Funded by a USD 16.6 million investment from Prime Ventures in 2015 and a partnership in April 2016 with Zuora, SlimPay is handling recurring payments for companies looking to break into the European market.
Maximising on the growing trend of subscription-based payments in tech, SlimPay was founded to automate and digitalise the entire payment process for merchants and consumers through direct debit payments. US merchants are now able to better reach European consumers via bank-to-bank payments, cutting down on the need for credit cards, once given authorisation by consumers.
Direct debit payments mitigate issues with theft, expiration dates, payment limits or loss of bank card, etc. According to a study conducted by Elabe in 2016, 40% of European customers are already familiar with direct debit, especially in the UK, Spain and France, mostly to pay their subscription to telecommunications, utilities (water, gas and electricity) and insurance/savings. Another 25% said that they’re ready to do it soon.
Moreover, as discovered in the survey, European consumers perceive direct debit as the most secure way to pay subscriptions. It’s also the most convenient and gives “peace of mind” since consumers don’t have to remember each due date.
For more information about SlimPay, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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