When you subscribe to any TV, streaming music, data cloud services, mobile applications, internet services, etc., your payments are scheduled and charged automatically, and this is called subscription payment or recurring payment. Nowadays, subscription payments are on the rise and making their way into the industry. Many enterprises make the best use of subscription services by providing an excellent payment experience through subscription automated payments. Usually, subscription services charge you on a monthly or annual basis, depending upon your subscription. And, in case you want to cancel your subscription services, you can do that as well or wait until your subscription plan expires. With the right subscription payment provider, you can save a lot of time and invest it in your business without chasing customers to get their payment details. And you can charge the customers daily, weekly, annually, or monthly with the customers’ one-time consent to charge their card or electronic wallet. Even if you are a customer or a merchant, it is not necessary for either to be physically or virtually present for the transaction.
So, since you now know about subscription payments or recurring payments, let’s get on to picking the best subscription payment provider for your business.
The Types of Payments You Require
First, you must determine the type of payment you require for your online business. Would you like to charge customers on a one-time basis or monthly basis? And would you like to charge them daily, weekly, or annually? You must also determine if you are going to charge for any extra item or only a specific item.
Your Business Location
Many payment gateways contain a list of several countries where one can avail of their recurring payment services or subscription services. This occurs because of many banking regulations. For instance, in case your business is registered in Australia, you can acquire subscription payment services from an Australian subscription provider or a global subscription service provider. But make sure that it is backed by Australian acquiring banks or a global one. Besides that, although you may select an Australian subscription provider for your business in Australia, it doesn’t mean you can’t globally sell your product or get global users to subscribe. You can search for payment gateways that are able to receive payments in multiple currencies.
With the most secure solution, your customers will neither worry about making any payments through the gateway nor will they worry about the safety of their information or data. Hence, it becomes important for a subscription payment provider to offer data encryption and data security.
Numerous Plans to Choose From
You must begin planning your rebilling strategy. In what intervals do you want to charge your customers? And at what cost would you charge them? These are some of the questions you can ask while creating a strategy. You can look for subscription payment services that enable you to set plans and modify them as per the needs and requirements of your business. With the help of numerous plans available, you can provide a lot of options for your customers.
There can be certain unexpected hindrances when you accept recurring payments. They include expired cards, spending limits, declined authorisation, and so on. Hence, many merchants prefer subscription payment services that provide solutions like setting up retry logic to reduce declines.
Subscription payments are widely used by different businesses across different industries. Your business should have the freedom of customisation with a payment processor since it can immensely impact your business’s success.