You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Capital Markets & Wholesale to Payments & Innovation.
In support of his presentation at the Digital Innovation Summit next week , Siamac Rezaiezadeh of GoCardless gives his perspective on the seven dimensions of recurring payments.
The subscription economy is booming. According to McKinsey & Company, the US subscription e-commerce market has grown by over 100 per cent each year for the last five years; while in the UK, 89 per cent of Brits subscribe to at least one subscription service, according to YouGov.
Subscription revenue is ideal since it's predictable and accumulates over time. Less ideal is the pain of collecting it. B2C businesses typically use recurring card payments or digital wallets, while many B2B businesses rely on one-time bank transfers.
Neither is optimal. Cards can be expensive and unreliable; bank transfers require the customer to remember to pay you each time.
Bank to bank payments methods, such as Direct Debit, go some way to solving those problems - they?re automated, cost-effective and reliable. But, even they aren't perfect (yet), with a complex global footprint that can make life difficult for global businesses.
So, what does a perfect payment method for recurring payments look like? That depends on the business. A business starting out might want to optimise its payments for conversion, whereas a business that's expanding might want to optimise for coverage. A business that's mature, however, might want to prevent churn. Whatever the aim, it's likely to care deeply about one or more of these seven things.
?Hear more from Siamac at the Digital Innovation Summit next week, and find out what GoCardless is doing to make bank to bank payments better across these seven dimensions
Siamac Rezaiezadeh, GoCardless
22.04.24
19.04.24
17.04.24
By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.