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Payments are a key driver of customer lifetime value
Payment is a part of the customer experience that many companies traditionally do not focus enough on. The truth is, however, that a seamless payment experience itself can play a decisive role in customer loyalty in the long run.
The subscription economy has changed the way we pay for things. From music, movies, clothing, or even shaving kits. Subscriptions have sent a disruptive ripple through countless industries. All of this is rooted in the trend that people are less interested in owning products instead opting to use them through subscription-based models. As a result of this, companies end up building stronger customer relationships, higher renewal rates, and lower churn rates.
Our platform makes customer interaction simple and efficient. The main feature is to help get paid in a swift and orderly way.
Enrolments enables companies to let their customers start an enrolment process at the point of purchase done online, and set up a fixed and secure payment schedule. You as an issuer can enroll your customers in their preferred distribution channels and set up recurring payments. A customized landing page with the issuer’s brand, URL, etc. is configured to provide the customer with payment options. This ensures a seamless user experience and makes the purchase experience smooth and painless.
The Orbyt platform can handle all mobile payment applications and a wide range of cards. It is a swift and effortless way of aligning the point of purchase with the payment. Recurring payments also increase customer loyalty and satisfaction and can reduce churn by helping to retain customers and make them less likely to change vendors.
Be personal and relevant
Today’s customers expect more than just a great product – they want services that continually evolve to meet their wants and needs. Personalization is crucial, we can no longer think ‘one size fits all. This applies to payments as well. All industries and businesses need to offer pleasant, user-friendly, and clean subscription experiences. If you want to be successful you have to get the payment experience right.
Orbyt enrolments also works seamlessly with messaging and can be used to offer customers alternative and new payment channels. This is ideal when customers actively want to steer away from one payment channel such as paper invoices and offer alternatives in order to reduce costs and increase customer flexibility.
Thinking beyond the transaction
Companies should constantly evaluate and optimise their payment flow, and use data in order to make decisions in areas such as checkout design and feature development to get a seamless payment experience. This approach of ‘thinking beyond the transaction’ enables companies across international markets to grow even further and faster. The results are significant: increased customer value, higher conversion rates, and stronger customer relationships.
Source: Arvato Subscription payments consumer survey 2022
First published 04 October 2022, updated 04 October 2022.