Bill Me Later Magazine Subscriptions with SubscriptionFlow

‘Bill me later’ or ‘buy now pay later’ (BNPL) options are increasingly gaining traction with customers today. They are ideal for customers who don’t want to pay full product prices upfront. Fortunately, BNPL options are no longer exclusive to one-time purchases only.

SubscriptionFlow enables magazine subscription businesses to offer their readers flexible bill me later options. The software makes this possible by connecting these businesses with popular BNPL providers in the industry.

In this article, let’s explore how publications can avail the BNPL solutions for their magazine subscribers, and how that helps them retain readers.

What is Bill Me Later in Magazine Subscription?

Bill me later refers to the BNPL model in which customers get the option to split their total charges in smaller parts. They can pay these smaller amounts over a period of time specified by the BNPL service provider in use. Magazine subscription businesses offer bill me later options to their readers to make payments easier for them.

Suppose a magazine publication is charging $20 per month for subscription. It integrates with a payment service provider (PSP) that allows its subscribers to access magazines first, and pay later. It allows them to split their payments in 4 parts, and pay one part in each week.

So customers can easily pay $5 each week, and complete their payment within the month. What’s more, they don’t have to wait to access the service until their installment payments are over. Instead, they can get their e-magazine online immediately after their first installment.

Similarly, in the case of physical magazine subscriptions, readers can order their magazines immediately. They can conveniently pay the full price of their orders later.

BNPL breaks down larger payment amounts in this way, and allows subscribers to pay flexibly. Magazine businesses can integrate with a smart subscription billing platform like SubscriptionFlow, and let their readers access this option with ease.

How SubscriptionFlow Enables BNPL for Subscription Payments?

SubscriptionFlow brings the subscription and BNPL models together, so that publications can support budget-friendly payments. The software integrates with a number of BNPL service providers, such as Klarna and PayPal, and each offers customers its own unique bill me later solutions.

Magazine publications can seamlessly integrate with SubscriptionFlow’s checkout to enable BNPL options for their readers. Here’s how the process works:

You have done your part.
Let SubscriptionFlow take it from here!

Let us help your business grow with our powerful
subscription management software.

A customer signs up for magazine subscription on the company’s website
They are redirected to SubscriptionFlow-hosted checkout for payment
On the checkout page, they see the BNPL payment option
They click on the option, select their installment plan, and pay
Upon payment confirmation, SubscriptionFlow activates their subscription

These steps are for the readers who subscribe to the magazine newly. SubscriptionFlow lets companies bill their existing readers through BNPL services too. This billing takes place when the subscriber’s renewal date arrives Companies can send their subscribers payment links via email or self-service portal that take them to the checkout.

At checkout, the subscribers are again presented with a variety of payment options, BNPL included. If they require the BNPL service again, they can select it and pay using that once again. However, if they want to pay in full for the current cycle, they can easily go with another payment method as well.

SubscriptionFlow supports diverse payment options. These include digital wallets, traditional credit/ debit cards, direct debit, mobile payment options and many others. If customers select any of these options, they are also given the choice to go for automated billing.

In automated billing, their selected method is charged on each renewal cycle. They don’t have to pay manually. And if they want to switch to BNPL again, they can always do that through their SubscriptionFlow-hosted self-service portal.

BNPL Service Providers Supported by SubscriptionFlow

Whether a publication offers subscriptions to digital or physical magazines, it can easily offer BNPL choices for both, via SubscriptionFlow.

It is important to note that the BNPL providers handle customers’ installments themselves. The business has no role in that. These payment providers pay businesses their complete amounts on the customers’ behalf. Then they charge customers the remaining payments themselves, following the agreed-upon schedule.

Following are some popular BNPL service providers that SubscriptionFlow connects magazine businesses with. They can choose to offer any one of them by considering their fees, regional availability, and customer preferences:

1. PayPal Pay Later

PayPal’s Pay Later service allows customers to divide their total payment in four parts. They have to pay each part every two weeks (biweekly). This option doesn’t include interest fees, and is very budget-friendly for customers.

PayPal also offers monthly installment plans through PayPal credit. However, that is limited to large purchases, and might involve interest too. The Pay Later service is available in more than 200 countries, making it a preferable option if your publication caters to international customers.

PayPal charges businesses 4.99% of the total amount, plus a flat fee of $0.49, every time their customers choose to use Pay Later.

2. Klarna

Klarna is a renowned BNPL provider that operates in many regions around the globe, including the US, Australia, and Europe. It provides customers with three BNPL options. They can either pay in 4 equal installments, or pay the complete amount within 30 days, or opt for other financing options for larger amounts.

For monthly magazine subscriptions, customers can choose from the first two options. And for longer and pricier subscriptions, such as the annual ones, they can choose long-term financing.

Klarna charges businesses 3.29-5.99% of the total amount for each transaction. It also charges a fixed rate of $0.30 alongside.

3. Afterpay

This service provider is present in a number of markets, including Australia, Canada, and some European countries. It also enables customers to follow a 4-installments plan, each installment due every two weeks.

Afterpay’s charges are 4-6% of the total amount, plus a $0.30 permanent fee. It charges merchants this amount for each transaction made via its BNPL service.

SubscriptionFlow also allows publications to integrate with payment gateways that support BNPL services. Stripe and Adyen are two leading examples of such gateways.

Both enable payment acceptance through multiple BNPL options, such as Klarna and Affirm. Adyen supports some local BNPL methods in Europe as well. However, these gateways do charge extra fees on top of the BNPL fees that businesses have to pay.

Benefits of Offering Bill Me Later Magazine Subscriptions

Here are the key benefits that magazine businesses can achieve by offering BNPL solutions using SubscriptionFlow:

Higher Customer Acquisition

BNPL services lower the entry barrier for subscriptions. Customers can easily subscribe to magazines and access them first, and then slowly pay for them over time. This speeds up customer onboarding, allowing publications to acquire more readers.

Offering BNPL solutions is especially beneficial for long-term magazine subscriptions, such as quarterly or yearly. Long-term plans typically provide customers with the best value, and are more-budget friendly compared to the monthly plans.

However, they charge a considerable upfront fee which customers might find daunting. But with BNPL integration via SubscriptionFlow, customers can go for lengthy plans with much more ease, and peace of mind. BNPL providers make paying large amounts a lot more convenient.

More Payment Flexibility

With SubscriptionFlow, your readers can easily choose between BNPL and other payment options. This doesn’t restrict them to only a single payment method. They can flexibly pay via bill me later when the need arises.

They can also go for an alternative method, and opt for automating their payment cycles whenever they want.

Improved Retention

Since readers can enjoy smooth and budget-friendly payments, their subscription journeys continue smoothly. This provides magazine businesses with an excellent opportunity to retain their customers for longer periods.

They can especially retain those customers that subscribe to their long-term plans. BNPL makes it easier for their readers to commit to these plans without putting a dent in their pockets. These readers are likely to stay committed for the entire duration of their plans, helping businesses maintain stable revenue.

Advanced Subscription Management

SubscriptionFlow not only connects companies with BNPL providers, but also manages their readers’ subscriptions expertly. It allows the customers to make changes to their magazine subscription plans. It also enables them to cancel without friction.

In either of these cases, it automatically adjusts all changes, and updates the customers’ accounts accordingly. For instance, it updates their payment schedules. And when their payment dates arrive, it enables businesses to send them one-click payment links in their self-service portals.

In case of automated payments, SubscriptionFlow collects payments itself, following each reader’s unique billing schedule.

Interested in offering BNPL to your magazine subscribers? Integrate with SubscriptionFlow today, and allow your readers to make convenient payments.