Today, the existing subscription renewal processes are manual, inefficient, and expensive. Customers are spammed with several SMS and email reminders that go unnoticed. About 15% of customers forget to pay back on time. Many of these have to pay penalties to reinstate the subscription depending on the subscription module. Reminders on channels such as the native SMS platform where the open rate is a mere 3%. Additionally, the digital payments collection funnel at subscription firms is dodgy and has multiple redirections resulting in customer drop-offs.
The opportunity for digital payment collection in India
India has 530 million WhatsApp users and 80% of Indian customers that prefer paying through UPI apps. India has seen a 92% increase in digital payments over the last 12 months in tier 2 & 3 cities, with UPI being the most popular payment method. There has been a 60% increase in payments in the OTT subscription category.
Introducing WhatsApp Payments powered by SETU
In this offering, yellow.ai’s powerful collections bot is bundled with a UPI infrastructure to offer a seamless payment experience on WhatsApp. WhatsApp Collections can help you engage with your customers through personalised conversations directly on WhatsApp with in-built payments.
60% reduction in the cost of collections - Our partners spend as low as 7p / ₹1,000 collected or < ₹15 per collection, including communication costs.
7x increase in payment conversion - WhatsApp as a channel is showing a 7X increase in conversion to payments compared to traditional channels like SMS and IVR.
WhatsApp Payments - The ultimate all-in-one collections channel for your business
India has the most WhatsApp monthly active users (390.1 million). As per a December 2020 tweet by Will Cathcart, Head of WhatsApp, over 100 billion messages are sent each day on WhatsApp.
High Open Rates & Read Ratio: The open rate of messages on WhatsApp is well over 98%. Also, the messages are read within 5 seconds of delivery!
Brand Recall: Brands have a better recall due to the high engagement of customers on the messaging app.
Interactive Message Templates: List messages and buttons make the conversation smoother and the engagement rate, higher.
Rich Media: Supports Images, Videos & Documents to help your case and provide better value to consumers.
Reminders & Notifications: Send collection reminders and collect payments in just 2-clicks!
Payments: Enable your users to fetch their dues and pay through WhatsApp.
Over 25% of users organically re-visit their WhatsApp account to fetch bills and make payments!
Request your free demo to understand key features of our collections bot bundled with a UPI infrastructure, now.
We know that payment gateway links don’t really work with WhatsApp. Here’s why -
Not optimised for UPI - You’ll be surprised at how many people really remember their VPA. It’s next to nothing. Also in this case, the user has to manually switch to the app which can get confusing or can lose the session in case the internet is not stable.
Expensive - This method is mostly optimised for CC/DC/Netbanking payments (% by payment mode).
Non-native - The method is not for an app. It is mostly optimised for browser flow.
Reconciliation - Multiple dashboards to track transactions through the channel can get tedious when it comes to reconciliation.
Now let’s look at why WhatsApp payment links work!
3-click payments- No VPA entry, no app switching, no drop-offs, no confusion and faster transactions.
Up to 60% cheaper - There is no middleman! You get the flat UPI fares which are vastly cheaper than PG links.
WhatsApp native- You can have a ‘Pay now’ card optimised within the conversation. So the user doesn’t have to switch apps.
Unique VPA for every bill- Simplify reconciliations, avoid double credits & have a single WhatsApp dashboard.
There’s more! Here are some of the key features of WhatsApp payment collections for Subscriptions sector.
Send bills with in-built payment options WhatsApp Payments: Convert payment reminders into payment messages and collect in 2 clicks.
3-click experience: Customers can make payments in exactly 3 clicks. No switching to other apps, no drop-offs.
Cost-effective: Lower acquisition cost and lower cost of collections by 60% and above.
Plug-n-play on your existing account: Integrate our standard collection’s journey with your existing WhatsApp Business Account and go live ASAP!
Advanced analytics: Manage your collection strategy all in one place with SETU’s advanced collection analytics.
Vernacular support: Interact with your customers in regional languages and build trust.
Don’t have a WhatsApp chatbot yet? Get started for free.
We’re giving you a WhatsApp + Omnichannel chatbot free for 90 days.