Subscription and recurring models are prevailing in the market. Now every second business is SaaS-based and that’s why companies are looking out for the best recurring payments option.
Recurring payments are the foundation of a subscription-based business. If you are wondering about what the subscription model and recurring payment are then this blog will brief you with the same.
Subscription-based businesses are where a business provides its service based on the subscription. For example, if you are using any CRM for your business then you need to buy its subscription. It can be monthly or one time. After the duration of the service period, you need to renew it for further usage. But the payment model which is used by many businesses is the recurring payments option.
In the recurring payments option, business owners and customers don’t have to worry about transactions. The amount will be automatically deducted after the due date. Recurring payment options are mostly used by the OTT platform.
It is mandatory for business owners to implement recurring payments options if they are running SaaS-based businesses.
Recurring payments are the foundation of the Saas business.
Things to Consider While Integrating Recurring Payments
When it comes to recurring payment software there is a plethora of software available in the market. Choosing the one which fits your business requirement can become overwhelming. On that note, you can certainly give a try to the Cashfree recurring payments option. That’s why it is crucial to consider while integrating recurring payments in your business. Some of them are listed below.
1. Currency Supported
The whole purpose of starting an eCommerce store is so you can advance your business in other countries. That’s not going to be possible if your payment gateway is restricted to one single currency. So the very first consideration you need to give is if the payment gateway supports multiple currencies or not. Remember the customer is more likely to purchase if he/she sees their nation’s currency as an option. As a business owner, always go with a recurring payments system that offers multiple currencies.
2. Payment Types
The next thing which is the biggest bummer for the customers is if they didn’t find the multiple payment options such as credit card, debit card, UPI, and all. This thing can redirect your customers to your rivals. So it is mandatory to go with payment gateway options that offer a wide variety of payment collecting options.
Cost is the third thing you need to consider when you are picking the recurring payments solutions. No doubt, there is a plethora of services available in the market but some of them incurred hidden charges or additional charges in the name of setup and all. You certainly don’t want this. So it is better to go with a solution that is upfront with all the charges. It is better to ask beforehand about the charges and all and know that the payment gateway solution is good and never hides their charges from customers.
4. Customer Service
Running a business is not an easy task, you can come across many challenges in a day. So it is always best to go with recurring payments options that offer top-notch customer service. Someone ready to solve your query at any time of day via email, call, or another medium.
5. Checkout Process
Checkout experience plays an important role while customers make payments. A complex process can distract customers. That’s why some payment gateways allow you to customize your own checkout experience while some redirect to another page. So always consider the checkout process in mind while picking the payment gateway.
6. Setup Process
The setup process is important while choosing the payment gateways because you don’t want to end up doing complex things. A good payment gateway has an easy and fast setup that a normal person can do without any assistance. And some solutions also provide setup assistance too. It is mandatory to check this box out before picking the recurring payments solution.
Security should not be overlooked in any case. Your customers won’t trust you if they don’t feel safe while making transactions. Not just this, you should also be careful as many hackers are out there stealing data. So it is a must to have a solution that follows all safety protocols. Go with a payment gateway that is compliant with PCI-DSS standards.
8. Subscription Plans
Lastly, the solution that lets customers customize their subscription plans according to their requirements and needs. It should have an easy process to reactivate or cancel the plan. Customers don’t like the complex process so it is best you go with the recurring payments option that eases the work of your customers. Also, check if they offer a free trial period or not.
Now you know everything about recurring payments and what thing to keep in mind while going with recurring payments solutions.