How to Manage Online Subscriptions with UPI AutoPay?

How to Manage Online Subscriptions with UPI AutoPay?

Ever since NPCI (National Payments Corporation of India) launched the UPI AutoPay feature in 2020, the online payments of recurring subscriptions have become much easier and faster than ever. Recurring payments are subscriptions that business owners or service providers collect from their customers on a regular basis, say daily, weekly, monthly, or annually. Whether it is the monthly school fees, insurance premium, loan EMIs, OTT subscriptions, or gym membership charges, you can collect them automatically from your customers using this feature.

Owing to the incredible ease and transparency it provides to the customers, UPI AutoPay has become one of the most popular methods of collecting recurring payments. Let’s find out more about this facility and how you can manage online subscriptions with it.

What is UPI AutoPay?

UPI AutoPay is an advanced feature of digital payments, with which customers can make recurring payments for subscriptions using a UPI application. With this facility, customers can enable e-mandate for their online subscriptions, such as utility bills, EMI payments, mutual funds, mobile phone bills, insurance premiums, OTT subscriptions, and others.

Earlier, customers could make their recurring payments using their credit cards only. UPI comes with an auto-debit feature that saves customers from authenticating payments time and again. Since recurring payments have become an immense pain due to continuous Covid-19 related lockdowns, you can collect payments from your customers while following travel restrictions and social distancing rules. 

Suppose you are an online subscriptions provider and want to collect payments from your customers with UPI AutoPay. In that case, you will need to find a reliable UPI AutoPay service provider company first. They will help you enable this feature, after which you can automate your online subscriptions payment collections and stay focus on your business. When you send a collect request to your customers, they can instantly generate a mandate and authorise the payment. Once they approve it, your fixed subscription amount is deducted automatically from their bank account on the assigned date.

Benefits of Using UPI AutoPay

UPI AutoPay is a beneficial feature for businesses as well as customers. Let’s look at some of their benefits.

One-Time Authorisation Required for Activation of Recurring Payments

With the AutoPay feature, customers can authorise one-time activities and make their payments on a specific date. The payments can be automatically deducted from your customers’ bank account on a fixed date when you generate the mandate. With the help of a UPI AutoPay service provider company, you may instantly generate these mandates that your customers can activate with one-time authorisation.

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Increased Customer Base

Earlier, you could process recurring payments for subscriptions through credit cards only. As a result, you could not access a large section of society that does not use credit cards. However, with UPI AutoPay, merchants can now reach out to new segments of consumers who can make their recurring payments through their preferred UPI-enabled app directly.

Real-Time Confirmation

Earlier, a mandate for recurring payments took 2-3 days to activate. However, with UPI AutoPay, you receive real-time confirmation. Now, you may set mandates for any frequency of your choice, whether you want it one-time, daily, weekly, monthly, quarterly, yearly, or any other.

Reduced Chargebacks

UPI AutoPay gives complete transparency to the customers, allowing them to view, revoke, or suspend a mandate directly via their UPI app. When your customer takes this action, you receive a real-time notification so that you can communicate accordingly. As a result, you get reduced chargebacks and lower churn.

Improved Success Rates

Your customers receive a notification about the upcoming debit one day before it actually takes place. So, your customers get enough time to ensure money in their bank account so that the debit transaction does not fail. As a result, your success rate for payments is enhanced several times due to this useful feature.

On-Time Payments

When your customers activate the AutoPay facility, they don’t need to remember their pending bills. Their due amount is automatically debited from their bank account, ensuring that you get your payments on time. If you are a financial provider, automatic payments on time even help your customers improve their credit scores. So, it’s a win-win situation for both of you.

Understand the Working of UPI AutoPay 

As a merchant of online subscription provider, you can initiate an AutoPay request in these four steps:

  • Share the Mandate – You may register with a UPI AutoPay company in India like FidyPay that offers the facility of AutoPay to the customers. Share your mandate with your customers on their UPI-enabled app.
  • Customer Authorises it – When the customer receives your mandate, they can authorise it by providing their UPI PIN.
  • Recurring Payments Get Activated  – Recurring payments through UPI AutoPay get activated once the customer authorises the mandate.
  • Automatic Payments are Debited on Authorised Schedule – Your customers receive a notification one day before each auto-debit. Then the amount is debited on the authorised date automatically from their bank account.

With the facility of UPI AutoPay, customers can pay for their recurring online subscriptions automatically from their bank account. Whether you are an OTT platform, school, gym, NGO, insurance company, mutual funds provider, lender, or e-commerce company, you can offer better service to your customers and also ensure timely payments with the AutoPay feature. Therefore, it is a valuable feature for all.

The subscription market of India is growing aggressively, and the introduction of such a useful and high-end feature can make your business much faster and streamlined than before. Enable this winning feature using FidyPay’s UPI AutoPay and enjoy the benefits. Now with regular payments, your business can become more efficient and agile, and you will be able to attract more customers by providing them better and faster service. FidyPay is a UPI 

AutoPay company in India where you can sign up today and start receiving your due payments on a defined cycle regularly.

Please send us your query at care@fidypay.com or call us at +91 731 4986854 to avail of our services and more information.