The subscription business model requires automatic recurring payments to make it easy for customers to use products and services. You have to be 100% sure you will get money from your customers every week or month to predict the cash flow. But how to pick recurring payment provider that will meet your needs?
Firstly, you need to define your goals and consider what’s most viable for you. Building an in-house solution or finding a payment gateway with the recurring payment feature? Note that if you want to get the merchant account on your own, it could be a long and costly process. So choosing a service with a merchant account could save you time and money.
See what are the questions to ask when choosing recurring payment provider. Consider what do you need and make the best choice possible.
Picking a Recurring Payment Provider. 10 Questions to Ask
1. Read the full articlewww.securionpay.com
Picking a Recurring Payment Provider
10 Questions to Ask
2. Read the full articlewww.securionpay.com
First, define your needs
3. Read the full articlewww.securionpay.com
Here are 10 questions you
should ask to make the
choice easier.
4. Read the full articlewww.securionpay.com
1. Which types of payments do you need?
Do you want to only process recurring
payments or also charge the customers for
one-time payments (e.g. for a specific or extra
items)?
5. Read the full articlewww.securionpay.com
2. Does it work in your country?
Not every payment gateway will provide
their solution for businesses in your country.
This is usually due to banking regulations.
6. Read the full articlewww.securionpay.com
3. How long does the integration take?
It has to be fast and easy. Find the payment
gateway with a clean and robust API.
7. Read the full articlewww.securionpay.com
4. Is setting up a payment scenario easy?
➦ Does a provider offer the possibility of
modifying the billing frequency?
➦ Does the system allow you to update
the subscription amount?
➦ Can you change the card details in
running subscriptions, e.g., because of
expiration date?
8. Read the full articlewww.securionpay.com Read the full article
Well-known
payment
schedules
➦ A limited number of
payments charged at
regular intervals
➦ Unlimited number with the
possibility of canceling the
subscription at any time
➦ Schedule when a limited
number of payments change
to unlimited ones.
9. Read the full articlewww.securionpay.com
5. Is it PCI compliant?
Being PCI compliant is a must when you store,
process or transmit credit cards. It’s also
better to choose the solution which takes the
PCI burden on itself.
10. Read the full articlewww.securionpay.com
6. Are the payments secure?
It’s crucial to choose the solution with data
encryption and that stores the credit card
information securely.
11. Read the full articlewww.securionpay.com
7. Is the pricing transparent?
Usually, you are charged per transaction, but
check closely to make sure there aren’t any
additional fees (such as set up or monthly
fees).
12. Read the full articlewww.securionpay.com
You may also like
What are recurring payments? Boost your sales by up to 30%
through cross-sales feature
13. Read the full articlewww.securionpay.com
8. Does it support free trials?
A free trial makes it easier for your customers
to make a well-thought out decision. They can
use your product or service for a certain
period and then decide if they want to buy a
subscription.
14. Read the full articlewww.securionpay.com
9. Does it work on mobile devices?
The number of mobile consumers is growing
year by year. When you choose a recurring
payment provider, make sure it supports
mobile payments. It should also be
well-optimized to provide a smooth
experience for your customers.
15. Read the full articlewww.securionpay.com
10. What about tech support?
Make sure that you, as well as your
customers, won’t be on your own if problems
occur.
16. Read the full articlewww.securionpay.com
Now it’s up to you to
choose the best solution
that will meet your needs.
17. Read the full articlewww.securionpay.com
Check our Blogwww.securionpay.com
Looking for
recurring payments
for your website?
Try our solution
with flexible plans.
Boost your sales by
up to 30% through
cross-sales feature
The Merchant’s
Guide To Payment
Security