Bridgestone expands subscription offering in the UK with GoCardless
LONDON, Sept. 30, 2020 /PRNewswire/ -- GoCardless, the leading fintech for recurring payments, today announced that Bridgestone, a leader in advanced solutions and sustainable mobility, will be using GoCardless to power payments for its tyre subscription service MOBOX.
MOBOX, which recently launched in the UK, is an all-inclusive monthly subscription service offering new tyres alongside other vehicle-related services, at an affordable price per month. Already available in France, Germany, Italy and Spain, MOBOX now brings convenience and peace of mind to UK drivers.
MOBOX customers in the UK can pay via GoCardless to enjoy a frictionless payment experience. And, thanks to the end-to-end integration of the GoCardless API, Bridgestone will have access to real-time information on the status of mandates and payments - in turn, reducing costs and time spent on administration.
GoCardless research shows that almost half (48%) of UK consumers say bank debit is their favoured payment method for recurring payments. It's also clear that consumer behaviour is shifting to a subscription-based model. Zuora's 'End of Ownership Report' highlights three quarters (74%) of consumers believe people will subscribe to more services and own fewer physical goods in the future.
Another concern for subscription businesses is involuntary churn, typically caused by failed credit and debit card payments. It's estimated that 30% of all churn is involuntary, which is even more reason to choose a payment provider that can help reduce failure rates as low as possible. GoCardless' latest Payment Success Index highlights payments collected on an instalment basis have an average failure rate of 4.9% - compared to invoice payments (3.1%) and subscriptions (2.2%). Any failed transactions on the GoCardless payment gateway will be managed by our payment intelligence tool, Success+.
Andrea Manenti, Vice President, North Region, Bridgestone said: "The growing global popularity for the service economy provides us with a great opportunity to diversify our customer offering and bring added convenience. We want to provide our customers with the best service at every point in their journey with Bridgestone - from premium products and solutions to the way they pay.
"With Bridgestone and GoCardless, our customers have full visibility of their payments each month - easy and transparent. Working closely with GoCardless helps us reduce time spent on administration and frees up resources to optimise the customer journey."
Stephen Reidy, Vice President & General Manager, UK & Ireland at GoCardless said: "We are delighted to partner with Bridgestone who recognise the importance of offering the right payment options to meet their customer expectations. Choosing the wrong payment method adds unnecessary complexity and cost to your business, choosing the right one helps businesses collect payments with more predictability."
GoCardless is a global leader in recurring payments. The GoCardless global payments network and technology platform takes the pain out of getting paid for more than 55,000 businesses worldwide, from multinational corporations to small businesses. Each year GoCardless processes US$15bn of payments across more than 30 countries. GoCardless is headquartered in the UK, with additional offices in Australia, France, Germany and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.
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