The Benefits of a Recurring Payment Model

In today's digital age, convenience can be a key determining factor in the mind of the consumer. As a result, subscription-based systems are seeing great success as they eliminate the need for consumers to repeatably purchase an item. Business to consumer subscription-based businesses have been growing at 200% per annum since 2011. This model can be highly beneficial for businesses like yours, but how do you implement and benefit from it?

Subscription Based Products

While some product types are more naturally suited to subscription-based systems, such as food, services and beauty products, the growth in the sector has opened the door to new and unique product types succeeding with this model. Companies offering survival kits, Harry Potter merchandise and random gift boxes have all seen success with this model. Within the context of your business, do you find that customers are repeatably purchasing the same or similar items? If so, a subscription model may be worth your time investigating.

Benefits of a subscription model

• Promotes recurring revenue instead of one-off payments
• Automation of the sales process
  • Time-Saving
  • Cost Saving
• Secure System for Collecting Payments, less cash handling
• Allows for flexibility with purchases
• Easy implementation of promotional offers

Creating an online platform to receive recurring payments has never been easier. Websites such as SubscriptionWebsiteBuilder which allow you to create a functional online recurring payment system in less than 10 minutes, with packages beginning at £10.