Bank of America, Recurly team up to smooth subscription payments
Bank of America Merchant Services is working with subscription management platform Recurly to help merchants generate revenue and drive subscriber engagement and customer loyalty.
The two companies will offer complementary services to the merchants under separate contracts.
They will target the increasing number of merchants offering subscription-based services across B2B and B2C spaces, such as Software-as-a-Service, consumer goods such as BarkBox or streaming media platforms like Sling.
“Bank of America Merchant Services’ partnership with Recurly provides our subscription-based clients a competitive advantage by offering their customers a simple solution to sign up for their service and includes actionable insights to help them grow,” Bank of America Merchant Services CEO Tim Tynan said in a Monday press release.
Businesses that use the Bank of America Merchant Services' payments processing and Recurly's subscription management platform will have the ability to accept payments on a global scale, offer a variety of customer plans and billing options, manage the full subscriber life cycle from acquisition through retention and obtain in-depth business analytics.
“We’re delighted to be closely aligned with Bank of America Merchant Services to serve the large and rapidly-growing subscription commerce market,” Recurly CEO Dan Burkhart said in the release. “As more businesses embrace the subscription model, they’ll find a great fit in our complementary capabilities.”
Bank of America Merchant Services says it processes 17.3 billion transactions at more than 700,000 merchant locations throughout the U.S., Canada and Europe. Since its launch in 2010, San Francisco-based Recurly has developed subscription billing for thousands of companies across 32 countries.