According to Checkout.com, 56% of consumers would be “permanently put off shopping on a site” if they couldn’t use their preferred payment method. Without a doubt, payments play a large role in conversions of new subscriptions and renewals alike. The payment methods and currencies available at checkout help consumers determine whether or not they will be completing their purchase–it answers the question, “Can I pay with my preferred payment method?” If your subscription business does not offer the most desired options, you may have just lost a subscriber.

Don’t lose a subscriber to your competition–here’s a look at our payment predictions in our State of Subscriptions report.

Unfortunately for many businesses, payments are an afterthought. Payments are a strategic decision to meet consumer demands and business goals, from personalization to churn reduction to improving operational efficiencies. If international expansion is on your roadmap, payments are essential to a thoughtful strategy to grow and gain market share.

Our research found that combined with expert decline management techniques, alternative payment methods (APM) are one of the most effective ways to generate more revenue and minimize fraud. With some of the lowest decline and involuntary churn rates, the case for APMs is high, yet innumerable subscription businesses still haven’t adopted more payment options. 

As times change, more and more consumers expect and demand a variety of digital payment options to pay how they want. Expand beyond traditional payment methods to attract and retain more customers, have greater control over decline and involuntary churn rates, and position your business for global readiness. As always, having a subscription management and recurring billing partner that understands the complexities of payment gateways, alternative APMs, fraud management, and more will allow you to focus on perfecting your core product or service.

Learn more about our predictions for the year and subscription trends and insights by downloading our full State of Subscriptions report.