Businesses, both online and offline, can use subscriptions to increase their revenue and establish a long-term relationship with their customers. Offering interesting subscription plans can help in engaging and retaining them. You can create amazing subscription plans for your products and services quickly and easily with PayU Subscriptions.
We believe, nearly every business can make products or services that can be purchased on a subscription basis. Subscription plans can be created to sell everything from movies/entertainment to newspapers, books to healthcare services, and groceries to smoothies. With PayU Subscriptions, you can automate recurring payments easily and provide convenience to your customers, thus boosting your sales!
Benefits of Subscriptions:
Did You Know?
It’s roughly 7 times more expensive to acquire a new customer than to retain an existing one.
- Access to reliable revenue sources and flexibility to forecast fixed income arriving in your bank account every week/month/year
- Subscriptions are convenient for customers as it saves them time and effort required to buy the same things, again; they become more loyal to your brand
- Recurring customers are more likely to make referrals
All Businesses: Convert Your Customers to Subscribers with PayU Subscriptions
1.Over the Top (OTT) Services – A new survey reveals that more than 75 percent of Indians purchased new subscriptions for over-the-top (OTT) platforms during the lockdown period. If you too are in the media or entertainment industry, there is no better time to launch subscription plans for your content. It’s a win-win situation for both you and your customers. While your customers get more offerings, you will be able to earn more predictable recurring revenue.
2. Software as a Service (SaaS) Business – Offering subscription plans to your customers is a necessity in these times if you have a SaaS business. There a lot of people and companies that take SaaS subscription services such as that of MailChimp, Semrush, etc for a recurring period of service. Creating subscription plans through PayU will enable you to automate customer billing at a specific fee on a recurring basis. It will also help you manage your subscriber’s transactions and billing cycles, on the powerful dashboard.
3. Financial Services, Wealth Management & Insurance – If you are a part of the financial services industry, you are soon going to need to adopt the trend of offering subscriptions to your regular consumers. People are increasingly seeking help from financial and insurance advisors for their life events such as marriage, first job, etc, wealth management and insurance renewals. Also, wealth management for customers is set to become the next big thing!
Integrating the digital platform along with human experience to offer customers financial insights, how they can plan, etc. is what companies are focusing on. People are taking more and more interest in how to manage their wealth and what financial plans to go for. Also, these days, it’s very uncommon to find someone who does not have his/her insurance amount deducted each month or year that gives us peace of mind. Therefore, an insurance company must automate recurring payments.
4. E-commerce Business – If you own an online store, you could start your subscriptions business by simply defining your customer persona and what makes you different from others in the market! Depending on if you have products that can be consumed regularly or monthly or fortnightly, create subscription plans for your customers that offer them value for money.
5. Education – Whether you offer online courses or run a school, you can automate your recurring fees with PayU Subscriptions and handle the billing process efficiently. For schools, you can offer parents a semi-annual or annual subscription for a class as the fee is charged for an entire term. If you are offering online courses or tuitions, you can curate content for your target audience and create specific subscription plans for them. It will also help you simplify all the administrative tasks and focus on your core educational goals and improving student learning.
6. Book Store – If you own a bookstore, online or offline, you can offer your subscribers a reading journey through subscription packages for different genres of books. You can create a monthly or bi-monthly plan for your readers and give them their favorite books to read, at decent prices.
7. Healthcare and Beauty Service Provider – This sector is perfectly poised for subscriptions and its future too. Medicine, health care consultation, and beauty services are critical to people and they do not miss it. You can supply supplements, prescribed medicines, and other wellness kits to your regular patients/consumers through subscriptions. You can create subscription plans for them depending upon your services or products.
8. Catering/Food Business – The growing trend of 30-min food deliveries is pushing food businesses to offer personalized menus to their customers on a weekly or monthly basis. You can do it too by offering healthy and sustainable food options to your customers. You can target office-goers or PGs, hostels wherein people are looking for food options regularly and create subscription plans for them.
9. Online Florist – You will find a lot of people who wish to decorate their houses/offices regularly with fresh everyday flowers or people who want to send wishes to their loved ones on various occasions. You can create weekly or monthly subscription plans covering the number of birthdays, the kind of flowers or size of bouquets, frequency of delivery, etc. After you interact with your subscribers a few times, you learn about their preferences and create special subscription plans matching those preferences
Multiple Modes to Collect Recurring Payments with PayU
- eNACH (Bank Account) – With e-NACH, anyone with a bank account can automate transactions that are repetitive and periodic in nature. The customer will provide authorization with the choice of its preferred bank via e-mandate registration through Debit Card or Net Banking at the start of the billing cycle/subscription plan, and all subsequent payments will be fully automated thereon. PayU has already integrated with leading bank and counting, for collecting payments via e-NACH. Click here to know more about collect recurring payments through eNACH.
- Debit Card/Credit card – You can charge your customers recurring payments via debit or credit cards. The customer would just need to do a one-time authentication for the subscription plan they select and then you can start charging them a fixed amount on a recurring basis as per the plan.
How to Integrate PayU Subscription Payments
You must use the PayU Subscription APIs on your website where you want to display the subscription plans offered to your consumers. Click here to know the process in detail.
You can also request a call if you wish to offer your customers subscription plans, quickly and easily.
Offer a Great End-to-End Experience to Your Customers!
Subscriptions can be a great way of making a long term relationship with your customers. Take some time and think about the products or services you would want to offer for subscriptions. You will be amazed to see how businesses have grown by offering subscriptions to their customers. Make the experience unique for customers with PayU subscriptions. To know more about PayU and its products,