Last week, we discussed how a well-thought-out payments strategy can fuel growth for subscription business. Today, we're thrilled to announce some major advancements for the Recurly platform that will help merchants put together an even more comprehensive payments strategy. Our press release is below.
Recurly launches Wallet in a strategic expansion of its subscription platform
Additional billing and payment options unlock new revenue streams and enable frictionless payments for subscription companies
San Francisco, CA., April 22, 2021 – Recurly, Inc., the leading subscription management and billing platform powering over $7 billion in annual transactions, today announced that it has launched Wallet as part of a major expansion to its industry-leading portfolio of payment capabilities that now includes Venmo, local payment acceptance in LatAm, prepaid account balance and enhanced pricing precision. With these innovations, Recurly enables subscription merchants to stay ahead of two emerging trends—"pay how you wish" and "pay as you go". Now they can deliver an even more convenient and frictionless payment experience to their subscribers, while unlocking new customer segments, new international markets, and new monetization opportunities.
Recurly's leading subscription merchants consider payments as the catalyst for growth. For them, offering a diverse payment mix and billing options that fit their customers' preferences is becoming increasingly critical as a result of two emerging trends: "pay how you wish" and "pay as you go". Recurly's early research shows that offering subscribers options at two critical touch points of their journey – when users convert into subscribers and when their subscriptions renew – significantly improves customer acquisition and retention outcomes for merchants. Recurly's merchants who add new, highly relevant payment options to their plans typically see an average of 25% increase in their revenue growth. As more consumers demand payment choices and increasingly prefer to pay only for what they've consumed, Recurly expects a massive adoption of these trends across the B2B and B2C spectrum. The company's expanded portfolio of payment and billing capabilities is designed to give subscription merchants unparalleled ease and flexibility to create a user experience that supports this evolutionary shift.
"We are excited about the Wallet functionality and being able to have multiple payment methods on an account, including ACH," said Colin Harty, Director of Billing at Pipedrive. "Having an option to process higher contract values and higher transaction volumes using multiple payment methods will allow us to reduce payment processing fees, save on operational costs and meet our customer needs more effectively. Having a secondary backup payment method is going to be a game changer and will help us to improve decline rates, maximize collected revenue through a backup payment method, and reduce involuntary churn."
Continue reading the full press release.