After testing and launching your payment services with Fortumo, your users will get access to the simplest online payment method with the biggest global coverage. But in order to take full advantage of carrier billing and generate as much revenue as possible, you should not leave your services in autopilot mode. Instead, we recommend to constantly analyze your revenue and make improvements based on the findings. So how to do that?
Optimize payments based on your users’ behaviour
Fortumo’s Dashboard provides you with real-time insights into user payment behaviour. You can view this information in the Revenue view, download the full datasets in CSV format or integrate our reporting API and import the data into your own business intelligence tools. Whichever approach you take, the key aspects to look out for are:
- Performance of different countries. In comparison with your total user base, where are you seeing the most and least amount of payments? If a country has a lot of users but you are seeing little revenue, dig deeper into the payments data for that country.
- Pricing preferences. Sometimes merchants want to configure pricing for carrier billing to be similar with other payment methods. But when a specific country is underperforming for you, it might be the case that you have set your pricing and expectations too high. If most of the spending and revenue comes from lower price points, you should consider opening up even lower price tiers. And on the other hand, if most of the revenue is coming from the biggest price points, open up higher pricing tiers.
- User spending timing. Different payment methods have a demographically different audience. Looking at your transaction data over several months will show when the biggest amount of users are making payments. This information helps with timing of campaigns and promotions into correct weeks of the month, days of the week and hours inside of the day.
- Successful billing rate. We recently wrote a separate blog post on payment failures. Whether it’s guiding users who have failed to make payments through the payment process or improving your technical infrastructure, reducing the amount of billing failures will lead to more revenue.
Launch new markets
The easiest way to increase revenue is by enabling payments for more people. This year we have launched payment services in 10 new countries, bring our total coverage up to 92 markets. You can find information about recently launched countries on Fortumo’s Dashboard. Check the notification box in “My Services” tab for information about recent launches. If you see a market that you are not yet using Fortumo in, add that country to your payment services.
Keep in mind that users in each country are different in their spending behaviour, languages they speak and the devices they use to access the internet with. If you are entering a market that you are unfamiliar with, check out our market reports to get a better understanding of the audience.
Promote carrier billing to your users
Simply switching on carrier billing does not generate guarantee success. While some users will find the way to carrier billing on their own, most will not. And if the users are not aware of a new payment method, they are also unlikely to use it.
Launching billing for a digital service or game should be viewed as launching any other consumer-facing product feature. For ideas on how to make users aware of carrier billing, check out our blog post “5 tips on promoting carrier billing to your users”.
Use Fortumo’s turnkey products
After launching your payment services, most of your time spent on carrier billing should go to increasing revenue, not updating technical configurations or worrying about compliance. Fortumo’s cross-platform mobile payments and in-app purchasing SDKs for Android and Windows allow you to do just that. If you have subscription-based services we can offer an automated subscription solution on different platforms to increase user retention in you key markets.
Read a longer explanation from our lead integration manager who recently highlighted why using ready-made payment products is better than integrating APIs.
Have any additional questions about growing your revenue with carrier billing? Or unsure whether you want to use Fortumo yet? Reach out to us at email@example.com!