Brite Payments announces the launch of Recurring Payments

By Joy Dumasia

Brite Payments is poised to significantly switch up monthly paid subscriptions with the launch of its new ‘recurring payments’ service. The Stockholm-based company is set to significantly improve consumer convenience for subscription-based online businesses with its innovative, customer-first payment technology and provide significant advantages to businesses.

Subscription services, such as audiobooks, streaming, and online trading platforms, require a consistent recurring payment mandate to run smoothly and remain profitable, which has long been unachievable due to heavy banking restrictions and card expiration. The new ‘recurring payments’ service from Brite Payments is a real innovation within the subscriptions business model, allowing monthly payments of a fixed amount to be sent directly from a customer’s account without needing to update or change card details. 

The recurring payments solution can be combined with Brite Payments’ KYC product to allow for the automated collection of consumer details, which can be used to register an account. Brite Payments has created an automated onboarding process that requires minimal manual input from the customer, optimising consumer experience by combining these products with the subscription payments model in mind. By adopting the solution, merchants can achieve an easy, efficient way of accepting recurring payments. They also stand to gain a strong competitive advantage and an acceleration in sign-ups due to improved consumer convenience generated through the automated onboarding flow. 

Lena Hackelöer, Founder and CEO of Brite Payments, commented: “We have known for quite some time about the issues facing subscription companies and have really listened to feedback from merchants about the problems they encounter. With this in mind, we’ve been able to develop the perfect payments service tailored to fit their needs. We are really proud to be able to radically change how they operate now with the launch our new service, enabling effective and seamless recurring payments. It’s further proof that open banking is here to stay, and we hope for many businesses, it, in fact, can save the day for subscription companies.”

IBS Intelligence recently reported that SOFORT, Europe’s market leader for online bank transfers, has announced a unique open banking partnership with the instant payment provider Brite Payments. Launching in July 2022, the new partnership will see SOFORT’s bank transfer product complemented by Brite Payments’ instant payout solution.