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Today, customer churn is the issue that many subscription businesses face. The subscription-based companies have their strategies to deal with the voluntary customer churn but involuntary customer churn is not easy to deal with. Losing customers because of any reason is not a viable option for any business.
Thereby, subscription-based businesses opt for payment gateways that allow them to offer their diverse customers different payment methods. In this article, you will study how Stripe payment methods can be helpful in reducing the churn caused because of the payment methods. Stripe offers its customers to receive recurring payments through credit cards as well as digital wallets. So, here’s how Stripe protects you from customer churn.
Customer Satisfaction
Satisfying the customers is very important for any subscription business. And as a part of the subscription business ecosystem, you will be aware of the fact that you cannot survive in the international business market with just one payment gateway.
The subscribers in different regions prefer different payment gateways and to satisfy them all, the solution is to integrate your subscription management software with multiple payment gateways. However, Stripe is the payment gateway that can increase your outreach in various regions.
Customer Data Security
The basic purpose to opt for a payment gateway is the security of the customer data and importantly, data security for those who pay through their credit cards. They need to share their card information and Stripe integration enable businesses to keep this information safe during the transaction for the recurring invoices.
This information is needed to be used again and again. And Stripe integrations make sure that the information remains secure throughout the process. So, if your customers are leaving your platform because of any data security issues, then with Stripe billing and payments, you can satisfy them and retain the customer base for a longer duration of time.
Payment of Recurring Charges in Local Currency
If you are buying subscriptions for some streaming services, how would you like to pay? In your own local currency or in any currency that the streaming platform supports? It is obvious that even we as customers prefer paying recurring charges in our local currency. Then how can you expect that your recurring customers will stay on board if you are not offering them to pay their recurring charges in their local currency?
Stripe offers multiple currency support in many regions of the world. So, you have a fair chance of catering to the new customer base in various regions of this world. Stripe multiple currency support can help you open doors of opportunities in different regions of this world.
Smooth Checkout Experience
Payment is not just the process to help you collect the revenue rather it is a complete checkout experience that you need to maximise. You want payments to be collected ASAP in your account and customers want their payments to be paid off quickly and smoothly.
And if the customer wants to pay and you are ready to receive, the only hurdle is the implementation of a recurring billing software integrated with a payment gateway like Stripe. Stripe completes the payment processing in the minimum possible time period. When you offer your customers a perfect checkout experience, you will be able to satisfy them and retain the whole customer base.
Software Integrations
A payment gateway is perfect that integrates different third-party software. these integrations increase the functionality of the core system. SubscriptionFlow is a scalable and flexible subscription management software that integrates well with the other software and gateways. It can integrate with Stripe and many other payment gateways. So, you can use all functionalities and features of different software because SubscriptionFlow offers integrations.