Let’s talk subscriptions! Instead of relying solely on one-time sales, more and more businesses are offering recurring services for a steady income. It’s like having an incremental paycheck that keeps coming in month after month! Whether it’s streaming services, grocery and meal plans, or investments, businesses across the world are embracing the subscription model like never before.
Fueling this subscription revolution is UPI AutoPay, giving your customers the power to set up automatic payments with ease. With UPI AutoPay, businesses are forging stronger, long-term customer relationships.
If you’re curious about how UPI AutoPay can help you retain your customers, you’re in the right place.
But first,
What is UPI AutoPay?
AutoPay is a system where your customers allow you to automatically debit funds from their accounts at regular intervals for a product or service, such as a monthly OTT subscription or recurring electricity bill payments. This ensures accurate billing and processing of payments for their subscriptions.
UPI AutoPay is the easiest way for you to receive payments for the subscription services you provide. It helps you collect timely payments and maintain your cashflows while reducing the time and effort spent following up with your customers for payments. Your customers simply need to set up recurring payments for your product or service with just a few taps.
5 Reasons Why UPI AutoPay Could Be a Gamechanger for You
Goodbye, Manual Interventions!
Your customers can set up recurring payments with just a few taps, providing them with convenience. Moreover, UPI AutoPay offers your customers the flexibility to manage their subscriptions—whether it’s modifying or canceling their payment mandates, as per their choice.
Revenue, I See You!
To drive financial planning and business growth, it’s important to have revenue forecasts handy. UPI AutoPay plays a vital role in this by ensuring timely and regular payments from your customers. With automated recurring payments, you can have a clear view of your cash flows.
Fuel Your Business Growth
As businesses scale, managing recurring payments manually becomes increasingly difficult and prone to errors. UPI AutoPay eases this by providing a scalable solution for handling recurring payments. Whether your business is serving thousands or millions of subscribers, you can rely on UPI AutoPay to manage payment cycles effortlessly, enabling scalable growth while keeping your customers happy!
Personalise Subscriptions for Your Customers
UPI AutoPay opens up a whole new world of innovation and diversified offerings, enabling experimentation with new subscription models such as tiered pricing and offering discounts to customers.
How to Choose the Right Tool for Your Business
How to make running your subscription business a cakewalk? Simple. Get a reliable Payment Gateway to effortlessly process recurring payments, facilitating transactions while encrypting sensitive financial information of your customers.
Now, let’s explore the key considerations you should keep in mind when selecting a payment solution to support recurring payments.
Transparency
Select a payment gateway that provides your customers with a clear view of the debited amount. Sometimes, customers are only shown the agreed mandate amount, but the actual debited amount may differ, occasionally exceeding the initial mandate amount. To maintain customer trust and retention, choose a payment gateway that accurately displays the exact amount debited.
PhonePe PG’s UPI AutoPay allows you to display two amounts to your customers: the Mandate amount (the maximum amount that could be debited—debits will not exceed this amount) and the Debit amount (the actual amount that is debited).
Easy Mandate Creations
The payment gateway should allow you to instantly create mandates. At the same time, it should provide your customers with the flexibility to manage their subscriptions – including the ability to cancel or pause whenever they wish to.
PhonePe PG’s UPI AutoPay allows you to create mandates in less than 20 seconds. Additionally, it enables you to set up subscriptions with varying amounts for each cycle, making it easy for you to acquire customers by offering discounts!
Pre-Debit Notifications
To increase payment success rates and conversions, a good practice is to send pre-debit notifications to your customers. This allows them to ensure they have sufficient balance for the mandate to go through.
PhonePe PG’s UPI AutoPay lets you automate pre-debit notifications before every recurring transaction to boost payment success rates!
Retries & Recurring Debits
Even if you try your best to make sure all the mandates are carried out smoothly, sometimes things may not go as planned. In these situations, the payment gateway needs to be smart enough to keep trying the transactions at regular intervals.
PhonePe PG’s UPI AutoPay gives you the flexibility to schedule retries according to your needs. Whether you want to retry the debit every hour or every two days, you decide it all!
Compatibility
The payment gateway you choose to power your subscriptions should be compatible with your customers’ most preferred UPI apps.
PhonePe PG’s UPI AutoPay is compatible with all UPI apps!
