• Minimise Clicks: Simplifying the payment journey significantly impacts conversion rates. For instance, in 2022, digital media and entertainment platforms achieved the highest conversion rates among subscription-based industries, at 43.3%. We have also explored the success of the latest Hosted Field solutions in our recent blog, Optimising Checkout Experiences: A Guide to Improving Payment Conversion. This highlights the importance of the checkout getting it right can increase conversion by up to 38%.

• User-Friendly Design: An intuitive, straightforward and simple payment interface reduces friction, encouraging users to complete their transactions.

• Clear Communication: Providing transparent information about pricing, billing cycles, and any additional charges builds trust and reduces the likelihood of cart abandonment.

• Appropriate Payment Methods: Offering a variety of payment options, including Alternative Payment Methods (APMs), caters to regional preferences and enhances customer satisfaction. Notably, 82% of subscribers stated that the ability to pay using their preferred payment methods was one of the features they wanted most from merchants.

• Recurring Payment Support:
  Implementing solutions that facilitate seamless transition of initial customers into recurring transactions ensures uninterrupted service for subscribers. Providing the right journey and simple automated way via technology to take the initial purchase into an enrolled subscriber is essential for success and revenue optimisation.

• Mobile-Centric Solutions: With recent research indicating that 45% of all global ecommerce transactions are from a mobile device, not having a mobile first approach is hampering conversion, optimising the payment process for mobile platforms is essential along with adopting mobile optimised payment methods such as Apple Pay and Google Pay, these are both increasing conversion by 15% whilst reducing fraud.

• Flexibility: Adapting to various customer needs by offering multiple payment plans, currencies, and payment frequencies enhances conversion rates.

• Comprehensive Subscription Management Platform: Utilising a platform that is built for payment processing coupled with subscription management allows for an optimised automated billing solution. Payment failures will happen. It is how you respond to those failures that saves lost revenue and delivers great customer experience. Celeris’s Subscription Recovery Rules delivers a unique solution that allows customised and transactional driven decision making on subscription failures, whether the time of day, day of the week, amount or based on bank response codes each transaction can be retried to ensure successful collection.

• Focus on Payment Continuity: Ensuring that recurring payments are processed without interruption provides consistent service to subscribers.

• Customer Communication: Keeping subscribers informed about billing dates, payment confirmations, and any issues fosters transparency and trust.

• Advanced Rebilling Strategies: Celeris has created an automated system that can respond to payment declines by retrying transactions based on specific decline codes and reasons, adjusting rebill timing and the amount or offering alternative payment options can significantly reduce churn. Notably, Nearly 40% of subscriber churn happens because of payment failure, leading to substantial revenue loss.

• Card Updater Services: Implementing services that automatically update expired or replaced failing card details prevents payment disruptions improve subscription success.

• Data Analysis: Regularly analysing transaction data to identify patterns in payment failures allows for strategic adjustments to improve success rates.

By focusing on these five areas, businesses can unlock the full potential of their subscription payment systems, ensuring a seamless, secure, and satisfying experience for their customers.

Looking to enhance your subscription operations then feel free to get in touch here and speak to one of the Celeris team.