Brite Payments is set to significantly enhance monthly paid subscriptions with the launch of its recurring payments service.
The Stockholm-based company claims it is set “to improve consumer convenience for subscription-based online businesses with its innovative, customer-first payment technology, as well as providing significant advantages to businesses.”
Unfortunately, the reliance on customers to update their expired details “can often be challenging for all parties within the subscriptions business model.” Subscription services, such as audiobooks, streaming, and online trading platforms, “require a consistent recurring payment mandate in order to run smoothly and remain profitable, which has long been unachievable due to heavy banking restrictions and card expiration.”
The new recurring payments service from Brite Payments is reportedly “a real innovation within the subscriptions business model, allowing monthly payments of a fixed amount to be sent directly from a customer’s account, without the need for updating or changing card details.”
Businesses are set “to see significant benefits too, as subscriptions will no longer be terminated or become inactive due to a lack of payment details.” This means that card churn is set “to be significantly reduced, allowing businesses with these payment models to see better stability in their cashflow.”
The recurring payments solution can be “combined with Brite Payments’ KYC product to allow for the automated collection of consumer details, which can be used to register an account.” In combining these products with the subscription payments model in mind, Brite Payments has “created an automated onboarding process which requires minimal manual input from the customer, optimizing consumer experience.”
By adopting the solution, merchants can “achieve an easy, efficient way of accepting recurring payments.” They also stand “to gain a strong competitive advantage and an acceleration in sign-ups due to improved consumer convenience generated through the automated onboarding flow.”
Lena Hackelöer, founder and CEO of Brite Payments, commented:
“We have known for quite some time about the issues facing subscription companies and have really listened to feedback from merchants about the problems they encounter. With this in mind we’ve been able to develop the perfect payments service tailored to fit their needs. We are really proud to be able to radically change how they operate now with the launch our new service, enabling effective and seamless recurring payments.”
Lena added:
“It’s further proof that open banking is here to stay, and we hope for many businesses, it in fact can save the day for subscription companies.”
The recurring payment product will initially be “launching in Sweden, with plans to roll out to additional markets based on merchant demand.”
As noted in the update, Brite Payments is “a second generation FinTech based in Stockholm.”
The instant payments provider is “leveraging Open Banking technology to process A2A payments in real-time between consumers and online merchants.”
With Brite, no signup or credit card details are required “as consumers authenticate themselves with top-of-mind details using their bank’s usual identification method.” The company currently “operates across 21 markets in Europe and is connected to more than 3,800 banks within the EU.”