--- title: How to drive revenue in the subscription economy description: "Top tips for maximising payment success and minimising customer churn for subscription businesses. From movies, music and meal kits to razor blades and vitamins, the subscription economy has really taken off. 15% of online shoppers have signed up for one or more subscriptions to receive products regularly, frequently through monthly boxes, according to McKinsey research. More people are living faster paced, on-the-go lives. As time becomes more precious, they’re looking for ways to save or regain time. Frequently that means doing tasks more quickly or outsourcing them." image: https://www.cashflows.com/hubfs/Cashflows_February2021/Images/Subscription-blog.jpg --- [![blue_logo](https://www.cashflows.com/hs-fs/hubfs/Blog%20images/Blog%20Images%202021/blue_logo.png?width=143&height=26&name=blue_logo.png) ](https://www.cashflows.com) - Products - [ Payment Processing ](https://www.cashflows.com/solutions/payment-processing) ![payment-processing-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payment-processing-icon.svg) #### [Payment Processing](https://www.cashflows.com/solutions/payment-processing) Fast, secure, easy - card processing to support your business #### [Anytime Settlement Get access to your funds within hours](https://www.cashflows.com/solutions/anytime-settlement) #### [Account Updater Automatically update lost or stolen card details](https://www.cashflows.com/solutions/account-updater) #### [Direct Send Pay out to card in minutes](https://www.cashflows.com/solutions/instant-payout) #### [3D Secure V2.2 Get ready for two-factor authentication](https://www.cashflows.com/solutions/3d-secure) #### [Network Tokens Revolutionizing digital transactions](https://www.cashflows.com/solutions/network-tokens) - 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Partner with us - Shift - About - Resources - Support - [Developers ](https://developer.cashflows.com/) [ Login ](https://www.cashflows.com/login) [ Contact sales ](https://www.cashflows.com/contact) Back [![payment-processing-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payment-processing-icon.svg) #### Payment Processing Fast, secure, easy - card processing to support your business ](https://www.cashflows.com/solutions/payment-processing) ##### Features #### [Anytime Settlement Get access to your funds within hours](https://www.cashflows.com/solutions/anytime-settlement) #### [Account Updater Automatically update lost or stolen card details](https://www.cashflows.com/solutions/account-updater) #### [Direct Send Pay out to card in minutes](https://www.cashflows.com/solutions/instant-payout) #### [3D Secure V2.2 Get ready for two-factor authentication](https://www.cashflows.com/solutions/3d-secure) #### [Network Tokens Revolutionizing digital transactions](https://www.cashflows.com/solutions/network-tokens) Back [![payments-in-person-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payments-in-person-icon.svg) #### In-Person Payments All you need for taking card payments in person ](https://www.cashflows.com/solutions/point-of-sale) ##### Features #### [SUNMI P3 Seamless, secure and speedy payments](https://www.cashflows.com/solutions/sunmi-p3) #### [SUNMI P2 SE Smart POS with the power of Android](https://www.cashflows.com/solutions/sunmi-p2-se) #### [SUNMI P3 Mix All-in-one POS solution for business](https://www.cashflows.com/solutions/sunmi-p3-mix) #### [Countertop card machine Castles Vega Countertop specifications](https://www.cashflows.com/countertop-card-machine) #### [Mobile card machine Castles Vega 3000 Mobile specifications](https://www.cashflows.com/mobile-card-payment-machine) #### [Smart POS card machine Castles Saturn 1000 F2 specifications](https://www.cashflows.com/smart-pos-card-machine) #### [Compare Card Machines Compare our latest card machines](https://www.cashflows.com/compare-card-machines) Back [![online-payments-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/online-payments-icon.svg) #### Payment Gateway Start taking payments online today ](https://www.cashflows.com/solutions/online-payments) ##### Features #### [Hosted Checkout Easy, secure and compliant payments for your website](https://www.cashflows.com/solutions/hosted-checkout) #### [Virtual Terminal Phone payments made easy for your team](https://www.cashflows.com/solutions/virtual-terminal) #### [Pay by Link Take card payment on invoices and emails](https://www.cashflows.com/solutions/pay-by-link) #### [Cashflows Portal Access to your data and payment tools in real-time](https://www.cashflows.com/solutions/cashflows-portal) #### [Click to Pay The revolutionary digital wallet](https://www.cashflows.com/solutions/click-to-pay) Back [![CF NAV - Faster Customer Onboarding 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Faster%20Customer%20Onboarding%202024.svg) #### Fast Onboarding A game-changing tool that puts you in control of your customer applications ](https://www.cashflows.com/solutions/fast-onboarding) Back [![omnichannel-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/omnichannel-icon.svg) #### Omnichannel Take payments wherever your customers shop ](https://www.cashflows.com/solutions/omnichannel) ##### Features Back [![Cashflows Advance](https://www.cashflows.com/hubfs/Cashflows%20Advance.svg) #### Cashflows Advance Alternative business financing ](https://www.cashflows.com/solutions/cashflows_advance) Back [![CF NAV - Solutions for Sectors 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Solutions%20for%20Sectors%202024.svg) #### Solutions for sectors Your industry supported with card payments ](https://www.cashflows.com/solutions/solutions-for-sectors) ##### Features #### [Retailer payment systems Retail payment solutions to support your business.](https://www.cashflows.com/solutions/retail) #### [Insurance payment processing Seamless payment processing for Insurance, Brokers and MGA's.](https://www.cashflows.com/solutions/insurance) #### [Financial services payment solutions From recurring billing, to payout, we’re ready to support you.](https://www.cashflows.com/solutions/financial-services) #### [Veterinary payment systems Payments you can trust to help your business grow.](https://www.cashflows.com/solutions/vets) #### [Dental payment systems Seamless and secure systems for dental payments.](https://www.cashflows.com/dental-payment-systems-cashflows) [![arow](https://www.cashflows.com/hubfs/Group%2021%20(3).svg)Explore our blog library](https://www.cashflows.com/blog) [Insights](https://www.cashflows.com/blog/tag/insights) # How to drive revenue in the subscription economy ![](https://www.cashflows.com/hubfs/Cashflows_February2021/Images/Subscription-blog.jpg) [By Cashflows Press Team](https://www.cashflows.com/blog/author/cashflows-press-team) Top tips for maximising payment success and minimising customer churn for subscription businesses. From movies, music and meal kits to razor blades and vitamins, the subscription economy has really taken off. 15% of online shoppers have signed up for one or more subscriptions to receive products regularly, frequently through monthly boxes, according to McKinsey research.  More people are living faster paced, on-the-go lives. As time becomes more precious, they’re looking for ways to save or regain time. Frequently that means doing tasks more quickly or outsourcing them. Subscription services are the convenient antidote to a busy lifestyle. It’s one less thing to remember or worry about. And a simple way to order and pay that’s low on fuss and big on value. So, it’s no surprise that the e-commerce subscription market has grown by more than 100% a year over the past five years. And the largest such retailers had more than $2.6 billion in sales in 2016, up from $57 million in 2011.  Here are five top tips for maximising payment success and minimising customer churn in your subscription business. 1.    Keep billing details up to date Having the most up-to-date billing details is essential for regular, recurring or subscription businesses. Both Mastercard and Visa refresh details if cards expire, are lost, stolen or upgraded. Cashflows’ Account Updater integrates with them both.  It’s a timely, efficient and cost-effective solution to decrease card declines and boost revenue. You make a payment request, we update the card information from Mastercard and Visa, then make a request to the customer’s card provider. No bother.   2.    Bill to maximise success People can be paid monthly, weekly or daily at the end of job or shift, particularly with the increase in freelance and gig economy work. Paydays also differ between countries and companies, so bill to maximise your chances of success. Our analytics suite and experience with consumer lending clients can help you identify the best time to bill subscribers. And maximise retries when there are mostly likely to be funds on the account. This helps prevent declines and outbound customer contact to ask for alternative payment details. 3.    Simplify the move from freemium to premium  If you offer free trial subscriptions followed by upgrades to a paid model, make this as easy as possible. New strong customer authentication requirements for remote card payments come into effect from 31 December 2020 in Europe and from 14 September 2021 in the UK. Cashflows can help you with zero-value authorisations, storing card credentials on file and setting up a mandate for subsequent merchant-initiated transactions to boost authorisation success. We can also advise on the latest cardholder disclosure requirements to be compliant with card scheme rules on free trial offers and subscription payments. 4.    Offer multiple ways to pay There’s not just one way to pay. The more digital payment becomes, the more different options there are. These range from international to domestic card schemes, direct debit, mobile wallets and bank account-funded payments, such as iDEAL in the Netherlands and Sofort in Germany. Cashflows can offer a variety of ways to pay, helping you convert more sales from more customers more of the time. That’s everything from traditional cards to local alternatives and sector-specific options. We simplify integration and also offer advice on best alternative payment methods bundles. 5.    Minimise churn rates Acquiring a new customer can be anywhere between five and 25 times more expensive than retaining an existing one, depending on which study you believe and what industry you’re in .  Cashflows can help you with all kinds of hints and tips to maximise customer retention and minimise attrition and churn. For example, using clear billing descriptors so customer can identify payments on their statements. Also, coding and flagging transactions correctly to improve authorisation rates. For more information To find out more about payment acceptance with Cashflows, [contact us](https://www.cashflows.com/contact) today. ## Related Stories [![Selecting the best payment terminal for your business](https://www.cashflows.com/hubfs/IPP%20Blog.jpg) Insights ## Selecting the best payment terminal for your business In-Person Payments Made Easy "When selecting a terminal for processing payments in your business, ... ](https://www.cashflows.com/blog/in-person-payments-made-easy) [![Strategies to enhance your checkout experience](https://www.cashflows.com/hubfs/ECEXP.jpg) Insights ## Strategies to enhance your checkout experience In the world of eCommerce, a seamless checkout experience can be the difference between closing a ... ](https://www.cashflows.com/blog/enhance-your-checkout-experience)