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
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.
“Pay how you wish” offerings: Over 26% of people who buy digital goods online abandon their transactions when their preferred payment method isn’t available. That’s why when it comes to payment options, more is more – more subscribers, higher lifetime value and more revenue.
- Wallet – enables subscribers to add multiple cards, eWallets and digital payment methods at their convenience and gives them the option to pay their preferred way for specific transactions, recurring charges and one-off purchases; enables merchants to set up back-payments to simplify renewals.
- Pay with Venmo – the popular peer-to-peer social payment method is now available to subscription merchants through Recurly, helping them stay competitive and relevant, especially with mobile-first consumers, as well as Millennials and Gen-Z subscribers.
- Local payment acceptance in Brazil and Mexico in partnership with Adyen and PrimeiroPay – simplifies expansion to LATAM’s fastest-growing and largest markets; enables subscription companies to reach over 70% of the population that pays with local credit cards and other country-specific payment methods, without the heavy costs of operating a local entity.
“Pay as you go” offerings: Allows subscription brands to capitalize on emerging consumption-based monetization models
- Prepaid Account Balance – introduces new ways to monetize subscriptions offerings by layering consumption-based pricing and charging for microtransactions; extends customers’ lifetime value as a result of implied commitment from the customer
- Pricing Precision down to fractions of a penny – enables diversification of offerings for metered consumption with microtransaction pricing.
“Businesses from every category are finding success by building offerings to develop and nurture long-term customer relationships,” said Dan Burkhart, CEO of Recurly. “For businesses that have embraced the subscription model, the customer is naturally at the center of every decision. It is with this customer-centric approach that we became excited about developing wallet functionality and continuing to offer an ever-expanding portfolio of payment and pricing options – to serve the interests of both subscription businesses as well as their end customers around the world.”
“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.”
“Rocksbox is excited to leverage Recurly’s new payment capabilities, such as Wallet, to offer our members more payment options that fit their needs and reduce friction to conversion,” said Debbie Shen, Sr. Director Member Experience at Rocksbox. “As the payments landscape continues to evolve, keeping up to date with these payment and billing features will help us continue to stay relevant in our members’ lifestyles and provide more value in the membership.”
Recurly already supports major card brands, popular digital payment methods such as PayPal and ApplePay, 22 global payment gateways, and 140 currencies, making it the platform of choice for subscription companies across industries. The company will continue to actively expand its payment capabilities, helping its merchants not only deliver the ultimate payment experience to their customers, but also remove billing and payment-related inefficiencies that carry unnecessary operational costs and stifle growth.