NEWTON, Mass. — Paytronix Systems Inc. launched Paytronix Subscriptions, a key component of its loyalty platform designed to make it easy for any convenience store brand or restaurant to launch and manage a subscription program.
The new initiative streamlines the process of launching a subscription program by consolidating and managing the core technologies, customer touchpoints and processes necessary for success, according to Paytronix.
"Consumers are embracing subscriptions for everything from streaming services to meal kits to razor blades, but until now it's been limited to offerings from major media and retail brands, and built on custom platforms," said Paytronix CEO Andrew Robbins. "By removing the barriers to entry, Paytronix Subscriptions makes driving visits and incremental revenue from subscriptions accessible to all."
Paytronix Subscriptions launches as subscriptions are growing across the country. Americans currently spend an average of $640 per year on subscription programs, including those for meal kits, food delivery, streaming media and more, and 34 percent of Americans expect to add more subscriptions in the next two years, Paytronix reported.
Additionally, consumers who choose subscription trend younger, and 17 percent of them report that having a subscription program was the key factor in choosing a new brand.
"Restaurants and convenience stores are in the middle of a permanent pandemic-driven shift to digital ordering, and subscription programs have already proven to be a powerful purchasing and loyalty tool within ecommerce," said Lee Barnes, head of data and insights for Paytronix. "By lowering the friction for consumer purchases, these programs strengthen the relationship between customer and brand while also providing the brand with recurring revenue."
Paytronix Subscriptions consolidates the technology necessary to launch and manage a program, including payments, emails, analytics and tracking, and manages all data behind subscriptions, which automates and streamlines the program. Brands can identify which aspects of their program are successful and make data-based decisions on how to modify and improve them. Program options include unlimited monthly offerings, meal passes or per-item programs. Once a customer has enrolled, they are billed on a recurring monthly basis.
Other features include 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. Paytronix also securely handles renewal processing and billing by managing tokenized credit cards. New emails are automatically triggered by subscription-related actions at the point-of-sale or by members.