Providing products and services your customers need to buy regularly is a big deal to the business. It would be helpful if your customers do not have to remember to make payments for the products every week or month. Setting up a recurring payment allows you to sell your products or services automatically. The payments are automatically deducted from the client’s accounts and debited to the merchant account, and you deliver the goods or service to the client. Here’s a guide on how to pick the right recurring payment service provider to help you optimize your checkout experience and have a predictable cash flow.
Time Taken in the Integration Process
Whether you have in-house developers or not, the integration process does not need to take weeks before you can start charging the clients. Find a payment gateway service provider for your recurring payments who has a clean and strong API. This guarantees that you will not use more than a day to put in place the recurring payment software. As such, you will not lose a lot of business.
Type of Payment
Determine the type of payment your company or business needs. Do you want to process recurring payments only or do you also want to process one time payments? Do you want to accept credit card payments only, or are you willing to accept other modes of payment such as PayPal? First, analyze the type of payments you are willing to accept.
It is essential that you choose a recurring payment provider whose software supports all the types of payment you are willing to accept.
Some providers only offer their services in selected countries. Since the payment processing law is complicated and differs from one region to another, choose a payment gateway provider who provides their services in the area your business is registered. This will make it easy for you to handle any legal hurdles relating to your payments. However, this does not hinder you from making sales across the world. It also doesn’t prevent you from accepting payments in different currencies.
To protect yourself and your customers, ensure that the service provider complies with the set security payment standards. This will give confidence to your clients that their data is secure, which is crucial for them to subscribe to your recurring payment plan.
How much are you willing to spend on the recurring payment? The provider you choose to use should charge reasonable integration rates to ensure that the payment plan does not overeat into your profits. You should also consider additional costs such as transaction fees, monthly fees, etc. After you narrow down to a list of providers who meet your needs, compare their rates to see the one with the most affordable ones.
Irrespective of the business you are in, recurring payments will help you boost your revenues. With this guide, you will be able to choose a provider who is right for your needs to ensure that you fully enjoy the benefits.