Thank you for your query. We will contact you soon.
Key benefits of connecting a company website to processing:
A modern business often includes such offers or services, that a client may periodically acquire over a period. Among all payment solutions, recurring payments stand out for this task, which, in essence, are the same regular payments, the services of which are offered by many banks. Connecting a recurring payment service allows you to automatically sell your goods and services, and also helps to optimize the process of conducting orders, and more accurately predict future cash flow.
A description of recurring payments
In fact, any payments, that have a periodic nature, can become recurring. They are initiated by the client during the purchase or authorization of the payment card. A process of initiating recurring payments, if there is a corresponding service, reduces to the following scenario:
After the confirmation of payment, the customer’s card will be charged at a certain frequency for a specified period, or until he/she renounces the service/product.
A customer orders drinking water at home. To do this, he/she needs to go to the website of the supplier company every time and enter all the necessary information to complete the order. If the supplier company has activated a recurring payment service, the client can enter his/her data only once, select the appropriate options (regular payments/regular water delivery), and make the first purchase. Now he/she will receive water to the house with a certain frequency (for example, once every two weeks), and with the same frequency, the agreed amount of money will be deducted from his card.
There are several types of regular payments:
Benefits of recurring payments for a business
Setting up regular payments can increase a number of sales, when a business offers subscription services and minimize customer efforts to pay for goods or services.
Regular payments also offer a number of benefits for customers. Some of them are listed below:
Fewer delays. Since some enterprises (for example, utilities for the provision of their services) may set penalties for late payments. This is very convenient for those, who spend a lot of time on the road, and do not have the opportunity to pay bill on time.
More comfort. If you recall the example of ordering water, you can highlight another advantage. Due to the fact, that the payment settings are set once, the client no longer needs to enter the same information over and over again, for fear of making an error in the details.
Caring for the environment. The introduction of a recurring payment service reduces the number of paper checks, which in turn saves paper, trees and forests.
Costs are becoming more manageable. A payment for expensive products can be distributed over several payment cycles.
A speed. Regular payments are usually faster.
Setting up a service for receiving recurring payments allows accepting credit and debit card payments for any goods and services by subscription. Basically, a list of such products includes those, whose cost does not exceed $50.
It is worth noting, that a regular payment model has proven equally well both in the case of large enterprises and companies, offering highly differentiated products.
If you decide to set up regular payments for a business, IQ Decision staff will help you with this. Our experts provide comprehensive legal advice on the implementation of recurring payments service in business, and are ready to provide assistance at all stages of the process.
If you have any questions, to clarify a list of our services and order a legal advice, please contact us right now.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.