We have to agree that accepting online recurring payments can give merchants quite a headache.
Accepting these monthly, quarterly, weekly, or periodic payments online can be quite tricky, but in today’s world of subscriptions, they are guaranteed to boost your revenue.
Now that you have all caught up with the basics, here are some must-haves before you start accepting online recurring payments.
First and foremost- a payment gateway: As obvious as it seems, a Payment gateway is a necessity if you want to accept online payments.
It links the business website or application and the bank securely and authorizes and processes online payments.
There are quite a few things you need to consider before opting for a particular payment gateway, but if you are accepting recurring payments, you need to consider a few more requirements, like,
What is the billing logic?
Redirection or checkout on the same page
International currency support
Another important factor to consider is payment methods. Nowadays there is are a variety of payment methods available.
Customers are used to certain payment methods and prefer them when making the payments.
If you want to expand your footprint and increase your customer base, you have to incorporate various payment methods. Some of the most popular payment methods are,
Mobile wallets, etc.
While purchasing any service or solution, all customers want is seamless and simple checkout.
With the increasing demand for add-ons like discounts, customized billing, reports, etc. you have to maintain the sophistication level and offer a delightful customer experience.
Recurring billing software plays a very important role in this scenario. So, while choosing a recurring billing solution you have to consider things like,
You need to know about:
Benefits of recurring payments:
You will attract more clients by offering flexible payments. It’ll take the customer experience to a new level and increases client loyalty;
Increases client loyalty
Saves time and money
The software securely stores all the data and replaces physical records
Alert on missed payments or declined cards
Various payment methods
While setting up recurring payments, there are 2 basic requirements, first, billing logic, and second payment processing.
A simple payment processor would do the job as for the first requirement you have to make sure this payment processor is backed up with a billing engine that you would build yourself.
You can hire experts and professionals in the respective field to build the billing model. But even after payment processing is done, you have to have a payment gateway to accept these payments online and you have to consider various operations like trials, extensions, discounts, changes of plans, failed payments, etc.
The entire process might be pretty difficult, and as your company expands, it could become unreliable.
So you can either choose to build your own system to accept recurring payments
Or you can simply get on board with Lyra,
With Lyra, you can manage your payment schedule and issue payment orders manually.
Considered India’s one of the secured payment gateway, Lyra enables easy recurring payments with a powerful back-office and 100+ payment methods.