In the era of Open Banking and Open Finance, payment is more than ever at the heart of every merchant and e-commerce actor’s concerns.
It is in this period conducive to innovation that new players emerge. Purse is among them. This Fintech, born in 2021 and specialising in payment orchestration, harbours great aspirations and already boasts notable references – including Auchan and Décathlon.
Combined with another, slightly older Fintech, SlimPay, the benefits of these two solutions multiply.
SlimPay, for its part, offers an automatic direct debit solution to automate the collection of recurring payments from A to Z, addressing the subscription payment issues of numerous merchants like Deezer or Younited.
The alloy of their strengths can solve your business issues such as customer experience, the implementation of new payment methods, the automation of payment collection, its reconciliation, and much more.
In this article, we will explore how the offerings and benefits of these two companies can bring significant added value to your payment system and why you should consider using them.
SlimPay: Simplifying Recurring Payments
In the complex landscape of financial transactions, SlimPay stands out as an all-in-one solution for Account-to-Account recurring payments, offering a robust and effective solution for businesses managing subscriptions or regular payments.
This platform is the European specialist in simplifying the processes of recurring payments, making transactions automated, secure, and swift for merchants.
User Experience: The central point of SlimPay is to deliver the best experience to consumers to increase merchants’ conversion rates and optimise both the payment and sales apparatus. Its recurring payment management solution offers the best possible interface for a frictionless experience through open banking.
Ease of Use: SlimPay is distinguished by its ease of integration into existing corporate systems. Its platform enables businesses of all sizes to easily set up and manage recurring payments, thus reducing the time and effort dedicated to subscription management.
Payment Security: In a world where the security of transactions is paramount, SlimPay provides peace of mind with robust security protocols based on open banking technology, which naturally reduces sources of errors or fraud through strong authentication. Businesses can thus focus on their growth, knowing that their recurring transactions are secure.
Financial Process Automation: A specialist in SEPA direct debit in Europe, SlimPay doesn’t stop there! The platform integrates the automation of recurring payments and their recovery on almost unlimited monthly transaction volumes for any ambitious merchant.
Fund Transfer Velocity: The icing on the cake, the platform can offer merchants the recovery of their funds 48 hours after their customer’s payment. It is the fastest platform in the market.
Integration with Other Systems: SlimPay’s strength also lies in its ability to seamlessly integrate with other financial management systems. This compatibility allows for more consistent and centralised payment management, essential for a clear vision of a company’s financial health.
SlimPay offers a comprehensive solution for businesses looking to optimise their recurring payments, combining simplicity, security, and integration.
We are also delighted that Purse has chosen to integrate us into its payment methods ecosystem, where we represent the benchmark for Account-to-Account payments.
But enough about us, let’s now talk about Purse 😀
Purse: Orchestrating Payment Solutions
Purse stands out as an innovative payment orchestrator, offering a SaaS solution designed to propel merchants’ growth.
This platform is not just a transaction facilitator but a real lever for growth, enabling merchants to rapidly expand their offerings and extend into new geographical areas without the hassle of integrating and maintaining new payment methods.
Payment Orchestration for Growth: Purse excels in the orchestration of various payment methods, essential for rapidly expanding merchants. By offering a wide range of payment options, Purse ensures that each customer finds a suitable payment mode, thus increasing conversion rates and supporting rapid and sustainable growth.
Personalisation and Expansion: Purse’s major asset lies in its ability to personalise the payment experience while supporting merchant expansion. With an intuitive user interface and varied payment options, businesses can create custom payment journeys, essential to meet the specific expectations of each market.
Optimising User Experience for Loyalty: Purse goes beyond mere transaction facilitation. By focusing on customer satisfaction, Purse helps merchants strengthen their customers’ trust and loyalty, key factors for sustained growth and successful expansion.
In summary, Purse is the ideal solution for businesses aiming for rapid growth, looking to accept different payment methods, with a propensity for international expansion. By focusing on personalisation, flexibility, and customer satisfaction, Purse positions itself as an indispensable partner for ambitious merchants.
Subscription in Retail: An Offer and Demand in Full Expansion
The global subscription market is experiencing strong growth, with an average annual increase of 25%.
In 2021, this market represented 228 billion dollars and is expected to reach 500 billion dollars by 2025 (Source: Subscronomics Barometer by Telecoming).
This global trend reflects a significant shift in consumption habits, where flexibility and personalisation become key factors.
Consumers are increasingly turning to subscription models for services and physical goods, ranging from baby diapers to clothing and toys.
As a leading figure in the subject and a historical player in retail subscription, Amazon with Amazon Prime has reportedly attracted three out of four households, according to a study conducted by Zuora and Deloitte Digital in 2022.
Amazon Prime is a service offering fast and free delivery in just one business day for a multitude of items, including access to a variety of other services (VOD with Amazon Prime Video, music with Amazon Music Prime, games with Prime Gaming, etc.).
In Europe, we are not lagging behind, and Amazon is not the only one thinking about subscription in retail. Some merchants have been pioneers in their markets.
Orchestra, for example, in the clothing sector, launched a subscription program named Club Orchestra in 2008, offering significant discounts, including 50% off clothing. This program is a success since 91% of the company’s turnover comes from its club members.
Casino, in the food sector, offers its Casino Max members a 10% discount on all products in exchange for a monthly subscription of 10 euros or an annual one of 90 euros.
More recently, brands like Les Petits Culottés offer subscriptions for diaper delivery, while Kiabi and Décathlon have launched clothing and sports equipment subscriptions, respectively.
These subscription offers bring significant benefits for both customers and merchants, ensuring the latter regular and predictable revenues, thus contributing to the stabilisation of their economic activity.
In Europe, the subscription market accounted for 30% of the global market in 2021.
And the Subscription Market in Retail in France?
In Europe, France stands out as the third country in terms of subscription adoption, with nearly 50 million active subscriptions in 2021.
The French subscription market generated a turnover of 6.5 billion dollars in 2021, and it is expected to double by 2025.
The most popular types of subscriptions in France include online boxes (25%), video on demand (22%), and multi-service offers (19%). Mobility is identified as the fastest-growing sector in France.
Subscronomics Report 2021, Telecoming
Purse + SlimPay: What Benefits for You, Retailers?
Opting for Purse means making a wise choice for the future: it signifies not only thinking about customer experience to maximise conversion but also preparing to integrate new payment methods quickly and effortlessly.
With Purse, a single technical integration is sufficient, guaranteeing an extremely short time-to-market for the addition of new payment methods.
By creating your own bouquet of payments, you not only adapt to your clientele and their consumption habits but can also explore new offers with new business models.
Launching a subscription offer with Purse, in partnership with SlimPay, is within easy reach with a very rapid time-to-market (in just a few clicks, the SlimPay solutions already being connected to Purse).
You can thus easily test subscription offers, and even new customer journeys using Open Banking transfers with SlimPay, thus enriching your payment and conversion apparatus.
Account-to-account payments, benefiting from the highest level of security offered by Open Banking, allow your customers to enjoy a frictionless, fast, simple, and efficient experience. This adds to your other payment methods, like card payments, to offer a complete and diversified customer experience.
On our part, with SlimPay, we offer you increased peace of mind in managing your financial processes thanks to our automated payment collection and reconciliation services. In addition to Purse, we help you optimise your conversion rate and manage your unpaid invoices more effectively.
Moreover, managing your activity becomes extremely easy thanks to the integration of detailed SlimPay reporting into the Purse dashboard. You thus benefit from a unique interface for simplified and efficient management, tailored to the needs of modern merchants.
Choosing Purse and SlimPay means opting to efficiently collect your customers’ recurring payments, combining the best orchestration platform in the market with an automated, consumer-centric Open Banking payment solution.