Looking to retain your customers via subscriptions? Read this.
Businesses today are trying their best to retain their customers and with the available choices, it very hard to get the customer to come again and make the purchase. Modern customers momentarily look for a personalized and more rewarding product or service rather than that of a general one. And to provide a more seamless and personalized experience businesses are now zeroing in on the subscription-based model.
While the media and print industry heavily rely on the subscription model, the direct to consumer brands are not far behind, in last few years many startups like The Moja Club, Bombay Shaving Company, Raw Pressery, LetsShave and Ustraa have sprouted in India, selling items like socks, shaving and grooming products to cold-pressed juices and milk directly to their subscribers.
We also observed the demand for recurring payment and thus planned to launch the solution to provide your customers with a convenient and efficient experience.
Signup below for early access.
Why recurring payments?
Recurring payments allow customers to just authorize their interest in the desired goods and services without too much effort. A single payment authorization builds a relationship between your customers and your business on an ongoing structured basis.
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves!” — Steve Jobs
Why now?
In India, a one-time-password or a 3D secure password was mandated by the Reserve Bank of India (RBI) without which all the recurring payments were mainly done via credit cards till now. However, with the recent launch of the one-time mandate and an overdraft facility of UPI 2.0, users without credit cards can subscribe and enjoy the benefits of recurring payments. Thus opening a door for your business to reach/target 950Mn+ customers all across the country.
Also, UPI is a much smoother process for recurring payments than cards as it allows pull-based transactions. You have to initiate a transaction on your end to request a recurring payment, and the customer has to merely authenticate the transaction with an m-PIN.
How does it work?
The process starts with your business creating various subscription plans for your services/products.
The user comes to your website/app and add the preferred product to cart and opts for a plan, proceeding ahead to pay. Once the customer proceeds to subscribe via UPI, a request will be sent to customer’s UPI app to approve the transaction and authorise the mandate.
This creates an auth transaction and on successful authorization, a mandate is created and linked to the subscription!
On the next payment date, you can initiate the transaction and request the payments, which will be deducted from the customer’s bank and an invoice will be generated for that amount and date.
The user has all the power and can also modify or revoke the UPI Mandate.
What are the benefits to businesses?
As a business, you get to optimize the subscription sign up experience and reduce failed transactions. Also -
- More revenue is at your fingertips as you give customers uninterrupted services.
- Availability to 950Mn+ customers that don’t have credit cards.
- No/low threat of fraudulent transactions.
UPI is now becoming the first choice of payments crossing 620.17 million transactions in December 2018, up 18% from 524.94 million in November 2018. The total count for 2018 reportedly stands at 3 billion.
And with UPI 2.0 businesses will get the golden chance to provide a much more personalized and seamless payments experience and this is why its the high time to add UPI into your business.
If you have any questions or would like more information on how UPI could benefit your business, please get in touch with us at 09599771577 or email us at help@wibmopay.com. We’d be happy to talk to you on any queries you may have or fill out the form above to arrange a call back at any convenient time.
Helping 1000+ businesses in all their payment needs via our infrastructure and solutions!
