Subscription angst: why people cancel
One in three customers cancelled a subscription service last year due to billing frustrations, according to survey.
Payment processing platform Solidgate surveyed 1000 participants and found that 51 per cent want more flexibility in resolving payment concerns.
Moreover, 47 per cent said they want to know how easy it is to cancel before subscribing and 60 per cent said businesses do not provide sufficient information about why a payment is declined.
Meanwhile, two in five people think that subscription is a great gift for the holidays.
“While subscriptions are a convenient model, even the slightest payment issues can quickly erode customers’ trust and loyalty,” said Yuri Alekseev, Solidgate CEO and co-founder.
“Businesses that deliver smooth, secure, and flexible payment experiences can secure their advantage, reducing churn and boosting their brand reputation.”
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