How various businesses can utilise PayU subscription services: how three-way payments work in India

Both online and offline businesses can increase their revenue and build long-term relationships with their customers through subscription services. Offering engaging subscription plans helps attract and retain customers. You can quickly and easily create great subscription plans for products and services using PayU subscription services.

We believe that almost every business can sell a product or service on a subscription basis. Subscription plans can cover everything from movies/entertainment, newspapers, books, healthcare services to groceries, smoothies and more. With PayU subscription services, you can easily automate recurring payments and provide convenience to your customers, thereby increasing sales!

Advantages of subscription services:

You know what?

Acquiring new customers costs about seven times as much as retaining existing customers.

Subscription services allow businesses to have access to a reliable source of revenue with the flexibility to forecast a fixed income coming into their bank account on a weekly/monthly/annual basis. Subscription services save customers the time and effort of purchasing the same items over and over again, making them more loyal to your brand. Regular customers are more likely to make referrals.

All Businesses: Convert Customers to Subscribers with PayU Subscription Services

1. OTT services - A new survey reveals that more than 75% Indians bought brand new subscriptions to OTT platforms during the blockade. If you are also in the media or entertainment industry, now is the perfect time to launch a subscription plan. It's a win-win situation for both you and your customers. Customers get access to more content and you will be able to generate more predictable recurring revenue.

2. SaaS Businesses - If you run a SaaS business, offering subscription plans to your customers is essential in this day and age. Many people and businesses subscribe to services such as MailChimp, Semrush, etc. By creating a subscription plan through PayU, you will be able to automate your customer's recurring bills, with recurring deductions for specific charges. This will also help you manage the transactions and billing cycles of your subscribers.

3. Financial services, wealth management and insurance - If you are part of the financial services industry, you will soon need to follow the trend and offer subscription services to regular consumers. People are increasingly looking to financial and insurance advisors for help with life events such as marriage, first job, wealth management and insurance renewals. Client wealth management is also about to become the next big trend!

Organisations are focusing on integrating digital platforms with human experiences to provide customers with financial insights and planning advice. Today, people are increasingly concerned about how they manage their wealth and what financial plans they choose. In addition, regular monthly or annual premium withholdings have become the norm, making it imperative for insurers to automate recurring payments.

4. E-commerce businesses - If you have an online shop, start your subscription business by simply defining your customer niche and differentiating yourself from other competitors in the market! Depending on whether your products are suitable for regular or monthly consumption, develop subscription plans for your customers that offer value for money.

5. Education - Whether you offer online courses or run a school, you can use PayU subscription services to automate recurring fees and handle the billing process efficiently. For schools, you can offer parents semi-annual or annual subscriptions, as tuition is charged for the entire term. If you offer online courses or tutoring, you can customise content for your target audience and create specific subscription plans for them. This will also help you streamline all your administrative tasks and focus on core educational goals and improving student learning outcomes.

6. Bookstores - Whether it's an online or offline bookstore, you can offer reading trips for different types of books through subscription packages. You can create monthly or bi-monthly plans for your readers and offer their favourite books at affordable prices.

7. Healthcare and beauty service providers - This area is well suited to subscription services and its future looks promising. Medicines, medical consultations and beauty services are crucial for people and they will not miss these services. You can offer healthcare products, prescription medicines and other wellness kits to regular patients/consumers through subscription. You can create subscription plans for them based on your services or products.

8. Caterers - The trend of having food delivered to your door within 30 minutes is driving caterers to offer personalised menus to their customers on a weekly or monthly basis. You can also do this by offering healthy and sustainable catering options to your customers. You can target working people or boarding school students with regular catering options and create a subscription plan for them.

9. Online florist - You will find that many people want to decorate their homes or offices with fresh flowers on a regular basis, or to wish loved ones well on different occasions. You can create weekly or monthly subscription plans that cover the number of birthdays, types of flowers, bouquet sizes, delivery frequency, and more. After interacting with your subscribers for a few times, you can learn about their preferences and customise a special subscription plan for them.

Multiple ways to receive recurring payments through PayU

UPI AutoPay - PayU merchants are now able to offer their customers the option to set up or automate recurring payments through UPI with a one-time authorisation by the user. This is the latest feature introduced by NPCI, of which PayU is a launch partner. Click here to learn more.

eNACH (Bank Account) - Through e-NACH, anyone with a bank account can automate recurring and periodic transactions. The customer will enroll by selecting the preferred bank at the beginning of the billing cycle/subscription plan through e-authorisation via debit card or net banking, after which all subsequent payments will be fully automated.PayU has been integrated with a wide range of banks for collecting payments through e-NACH. Click here to learn more about receiving recurring payments through e-NACH.

Debit/Credit Cards - You can charge your customers recurring payments via debit or credit card. Customers only need to authenticate once for the subscription plan they have chosen and then you can charge them regularly for a fixed amount as per the plan.

How to Integrate

PayU Subscription Payments - You must use the PayU Subscription API on your website to display the subscription plans offered to consumers. Click here to learn more about the process.

You can also request a call if you want to quickly and easily provide your customers with a service plan.

Delivering a superior end-to-end experience for our customers!

Subscription services are a great way to build long-term relationships with your customers. Take some time to think about the products or services you would like to offer on a subscription basis. You will be amazed at how businesses can grow by offering subscription services to their customers. Use PayU subscription services to create a unique experience for your customers. Learn more about PayU and its products.