Service subscriptions are one of the main tools for user retention. For a reasonable amount, the client gets access to the services tools for a month, a year, or life. But many users are extremely skeptical about subscriptions due to a number of issues that arise in the case of traditional payment services. Therefore, we offer you to learn how to improve customer relationships and extend the lifetime value of each of them with the help of Cardano.
Key points:
- The subscription market has been growing rapidly for many years.
- Cardano can significantly improve your subscription-based service.
- NOWPayments provides a convenient tool for accepting crypto subscriptions.
Provide a cost-effective subscription payment tool
You provide high-quality and marketable services, and now your client is ready to subscribe to your service to get access to them. The client chooses a subscription plan, clicks “Buy Now”, and is faced with the fact that he needs to pay a rather large fee in addition to the subscription amount. It is always difficult for users to part with their funds. When a customer agrees to buy a subscription in the hope that now, for example, he can safely start watching a movie without advertising, he will be extremely upset and may even say goodbye to your service because of the high fee imposed by international bank payments. But it’s not even your fault, and by the way, you also have to pay the fee for the acceptance of bank cards for payment. In the case of Cardano, the fees on the network are so minimal that the client does not hesitate to subscribe. And you, in turn, are not obliged to pay rip-off fees to Visa or Mastercard payment systems.
Speed up the payment process
As we said in the last paragraph, when customers agree to subscribe, they expect that they can start using the services right NOW. Often, they remain disappointed that it is needed to wait from several hours to even days for the payment to be processed. Imagine the client sat down with a pack of popcorn in front of the screen in anticipation of a beautiful end to the evening, but it was not there. A flurry of negativity received due to the expectation of payment falls on the client, who, in turn, wants to express it all to your employees as soon as possible. And your employees cannot solve this problem in any way, no matter how much they want.
In contrast, the Cardano blockchain is one of the fastest on the market. The user simply logs into his wallet, makes a payment, and can enjoy the services in a few minutes. This is exactly how high-quality subscription services should work — quickly, profitably, and without stress.
Prevent customer drop-off
One unpleasant moment associated with paying for a subscription using bank cards is that funds are debited automatically from the client’s account. Surely you had had such cases when, for example, you came to the store, took products, went to the register, but at some point, you see that there are not enough funds on your balance. You open your bank account and see that the “X” service has deducted an amount as payment for a subscription. Of course, this is a highly convenient situation for business owners, which increases their income, but not in the long-term perspective. After all, a dissatisfied customer will most likely want to cancel the subscription immediately after such an incident. In the case of Cardano, and indeed the entire cryptocurrency, your client will never face such a situation. NOWPayments will kindly remind the client of the need to pay for the subscription, and it will not be possible to withdraw funds automatically.
Reach wider audience
Cardano is among the top 10 largest and most popular cryptocurrencies. For five years of its existence, the project has managed to gather a million army of fans, and taking into account the constant development of the platform, the number of community members is growing by leaps and bounds. The project does not have high fees, is truly decentralized, environmentally friendly, and constantly improving, which instills confidence in the crypto community. For this reason, allowing millions of users to pay for a subscription to your services with Cardano is a brilliant idea. This payment method will increase the loyalty of your customers and improve the overall percentage of trust in your platform. In addition, the Cardano blockchain is borderless. Thus, customers from any corner of the world can enjoy your services.
Increase your trust rating
Internet scammers don’t slumber. As soon as your clients enter their credential data, they immediately become a potential target for hackers. Attackers are finding more and more new ways to gain access to other people’s money: phishing (in all its manifestations), clothing carding, web skimming, etc. This problem has only increased against the background of the Covid-19 pandemic when the number of online purchases has increased significantly. It is enough for an attacker to get the data that the user enters when paying for the subscription (card number, expiration date, and three-digit CVV code), and the user loses the funds. As a result, trust in your service is declining. In turn, to conduct a blockchain transaction, the user does not need to enter personal information. In addition, Cardano is the leading blockchain in the field of security.
Conclusion
The subscription market is actively developing and allows you to establish mutually beneficial cooperation between the service provider and the consumer. Cardano can significantly boost your subscription service as it is a safer, faster, and cost-effective replacement for traditional payment systems.