Recurring payment has made running a business like a walk in the park. It is simply the best possible thing that can happen to any business. If you are operating a SAAS business, you will know what we are talking about.
Having a recurring payment system means you don’t have to worry about convincing customers again and again because you know as long as the customer is using the product, the payment will get credited in your account every month. Therefore, businesses look for the best recurring payment gateways. But if you think that’s all it requires having recurring payments, then you might be wrong because there are issues like chargebacks, fraud, declined payments and all.
Here in this blog we are going to talk about tips to pick the best recurring payment service for your business. You can definitely give Cashfree recurring payments a try.
Recurring payments are a great way to keep the business payment process intact.
What is Recurring Payment?
It is payment where a customer or client pays for service on a monthly basis. Many OTT platforms work on the same basis, such as Netflix, where people pay subscription fees to watch series and movies. The best part about recurring payments is it saves time as most of the payment happens automatically and businesses don’t have to send a reminder to customers about their ongoing payment. The recurring payments are of two types which are fixed and variable. As the name suggests in the fixed recurring payment, customers have to pay a fixed amount at a specific date of a month, while in variable recurring payments, customers will get charged according to the usage.
Tips for Finding the Best Recurring Payment Solution
There is a wide variety of choices when it comes to selecting the best recurring payment solution. These choices can make it a little overwhelming for newbies and rookies to select the best recurring payment solution. But not anymore, here are some tips that can definitely help you pick a suitable service.
1. Types of Payment
The very first thing you need to figure out is what kind of payment you are hoping for, such as credit card payment or other kinds of payment. Based on that, choose the platform that allows you to collect the same payment.
2. Merchant Accounts
Next, if you want to accept the credit card payment, then you need to have a merchant account. So it is best to look for a recurring payment service that offers a merchant account in the package itself so you don’t have to invest extra bucks in a merchant account.
3. More Than Recurring Billing
Running a business is like opening every gate and window to attract customers. A recurring payment is good, but what if you land a customer who believes in a one-time payment or invoice then you must have a solution that can look after all needs of different customers. Always go with a service that offers more than recurring billing.
4. Upfront Configuration and Investment
Some automatic payment systems take weeks to establish, while others are cloud-based and let you collect online payments in moments. Much of this depends on your level of skill regarding process modification and system interaction, but SaaS solutions are becoming increasingly powerful and are well worth investigating.
When it comes to recurring payments, there are issues like delayed payment or failed payment and in such cases, it is important to have a solution that can send a notification to customers about the same. As a business owner, you need to be on top of such activities. That’s why you should always prefer a solution that has top-notch reporting regarding any issues occurring within the system.
Now the whole point of acquiring the recurring payment solution is to reduce the monotonous work like sending notifications and invoices to clients. So while choosing the solution, you must want to make sure what kind of task can be automated using the recurring payment solution.
7. Technical Help
Many subscription-based businesses extensively use internet sign-up and digital payment processing to fully automate recurring billing. Selecting a recurring payment system with a solid API would work nicely if you just want full control over the digital payment process and have ample technological resources. If you don’t have a lot of technological expertise, look for a service that lets you customize hosted digital payment forms to make membership sign-up and payment processes easier.
Having a recurring payment solution with an API is good if you want to integrate any other system with the payment software. It makes data sharing easier. You can easily import and export customer data without any trouble using the API.
That’s it! Now you know all about the tips to pick the best recurring payment service for your business. There is no denying that a dependable recurring payment mechanism aids in the development of solid and long-term customer relationships.