According to a 2019 survey, 91% of Australians are proud owners of a smartphone device. While smartphones come with a plethora of features, you would have, for sure, used it to make a recurring payment for at least one or multiple subscriptions.
Recurring payments are one of the primary forms of revenue collection, offering benefits like predictable cash flow. While they offer automated billing services, the top-notch providers stand out with their state-of-the-art subscription payment softwares. So, how do you choose the best recurring payment provider? Here are some questions you can find the answers for, to narrow down your options.
Does the Provider Operate in Your Country?
You might own a business, operating from different countries. Some payment providers operate globally, while others don’t. Those working on a global scale adhere to the banking regulations and have a banking partner in each country where they operate, to process payments.
Ask if the provider accepts payments in the countries where you have your core business operations.
What Features Will the Provider Offer?
Your business requirements will demand a collection of features that you can look for in a recurring payment provider. For instance, your business might require a higher payment collection rate and automated failed payment collection.
When you are looking for a subscription payment provider, enquire what core and additional features they offer, and whether they suit your business model.
Will the Integration Process Be Time Consuming?
The reputed providers have subscription payment softwares that don’t require weeks of installation. Thus, it is advisable to see if the recurring payment provider has a robust API that gives you full control over your customer behaviour.
The integration process in the case of such providers is super-fast and simple. Once set, you can start charging your customers and manage the transactions.
Check how fast the integration process is so that you can create new payment plans for your customers.
Will the Provider Offer Customer Support?
Working with a recurring payment provider who is one call away gives you the leverage to mitigate any technical issues you might face.
The reputed processors offer customer support over the phone and emails.
Confirm with the provider whether they have a responsive customer care that will react quickly, in the case of a technical glitch.
What is the Provider’s Pricing Model?
When you look at your choices, you will find that various payment processors for automated billing offer different fee structures.
It is essential to see which provider presents transparent pricing so that you make the right choice. Most processors will not charge extra fees for the recurring payment options; they will charge transaction fees per transaction.
Before finalising the provider you wish to work with, check for any hidden charges and additional fees that might become a liability when you want to expand your business.
Also, discuss fee negotiations with the payment processor if you are sure that you will have a high volume of transactions to process.
Do extensive research and ask as many queries are possible, to find the right recurring payment provider. Look for a provider who can reduce your overhead costs and optimise your business processes with flawless automation. Rest assured, you can focus on your business expansion plans and keep your customers happy.
Author bio: Helen Harry is a freelance writer and a GOT fan. Apart from writing Technologies, she likes to read & write fiction. More than anything, she loves to spend her time with her family, explaining technologies to the elders.