Stockholm-based Brite Payments has launched a new recurring payments service designed to improve how consumers pay subscription-based online businesses.
The new recurring payment product will initially launch in Sweden and will be rolled out to additional markets depending on merchant demand.
Brite Payments’ latest product offering will allow monthly payments of a fixed amount to be sent directly from a customer’s account, without the need for updating or changing card details, thereby reducing the risk of subscriptions being terminated or becoming inactive due to a lack of payment details.
The recurring payments solution can be combined with Brite Payments’ KYC product to enable automated collection of consumer details, which can be used to register an account.
Brite Payments said that among the benefits for subscription businesses are reduced card churn and more stable cashflow.
Lena Hackelöer, founder and CEO of Brite Payments, said: “We have known for quite some time about the issues facing subscription companies and have really listened to feedback from merchants about the problems they encounter. With this in mind we’ve been able to develop the perfect payments service tailored to fit their needs.
“We are really proud to be able to radically change how they operate now with the launch of our new service, enabling effective and seamless recurring payments.”
In a recent episode of Open Banking Expo Unplugged, Hackelöer revealed what’s behind the thriving fintech scene in Stockholm and where the company’s geographic expansion plans will take it next. Listen to the episode in full here.