Brite launches new recurring payments service

Tuesday 5 July 2022 10:24 CET | News

Sweden-based Brite Payments has aimed to augment subscriptions with the roll out of its new recurring payments service.

The company is set to improve consumer convenience for subscription-based online businesses with its, customer-first payment technology, as well as providing benefits 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, as per the press release.

The new ‘recurring payments’ service from Brite Payments is an 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 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 reduced, allowing businesses with these payment models to see increased 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.

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Keywords: subscription payments, recurring payments, KYC, product launch, digital onboarding, digitalisation
Categories: Payments & Commerce
Companies: Brite Payments
Countries: World
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Payments & Commerce

Brite Payments

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