Brite Payments is poised to significantly switch up monthly paid subscriptions with the launch of its new ‘recurring payments’ service.
The Stockholm-based company is set to significantly improve consumer convenience for subscription-based online businesses with its innovative, customer-first payment technology, as well as providing significant advantages to businesses.
Unfortunately, the reliance on customers to update their expired details can often be challenging for all parties within the subscriptions business model. Subscription services, such as audiobooks, streaming, and online trading platforms, require a consistent recurring payment mandate in order to run smoothly and remain profitable, which has long been unachievable due to heavy banking restrictions and card expiration.
The new ‘recurring payments’ service from Brite Payments is a real innovation within the subscriptions business model, allowing monthly payments of a fixed amount to be sent directly from a customer’s account, without the need for updating or changing card details.
Businesses are set to see significant benefits too, as subscriptions will no longer be terminated or become inactive due to a lack of payment details. This means that card churn is set to be significantly reduced, allowing businesses with these payment models to see better stability in their cashflow.
The recurring payments solution can be combined with Brite Payments’ KYC product to allow for the automated collection of consumer details, which can be used to register an account. In combining these products with the subscription payments model in mind, Brite Payments has created an automated onboarding process which requires minimal manual input from the customer, optimising consumer experience.
By adopting the solution, merchants can achieve an easy, efficient way of accepting recurring payments. They also stand to gain a strong competitive advantage and an acceleration in sign-ups due to improved consumer convenience generated through the automated onboarding flow.
Speaking on the launch’s announcement, Lena Hackelöer, founder and CEO of Brite Payments, commented: “We have known for quite some time about the issues facing subscription companies and have really listened to feedback from merchants about the problems they encounter. With this in mind we’ve been able to develop the perfect payments service tailored to fit their needs. We are really proud to be able to radically change how they operate now with the launch our new service, enabling effective and seamless recurring payments.
“It’s further proof that open banking is here to stay, and we hope for many businesses, it in fact can save the day for subscription companies.”
The recurring payment product will initially be launching in Sweden, with plans to roll out to additional markets based on merchant demand.