No matter what industry you’re in, payment processing is a critical requirement for your business. Having effective payment management can boost your business and help you grow to the next level. For businesses with regular customers, recurring payment processing is essential.
Today, we’ll share insights on how you can accept recurring payments for your business and enhance your sales with convenient payment processing. But before we get to that, let’s explore what recurring payments are.
What are Recurring Payments?
Recurring payments are repeating payments that you have to charge customers on a regular basis. These payments are common for service segment businesses and companies that have frequent recurring payments.
In the recurring payment model, customers authorize the merchant to pull the amount from their accounts at regular intervals. These payments are often against goods and services delivered on a regular basis.
Recurring payments allow businesses to streamline frequent payments by removing the hassle of manually charging the payments every time. Customers can easily get their required products and services without having to handle manual payments. These payments are a key source of cash flow for most businesses and add stability to the income.
In this modern era, most businesses rely on automated tools to process recurring payments. Frequently used tools include plugins and custom scripts to simplify the payment process and regularly receive payment from customers.
However, to have effective payment processing, it is important to opt for a reliable recurring payment system that manages the process for you.
Factors to Decide Your Recurring Payment System for Your Business
When you’re opting for a recurring payment system, it is important to review your business requirements and opt for a system that simplifies the process for your customers. Customers prefer to work with reliable recurring systems that make it easier for them to make payments.
Before selecting the right payment system for your website, consider the following factors to make an educated decision.
When you’re deploying a processing system, it is important to consider the ease of deployment and maintenance. The last thing you want is a system that requires advanced technical assistance to perform properly. During the setup process, having a streamlined management process helps you avoid the hassle of maintaining an in-house team and saves you tons of valuable resources.
Every payment processing system will charge you fees to process transactions for you. These fees are generally applied in the following ways.
- Percentage Fees – Most payment gateways charge a percentage fee on every transaction. This means that every time your customer account is charged for payment, the payment gateway automatically takes a percentage from the total payment.
- Fixed Fee – Fixed fees are generally applied to every transaction as a pre-defined fee regardless of the transaction amount. The fixed amount fee is usually charged in packages depending on the payment tier.
- Currency Conversion Fees – For global customers, currency conversion fees are a standard part of the payment process. Payment processing systems charge a pre-defined fee on the transaction to convert other currencies into the vendor requirement. Make sure that you avoid gateways that charge high fees on transactions.
In today’s landscape, payment flexibility is a major requirement for customers for a number of reasons. Firstly, customers use diverse payment methods and expect the eCommerce platform to support their method. Secondly, payment flexibility means that businesses can target a larger range of customers in the market. This means that offering payment flexibility is essential to expand your sales and attract customers.
Benefits of Recurring Payments – The Advantages
Recurring payments offer a ton of benefits to your business. Here are the most significant advantages of offering recurring payments to customers.
- They save a ton of time for the business and the customer due to the time efficiency.
- They improve cash flow forecasting because your business receives payments on time.
- Your customers have the ability to subscribe to multiple payment plans at the same time, allowing you to increase conversion.
- You can create long-term relationships with customers by providing them with a better experience.
With all these benefits and faster processing, it’s a no-brainer to shift to recurring payments and offer better value to customers.
Selecting the Right Recurring Payment System
With the diversity of payment options, it can be challenging to make the final decision when you’re selecting the payment system for your business. It can be difficult to decide which system works better for your business due to the diversity of payment options available. While making your decisions,
When you’re looking for a reliable payment processing system, working with an established company can simplify the process. Oceanpayment is a trusted provider of payment solutions and helps you address your business needs. With a diverse team of professionals, we help businesses accept payments and improve their revenue.
What Makes Oceanpayment the Ideal Partner
Oceanpayment is the best partner to add recurring credit card payments to your business. Here’s what makes us the right partner to help you expand your business.
Clear Pricing Structure
Oceanpayment outlines the details of the deployment upfront to help you have a clear idea about the process. You don’t have to worry about hidden contract terms and fees when you work with Oceanpayment. Simply avail recurring payments at an established pricing structure that supports your eCommerce requirements.
Oceanpayment understands your business requirements to ensure that you’re getting the right solution for your business. We take your input in every step of the process to deliver an exceptional deployment to help your business accept recurring payments.
Our team comprises of experienced professionals and digital experts with decades of experience in the industry. We’ve worked with leading players in the industry and helped them implement payment solutions. When you work with Oceanpayment, you’re working with a team with a proven history of delivering advanced solutions.