Best Alternative Payment Solution
Waltham, Mass.-based gateway provider BlueSnap is the big winner at the 2015 CNP Awards, bringing home three separate honors: the Judges Choice and Customer Choice Awards in the Best Subscription/Recurring Billing Program and the Customer Choice Award for Best Alternative Payment Solution.
BlueSnap offers smart subscription technology that allows merchants to generate recurring revenue in 180 countries with support for 29 languages, 60 currencies and 110 payment types. While 24 percent of BlueSnap merchants use subscriptions, 43 percent of total sales volume comes from subscription transactions and 21 percent comes from renewals, according to the company.
BlueSnap notes that merchants who implement subscriptions through its service convert up to 25 percent more shoppers, and that its subscription renewal retries, powered by Intelligent Payment Routing technology, have increased conversion rates by 5 percent.
BlueSnap credits several features for significantly boosting merchant sales. For one, merchants can offer subscription billing with any payment type--even those that do not natively support subscription payments, like wire transfers, purchase orders and e-checks, the company says, bolstering its Alternative Payment credentials. Merchants also have the flexibility to offer multiple plans including pay per use, trial with a standard subscription, and initial charge followed by subscription. Subscriptions can be offered on any cycle including daily, weekly, monthly, yearly or customized as needed, the company says.
The company offers a diverse and international selection of alternative payment methods that allows merchants to thrive in markets where credit and debit cards are not the dominant forms of payment. In fact, BlueSnap notes, more than half of its merchants offer alternative payment types and they account for 10 percent of all sales.
The gateway provider’s e-commerce experts advise merchants on which payment methods will increase shopping revenue, achieve higher acceptance rates and reach more shoppers in their key markets. Instead of investing time and expense in identifying, researching and implementing alternative payment methods, BlueSnap says its experts can turn alternative payment options into an advantage for each merchant.