According to our payment partner Worldpay’s latest research, worldwide APMs have now overtaken traditional payment methods, such as credit and debit cards.
One reason for this growth is that they offer a quick and easy transaction process. But, if businesses are to take advantage of this trend, it’s important they understand how implementing new payment methods actually works for the consumer.
In the case of the Subscription Economy®, businesses need to offer relevant payment methods in each market while making the process of payment as seamless and effortless as possible.
Consumer preference is evolving towards a long-term, value-based relationship with businesses instead of a traditional single-purchase model. And globally, new types of billing models are growing in popularity such as subscription payments, account on file, micro-payments and personal information in return for goods and services.
Subsequently, over 50% of companies are adapting their pricing models in response to these changing preferences.
Although recurring transaction models can offer significant opportunities for businesses to enhance the individual customer experience and maximize the lifetime of a customer, the complexities associated with processing recurring transactions via alternative payment methods can severely impact business growth.
So how can companies take advantage of both the Subscription Economy and the need for seamless payments?
Download Worldpay’s invaluable new tip sheet “7 Essential Tips for Managing Global Recurring Payments.”
And check out The 3 Most Important Global Payment Methods for Subscription Businesses, by Lukasz Weber, Product Manager for Zuora.