What is a Mandate?
Do you want your customers to have a long relationship with you? Do you want to have reliable revenue? Do you want to have a convenient payment option for your repeat customers?
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By setting up a mandate, a consent is provided by the customer to the merchant to debit either a fixed amount or upto a defined maximum amount based on the business use case till the mandate expires. Merchants can set the customers on recurring plans based on their business models into daily, weekly, monthly, half yearly, yearly or as presented frequencies. Merchants also have an option to onboard customers onto their platform with a required mandate flow only or based on customers intent to set a mandate or do a one time payment. Customers can have multiple payment options to set mandates.
.In short, a subscription payment is a scheduled money transfer that happens - without customer intervention.
Benefits of Mandates
Increased Convenience - Significant benefit of Mandates is it makes the billing process much more convenient, instead of manually making payments for each cycle. It reduces customer pain points of having to add information for each transaction, remembering CVV as well as adding OTP value.
Increases Customer LTV - Recurring payments increases LTV of the customer for each merchant. Ensures that the customer stickiness is longer and merchants are able to plan better about their revenues.
Reduce Costs and Waste - It reduces the overhead administrative costs associated with one time payments, as well as saves time for both merchant as well as customer.
Higher Success Rate - Mandates, with 0 user input once set up , will increase Success Rate and experience for both customers as well as merchants.
Low Barriers and Flexibility - Provides flexibility to customers by allowing small ticket payments each month instead of making a large payment up-front.
Updated 3 months ago