E-wallet company Paytm has launched a recurring billing service for digital subscription cloud-based companies, such as content apps and websites, newsletters, utilities and media companies.
This move will see developers and entrepreneurs use Paytm’s comprehensive APIs, SDKs and plugins to accept recurring payments from customers within hours. The company in a statement said that developers can log on to paywithpaytm.com/developers and download the relevant API to enable the service. After a one-time authorisation by the customer, the subscription amount would be auto-debited from the customer’s Paytm wallet at a given interval.
Our easy-to-integrate subscription billing service would make payments easier and seamless than ever before while allowing new-age entrepreneurs to offer innovative services at a aggressive pricing. Developers can now have instant access to Paytm’s sandbox and can go live with this frictionless payment flow in no time,” said Kiran Vasireddy, Senior Vice President, Paytm.
Recurring billing services refer to auto-debits transactions from the customer’s account by merchants on the purchase of goods and services. However, the merchants have to take permission from the cardholders and will continue the same until the cardholder withdraw permission. Regular transactions like utility bills by customers make them a good candidate for recurring bill.
Headquartered in Chennai, SaaS company ZOHO in its blog said that over the last few years, there has been a gradual and global increase in the number of businesses opting for the recurring payments model. It should come as no surprise to see curiosity about this trend occurring among Indian businesses, as well. Recurring billing has a lot of perks from a merchant’s perspective, including a steady revenue stream, better cash flow projection, high customer retention rate, and so on.
Online payment platform Razorpay last November launched ‘recurring payments’ to ease online payments for SaaS businesses. With the recurring payments feature, companies will now be able to reduce significant hours spent in collection of recurring invoices for online businesses.
Paytm now offers a range of payment solutions for online businesses that range from deep integration with apps and websites through scalable APIs and SDKs to even allowing businesses to accept payments by generating and sharing WhatsApp or SMS links.