One application to manage all your mandates: Worldline Subscription Pay

This shift is evident across industries, with giants like Spotify (music streaming), Zomato (food delivery), Microsoft (software), and Netflix (video streaming) all embracing subscriptions as their core revenue strategy. With the availability of efficient payment solutions and systems, more and more businesses are shaping up their businesses on the subscription model.

The vital need in this business model is the implementation of an efficient and streamlined payment collection system. Worldline Subscription Pay emerges as a versatile payment solution for businesses of all sizes. It is tailor-made to manage mandates and facilitate seamless customer payments, making it ideal for all businesses - from small grocery shops to e-commerce marketplaces, and from schools to banks. 

Challenges Faced and Overcoming Them

Subscription businesses face some unique challenges regarding payment services and solutions. For instance, subscription businesses see an escalation in operational and development costs due to the multiple integrations for various payment modes. Besides, these businesses also face various mandate-related challenges. Some of these challenges are -

• The absence of a unified dashboard to view all the registered mandates
• The absence of a single application for on-site mandate registration while visiting customers
• The practice of scanning physical mandates and sending them to the payment partner for registration. It is cumbersome and time-consuming for businesses

Despite the challenges, the global subscription market continues to grow rapidly. It is expected to be worth $1.5 trillion by next year, representing a 2.3 times growth in five years. As more and more businesses adopt the subscription model, an efficient mandate management solution is needed now more than ever before.

Choosing Worldline Subscription Pay will help you manage the unique challenges faced in this type of business:

• Mandate management: Creating mandates, making amendments and cancellations, and generating insights from the mandate data – all of these can become a challenge for the business, particularly if managed through multiple service providers. Worldline Subscription Pay acts as a focal point for all mandate management needs of a subscription business.  
• Billing models: These businesses must also decide on the billing model(s) they can offer to their customers. Subscription-based businesses can have a flat-rate billing model, usage-based, user-based, slab-based, etc. Some companies also offer freemium plans, which are free plans with a payable clause beyond a certain point. With Worldline Subscription Pay, businesses get a platform where they can manage multiple plans and pricing changes effortlessly.
• Payment methods: Companies must offer all the popular payment methods to their customers. Mandates may come through popular options like credit and debit cards, UPI AutoPay, e-wallets, internet banking, etc. However, if the company caters to an international market, it may also need to include international payment methods as well. Worldline Subscription Pay helps businesses accept payments across all payment methods, and modes like NACH, e-NACH, e-Mandate, e-Sign and UPI 2.0. 

Managing Subscription Inflows 

To offer and facilitate the top payment methods to customers, a company must choose the correct payment solution provider. With Worldline Subscription Pay, you get the advantage of managing all your payments through one application. This includes physical as well as digital mandates, allowing you to capture mandate images, get them processed, and share registration links with customers online. Let us find out how mandate management can be done effectively with Worldline Subscription Pay:

• Speed: Worldline Subscription Pay can go live with a quick plug-and-play setup. This is done using standalone Application Programming Interface and Software Development Dockets.
• Versatility: Through this single app, you can register for all types of mandates. You get the NACH and e-Nach payment systems that streamline and consolidate ECS systems, helping companies automate recurring payment processes. Companies can register e-Mandates for auto-debit of specific recurring amounts from customers using systems like UPI, e-Sign, and several more.
• Operational ease: Using Worldline Subscription Pay is a cost-effective decision that reduces the time spent and dependency on manual processes. You will have full visibility of the mandate registrations, payment receipts, and recovery.
• Safety: With Worldline Subscription Pay, you get a secure application for your mandate management. Worldline ensures full compliance with the latest statutory regulations.

Succeeding with Subscriptions 

To have a successful subscription-based business, your payment processes must be efficient and watertight. At the very minimum, you must have the complete set of commonly used recurring payment products. Your payment system must allow seamless mandate registration for your customers, both in the online and offline formats. Worldline Subscription Pay is designed with the key expectations of a subscription-based business in mind this includes -

• Businesses engaged in banking, insurance, and financial services that need to collect recurring SIP amounts, premiums, loan EMIs, etc.
• OTT platforms that have video-on-demand subscription billing models.
• Academic institutes that collect online course subscriptions and tuition fees.
• SaaS companies dealing with software subscriptions and many more.

Conclusion 

As a recurring transaction, subscriptions must be smartly priced, deliver value, and be backed by strong product or service quality. However, the regular and timely transfer of these subscription amounts must be seamless and effective – both for the customer and the subscription-based company.

Worldline Subscription Pay covers all the requirements of a subscription transaction flow, helping companies manage their payment flow better. Check out the services and features of Worldline Subscription Pay today!