Until recently, any payments were made directly to the banks or the respective service provider. This required a lot of time and energy. For instance, delay charges would be levied if the payment is postponed due to any circumstance. Thus, the digital mode of monthly/quarterly/annual fees has become popular recently. The digital method of part payments is automatically charged through any trusted third-party application. The part-payment system is preferable for convenience, such as pausing or stopping the subscription in a few clicks.
The part-payment system is also known as the subscription payments method. The payment model is becoming an integral part of every business niche, such as music, mail-order books, telephone companies, mobile bills, eBooks, and satellite channels. The monthly payment system is a popular business model due to the benefits such as predictable income, less CAC recovery time, and quicker maximization of profits.
FEATURES OF A GOOD SUBSCRIPTION PAYMENTS SERVICE
QUICK CHECKOUT
Several customer satisfaction statistics indicate that the percentage of a successful cart checkout depends on the level of easy checkout. This is because most digital payments are made on the go. Innovative payment service providers make the checkout system enjoyable by pre-filling the final page; the page usually consists of customer details. The feature makes the customer feel special and acknowledged. The majority of the customers return to the platform to simplify the payment task.
ACTIVE FILTERS
In a business, there will be several transactions. Namely, payment of dues, pausing or stopping of subscriptions, due payment clearance, and addition of new consumers. Thus, it is easier to send appropriate notifications such as payment reminders by filtering the relevant requirement. The active filters contain locality, recent activity of customers, latest payments, multiple pending dues, etc. The customer-specific filter enables the customers to pay the sum on time and maintain the credit scores; customers always search for a reliable system to track their credit scores.
PRIVACY
Following the various data breach reports across the globe, customers are aware of reading the privacy policy and terms and conditions. They prefer having transparent policies and a robust security system and expect the organization to have zero tolerance for data breach incidents. They expect the details on the preventive or remedial measures such as allotment of an expert committee, implementing the latest data security system, etc.
FEATURES
The customer’s choice of subscription payments service depends on several customer-specific requirements such as controlling payment methods (monthly/quarterly/annually), acceptance of credit systems, including the latest digital payment modes, time taken to approve new customers, etc.
The provision of free trials makes the customer comfortable with the platform and increases the curiosity about the premium content. This is applicable for the partly-free subscription payments platforms.
CUSTOMER SERVICE
Subscription payments service providers can provide complete on-call customer assistance, chat-box assistance, and the combination system. Businesses are extending the customer assistance system via email support, communities, forums, walk-in departments, and the option to choose self-service content.
Customers also check if their comments or feedback are implemented. The implementation acknowledges the customer, and thus they become a loyal customer, even if they were an inactive customer on the platform. Statistical evidence indicates that the customer retention percentage increases with better customer service.
CONCLUSION
Due to the good income, the monthly service payment businesses are on the rise; consumers prefer the platforms for convenient payment modes. Thus, a successful payment platform fulfils customer needs such as great privacy, free trial, insightful features, and friendly customer service.
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