Subscription providers seeking to go global need to make sure they have the right recurring payment offerings to take them beyond the limited consumer pools available in their local markets. The payment offerings that worked at home may not find traction abroad, and merchants must pay close attention to the currencies in which they list their prices. Merchants must also ensure that they support payment instruments that are both widely accessible and highly popular for recurring purchases in their desired regions.
Even so, enabling a particular recurring payment option — even a popular one — can come with frictions for the business, such as processing fees or slow settlement times. Merchants must then carefully weigh the pros and cons of each payment instrument before deciding which to support.
The inaugural issue of the Global Recurring Payments Tracker examines how businesses can tailor their approaches to each market and strategize to create convenient, reliable recurring payment experiences for themselves and their customers.
U.S.-based electronic signature and agreement management service DocuSign recently sought to improve purchasing experiences for European and British customers by offering a new payment capability. The company announced that it had adopted a product from direct debit solutions provider GoCardless that enables DocuSign’s U.K. and Eurozone customers to now pay through bank debit.
Canadian FinTech Buckzy Payments is also equipping itself with new payment options, by enabling financial institution (FI) clients’ end customers to make use of a new bill payment feature. Buckzy added the capability to its real-time cross-border payment platform, and FIs can use an application programming interface (API) to offer it.
Business spend management platform Coupa recently announced it had made a series of partnerships aimed at expanding how companies can make and receive international B2B payments through its payment management and financing software. The company enlisted these partners to enable its software users to link their PayPal accounts and for Stripe customers to receive virtual card payments directly into their bank accounts.
Find these and all the rest of the latest headlines in the Tracker.
Local-Focused Payment Strategies Power International Subscriptions
While catering subscription offerings to today’s U.S. consumers means offering credit card payments, that method tends to be far less compelling to consumers in places like Europe. Merchants who are eager to expand on an international level need to do their research on the local needs and preferences of each new locale and adjust accordingly, says Andy Barker, Adobe’s head of payments.
In this month’s Feature Story, Barker explains the key principles to help merchants recruit and retain customers when they take their operations to the global stage.
Read the full story in the Tracker.
International subscription companies must tackle a slew of challenges, ranging from currency conversion expenses to lack of visibility into payments statuses. This month’s Deep Dive examines key issues confronting cross-border subscription providers, as well as some of the latest messaging technologies, payment pre-validation projects and more being leveraged and developed to smooth the path.
To get the full Deep Dive, download the Tracker.
About the Tracker
The PYMNTS Global Recurring Payments Tracker™, powered by GoCardless, is your go-to resource for staying up to date on critical international recurring payment developments and insights on a month-by-month basis. The tracker examines the complexities and challenges of the space as well as the latest efforts to enable smoother recurring international transactions for global business growth.