Subscription providers would be the first to state that payments need to move seamlessly and continuously across borders. Consumers do not want to encounter any friction when it comes to reoccurring payments, whether that means merchants not accepting their preferred payment method or going through the hassle of currency conversion.
Merchants and subscription providers that cannot meet those needs will find themselves ousted by competitors that can, which is why some subscription companies and accompanying payment providers are changing the way that they approach international payments. In the latest Global Recurring Payments Tracker, PYMNTS examines how merchants are changing their approach to fit fluid customer preferences.
Around The Global Recurring Payments World
Customers are not only expecting payments to be fast, but they’re also expecting subscription services to be renewed automatically. This could be an issue for customers that are dealing with companies based in the European Union, as the effects of Strong Customer Authentication (SCA) on recurring card payments may be severe. These customers may find their payments declined due to the stricter authentication measures, which just went into effect on Sept. 14.
That may be why some companies in Europe are partnering up to ensure that payments remain as quick and easy as customers have come to expect. European banking app Monese recently announced a partnership with European FinTech Raisin, which will allow customers of both apps to better browse and select financial products that fully fit their needs. Monese customers will also be able to access Raisin saving accounts through the partnership, making it easier to deposit reoccurring transactions into these accounts without friction.
Meanwhile, other providers are upping their subscription payment game. Subscription billing platform provider Fusebill is integrating its service into customer relationship management (CRM) platform HubSpot for easier payments. The move will let HubSpot clients better view and generate invoices, enabling faster payments and transactions.
For more on these stories and other trends in the global recurring payments space, visit the Tracker’s News and Trends.
How BlueJeans Is Solving Its Recurring Payment Woes
Even subscription providers for software-as-a-service (SaaS) products aren’t immune to the frustrations that slower payments can bring. Customers are expecting even these types of subscription payments to be seamless and for them to accept payments in local currencies and preferred methods, which is why companies like SaaS video conferencing provider BlueJeans has worked to revamp the way it looks at eCommerce payments. This is according to Mike Schramm, director of global eCommerce for the company, who spoke with PYMNTS about BlueJeans’ need for a more personalized digital payment strategy.
To learn more about how BlueJeans is innovating payments for a more localized approach, visit the Tracker’s Feature Story.
Deep Dive: Tailoring Global Subscriptions To Local Markets’ Needs
The need to keep recurring payments frictionless is all the more critical when it comes to the modern global economy, as subscription companies aren’t just competing with players in their native markets. Now, the competing field is as wide as the world. As such, subscription providers need to make sure that they give customers all of the payment personalization that they need if they don’t want to lose out to the local subscription companies that are already there. They’re also being tasked with aligning their payment experiences with changing local compliance rules.
To learn more about how subscription providers can meet local market standards and convert global customers, visit the Tracker’s Deep Dive.
About the Tracker
The Global Recurring Payments Tracker, a collaboration with GoCardless, is a go-to monthly resource examining the complexities and challenges of the international recurring payments space, as well as the latest efforts to enable smoother cross-border transactions for global business growth.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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