PayU Nigeria, a fintech company focused on online payments, announced on Tuesday that the company has introduced PayU Subscription, a convenient payment method which allows merchants to safely and securely collect payments from consumers who have recurring bills or subscription payments in a seamless way.
Country Manager of PayU Nigeria, Ms Juliet Nwanguma said: “PayU Subscription is an innovative product for businesses who are looking to offer subscription and recurring bill payments to their customers.”
According to the company this new system provides customers with a simple, safe and secure alternative to regular direct debit payments. Using tokenisation as the underlying technology, PayU offers a card based recurring payment method for the payment of any recurring bills or subscriptions. Customers who want to setup recurring or subscription payment is inconvenienced as they are required to physically go to their bank and complete a direct debit order form. With PayU Subscription, all of this is avoided. Merchants only need their customers to choose the recurring payment option as well as the period i.e. weekly, monthly, quarterly or annually.
Nwanguma said: “PayU Subscription allows merchants to improve customer satisfaction by offering a more convenient way for their customers to pay for their subscriptions and other recurring bills.
Ultimately, PayU Subscription helps merchants boost collections and revenue in a quick, convenient and simple way.”
Explaining further, she said: “PayU Subscription is highly beneficial to merchants and businesses in all sectors who want to boost and simplify their payment collections for subscription-related payments such as utility bills, monthly residential bills and various subscription services such as magazine subscriptions, insurance policies, membership dues, music distribution and digital downloads and more.”