integrate Paytm Subscription Links, visit our website.