Bank of America Merchant Services announced Monday (May 6) a partnership with Recurly, which runs an enterprise subscription management platform.
In a press release, the companies said they are teaming up to help merchants make money from subscriptions and to analyze their subscription business health, including subscriber engagements and customer loyalty. Customers who use the combined services of Bank of America Merchant Services and Recurly will have the ability to accept payments globally, offer more flexible subscription and billing plans, and manage the lifecycle of the subscriber. Customers also get analytics and insights into the business.
“Bank of America Merchant Services’ partnership with Recurly provides our subscription-based clients a competitive advantage by offering their customers a simple solution to sign up for their service and includes actionable insights to help them grow,” said Bank of America Merchant Services CEO Tim Tynan in the press release. Since its launch in 2010, Recurly has deployed subscription billing for thousands of companies across 32 countries.
The subscription model is a fast and growing way for businesses to earn recurring revenue, spanning fashion subscriptions, eBook subscriptions and even vehicle subscriptions, to name just a few. Digital payments play a huge role in the growth of subscriptions, piquing the interest of the financial services industry.
Subscriptions isn’t the only area Bank of America Merchant Services is going after. In the fall, it announced it had teamed up with talech, a cloud-based restaurant management software company, to roll out a point of sale (POS) solution for the restaurant and bar industries. Clients who use Bank of America Merchant Services’ processing and talech’s integrated software will benefit from cloud-based connectivity offering point of sale mobility, resulting in a fast and convenient checkout experience for guests.