How to improve subscription payments + make collections a non-event
In our latest guide, we’ve outlined four ways subscription-based businesses can optimise collection rates and recurring payments processes.
South Africa’s subscription economy was worth $530M last year, and it's predicted to grow 14% per year to reach $820M by 2025.
More global businesses - from Disney+ to Spotify to Netflix - are taking off in the South African market, while subscription-based e-commerce and SaaS sectors continue to grow, bringing even more customers into the subscription economy.
With greater access to subscription-based goods and services comes greater need for an easy, seamless collections solution that just works - for businesses and the customers they serve.
Far from the ‘set it and forget it’ experience consumers and businesses expect once a subscription service has been purchased, however, businesses in South Africa that rely on regular, uninterrupted recurring payments continue to struggle with:
- Failed payments, and an alternative recourse to collect when this occurs
- Outstanding payments
- Reaching customers without access to card
- High fraud + chargebacks
- Complicated reconciliation across methods and providers
We’ve looked at how businesses in South Africa can improve subscription payments and collections to minimise failed and missed payments, as well as how Stitch can help finance teams better manage reconciliation in the backend.
