SlimPay, the recurring payments specialist that make payments simpler for customers and smarter for merchants, today announced the launch of its US operations based in San Francisco.
Funded by a $16.6 million investment from Prime Ventures last summer and a partnership in April with Zuora, the American leader in online subscription plan management for enterprises, SlimPay is primed to handle recurring payments for companies looking to break into the European market.
Maximizing on the growing trend of subscription-based payments in tech, SlimPay was founded to securely automate and digitalize 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 authorization 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. SlimPay’s knowledge of the European subscription and payments landscape, in addition to its innovate payment management tools are real assets to American businesses targeting Europe.
"We are delighted to launch our US operations, which will support the growing demand we’ve been experiencing for our recurring payment solution," said Jérôme Traisnel, CEO and Co-founder, SlimPay. "Our US footprint is already helping elevate the profile of US companies in Europe, resulting in new revenue streams and global growth for startups and e-merchants looking to expand internationally.”