Welcome to the Boathouse Paddle Series: A Deep Dive into Stored Payment Methods
Hi, I'm Alex, and welcome back to the Boathouse Paddle series, where we explore all things Paddle. Today, we're delving into a feature that has sparked a lot of excitement in recent Paddle forward events - stored payment methods.
What Are Stored Payment Methods?
Stored payment methods are not a new concept in the realm of payment platforms. They've widely been adopted by many vendors as a way to enhance the customer experience. Essentially, stored payment methods allow customers to save their credit card information for future transactions with the same vendor. This eliminates the hassle of re-entering payment details each time a purchase is made.
The Current Paddle Experience
Before diving into the upcoming changes, it's essential to understand how Paddle currently handles payments. As it stands, for every new checkout, customers must re-enter their credit card information - with a notable exception for subscription updates. If you tweak your subscription by adding or removing products or adjusting quantities, you won’t need to re-enter your details. However, for one-time purchases or reselling multiple items to the same customer, re-entering payment information is the norm.
The Upcoming Feature: Stored Payment Methods
At the recent Paddle forward event, a preview of the stored payment methods feature was showcased. And, to put it mildly, it’s a game-changer for Paddle users.
Preview and Initial Impressions
The preview highlighted a one-page checkout screen showing how customers can choose from their previously saved payment methods. This enhancement allows for a more streamlined and efficient checkout process. Customers who have opted to save their payment methods during previous checkouts will see these options available for future transactions.
It is part of their one-page checkout, where you can see that a customer can choose one of the existing payment methods in their account.
This is not the default setting, meaning past transactions won't automatically display saved payment methods unless the option to save was explicitly chosen by the customer during the checkout process.
Flexibility and Options
Another attractive aspect of this feature is the retained flexibility in payment methods.
If a customer prefers not to use a stored method, they can easily click the "pay another way" option. This will take them back to the standard credit card form or other available payment methods, ensuring they aren't locked into using that stored information.
Integration Across the Platform
The excitement doesn't end at the checkout screen. This stored payment feature will also be integrated into the Paddle Portal. In the portal, customers will have full control over their stored payment methods - they can view, update, or remove saved methods as they see fit. This holistic integration means a seamless experience across different touchpoints within the Paddle ecosystem.
In the portal... you'll be able to see the payment methods that are stored. You can change those payment methods and remove them if you need to, so you have full control and full management over those.
Looking Forward
As of now, it's unclear exactly when this feature will roll out in production. However, the anticipation in the Paddle community is palpable. This new addition promises to significantly improve the user experience by simplifying the checkout process and offering more flexibility.
Conclusion
The upcoming stored payment methods feature in Paddle is a significant leap forward from the current setup. By allowing customers to save and reuse their payment information, Paddle is set to streamline the buying process and enhance customer satisfaction. We can't wait to see this feature in action and hear your feedback.
Stay tuned for more updates from the Boathouse Paddle series!
