People can buy subscriptions to just about anything now. It started with the mundane: shaving, hygiene, and beauty boxes. Then, sellers got creative (and risky) with monthly cocktails and cannabis samplers. You can even buy a Porsche via subscription now.

But what does this mean?

The subscription economy has fundamentally changed the way people buy things. For better or for worse, it’s also changed how the average consumer manages their cash flow. It’s easy to forget that you’re about to pay $25 for a loot crate—and then it arrives.

This leaves many people wondering: is there an easy way to turn off recurring billing?

The Hard Way to Cancel Recurring Payments

The current method of turning off recurring billing is by pausing or unsubscribing from the service. While this sounds relatively easy, most companies make people jump through a few hoops.

First, consumers need to sign into their online accounts. Then, they must navigate to their account preferences. Often, the unsubscribe button is difficult to find, and the company will request multiple confirmations before the deed is actually done, and bombard the user with a couple of deals to entice them to stay.

Without other incidents, the whole ordeal can take up to 15 minutes. However, that doesn’t account for miscommunications or account problems. For example, many people rely on the vendor’s customer service reps (from outsourced call centers) to help them pause or cancel their accounts. Others spend more time disputing charges with their bank or credit union.

Unfortunately, this is par for the course with subscriptions and recurring bills. Moreover, people must repeat this process for each vendor they cancel. That’s a lot to keep track of!

The Easy Way to Manage Recurring Payments

Subscription management has a new friend in WalletFi. WalletFi allows users to see all of their subscription payments in one place. A few of its basic functions include:

  • Identify recurring charges
  • Move payments from one card to another
  • Cancel, pause, or resume subscriptions
  • Update payment info for new or reissued cards

WalletFi helps ends users, but it also helps the financial institutions that provide it (it’s white labeled for branded distribution). It provides a valuable, necessary service in today’s subscription economy. But it also helps to increase an institution’s share of wallet—and their corresponding interchange income.

Further Reading

Not long ago, users avoided subscriptions and “auto-billing”. Most people wanted complete control over their finances. They wanted to approve each transaction so that they wouldn’t waste money.

However, the growing subscription economy turned all that on its head. Today, most people desire convenience over control. But nobody should have to choose between the two.

Contact us to see how WalletFi can help your financial institution provide new services to your account holders—all while improving your bottom line.

Or follow the links below to learn more about what WalletFi can do.

Why Your Institution Needs Its Own Wells Fargo Control Tower

The Connection Between Payment Tracking and Wallet Share