Paytronix Introduces Subscription Programs
Paytronix Systems Inc. launched Paytronix Subscriptions, a key component of its loyalty platform that promises to make it possible for any restaurant or convenience store to launch and manage a subscription program. Subscriptions are quickly becoming the preferred way for customers to engage with their favorite brands, and Paytronix Subscriptions makes it easy to launch a program by consolidating and managing the core technologies, guest touchpoints, and processes necessary for a successful program.
Subscriptions: A Growing Market
Subscription programs are growing across the board with Americans spending $640 on average for programs including those from streaming media, meal kits companies and even food delivery. What’s more, 34 percent of Americans say that they will likely take on more subscriptions in the next two years. Consumers who choose subscriptions tend to be younger and for 12 percent of them, having a subscription program was the key decision-making criterion for selecting a new brand.
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Paytronix Subscriptions consolidates all the technology necessary – from payments to emails to analytics and tracking – to launch and manage a program. Paytronix manages all the data behind subscriptions, which automates and streamlines the program and makes it easy for marketers to manage and use. Brands can identify which parts of their program are successful and then make data-based decisions on how to modify and improve those programs. These programs could include such options as unlimited monthly offerings, meal passes, or per-item programs. Once a guest has enrolled, they are billed on a recurring monthly basis.
“We experimented with a subscription-type offering as part of our rewards program, but we need more functionality to offer something that will truly help us with customer acquisition,” said Donna Josephson, senior vice president and chief marketing officer of Corner Bakery. Corner Bakery has 184 cafes across 23 states and Washington, DC. “We are looking to truly differentiate ourselves in a crowded market, and we believe that subscriptions are a key part of that strategy moving forward.”
Paytronix Subscriptions includes customer targeting to encourage signups and a streamlined signup process that reduces cart abandonment. The Paytronix platform tracks recurring payments, automates messaging for reminders, and manages rewards. In addition, Paytronix securely handles renewal processing and billing by managing tokenized credit cards. New emails are automatically triggered by subscription-related actions at point of sale or by members. What’s more, brands leverage Paytronix’s powerful analytics to track impact and ROI.