Helping businesses be more efficient
DocuSign is a global SaaS brand that helps businesses manage electronic agreements, and is on a mission to accelerate business and simplify life for companies of all sizes.
With its industry-leading DocuSign Agreement Cloud, which allows organizations to automate and connect the entire agreement lifecycle, DocuSign has successfully turned a previously cumbersome process into something more efficient and streamlined.
DocuSign is trusted by more than 750,000 businesses in 180+ countries, including some of the world’s leading technology and financial services brands.
GoCardless and DocuSign first began working together in April 2019. DocuSign needed a payment provider that was both reliable for recurring payments and preferred by customers in many of its key markets. GoCardless, which is built on bank debit, is uniquely positioned to offer exactly that.
We want our global customers to have access to simple and easy payment methods when purchasing DocuSign.”
A payment method that’s made for subscription payments
When DocuSign first came to GoCardless, the company’s data suggested it was missing out on customers in some countries by not offering an additional payment method. GoCardless’ own survey of almost 5,000 businesses provided additional data on key markets where customers highly preferred bank debit.
After integrating into DocuSign’s subscription management platform Zuora, GoCardless was switched on in April 2019. It’s available in the Eurozone and the UK, as well as Australia.
Customers landing on the checkout page now see the relevant bank debit option for their country, alongside existing PayPal and card options. The entire payment setup process is completed online, directly on the checkout page.
Beverly Tu, DocuSign’s Director of eCommerce Growth explained the main reason for choosing GoCardless: “GoCardless has enabled us to give our new customers a payment option that’s ideally suited for the recurring nature of subscription payments.”
Reaping the rewards of a preferred payment method
GoCardless has now been in use for more than 18 months. Beverley explains that offering the new payment method has resulted in a positive shift in buying behaviour:
We already knew there was an appetite for bank debit in many countries. In many cases it was the most preferred option. So far, our customer data matches those assertions.”
Before using GoCardless, DocuSign didn’t offer bank debit, but almost a year into the relationship things look very different:
- 11% of new customers choose GoCardless where it’s available, and that figure is steadily increasing.
- Preference is particularly strong in the Netherlands and Germany, where 35% and 23% of respective new purchases use GoCardless.
- Customers choosing to pay by GoCardless typically spend more, with an average selling price (ASP) 14% higher than other common payment methods.
Better retention rates than credit cards and PayPal
Retention rates for GoCardless payers after 12 months of using DocuSign stands at 70%, compared to 69% with credit cards and 61% with PayPal. This is because there is less involuntary churn (churn caused by payment failure) among customers paying by GoCardless, ultimately resulting in a higher customer lifetime value (LTV) for the GoCardless cohort.
There has also been an unexpected halo effect wherever GoCardless is available. The conversion rate across all payments has increased by 10% compared to when only credit cards and PayPal were available. This shows that not only are customers getting a better choice of payment methods, but new customers are choosing DocuSign because their favourite payment method is on offer.
In short, GoCardless has become a key payment method option for DocuSign. And wherever we offer GoCardless, customers convert better.”
Optimising recurring payments across the globe
With a consistently increasing share of wallet for bank debit across the countries where GoCardless is enabled, along with improved conversion rates, DocuSign is now planning to optimize its entire payment experience.
This optimisation project will ensure that it can offer preferred payment methods globally.
“The initial launch of GoCardless as a payment method for our European and Australian customers has been very successful, and we’re excited to offer bank debit to even more customers who actively prefer the payment method,” says Beverly.