Recurring Payments: How to Integrate Them and Get More Revenue
The digital payment landscape in India is constantly evolving and going through transformations.
But with this evolution, the demand for convenience, customization, and flexibility also increased and as a result, India has seen various payment modes and models in the last few years.
And in today’s subscription-based world, the recurring payment model is becoming the fan favorite.
Not only does this model improve customer loyalty. but it also has a far-reaching impact to create different opportunities for revenue growth.
Recurring payments are automatically happening transactions at defined and regular intervals. They can be weekly, monthly, quarterly, yearly, etc.
Two main parts of the recurring payment model are
payment logic – to calculate the correct time, period, and price considering affecting factors and user requirements.
payment processing – transfer of funds from the customer to the merchant
What are the benefits of the recurring payment model?
First and foremost, recurring payments are at peak of popularity, so customers would prefer if your store offers the option.
You can attract a more customer base while retaining your existing one. This flexible payment option can take customer experience to a whole new level and the business can gain customer loyalty.
The process to manage transactions is effortless. As the recurring software securely stores all data digitally. And you can analyze the data whenever you want.
Recurring payments can be done via various methods like card payments, UPI, net banking, etc.
so, the customers can choose the payment method they are comfortable with. The recurring billing software can also be set up to notify customers via message or email. about the upcoming bill hence, enriching the customer experience.
So, if you want to take your business to new levels, improve customer loyalty and get more revenue, integrate recurring payments with your business model today!
How do integrate recurring payments?
First, you have to choose a payment gateway. Now, while choosing a payment gateway, you have to consider your business model and other business requirements.
Then you have to select recurring billing software. This software will help you set recurring rules.
While choosing the software, you have to carefully create your checklist. and demands like invoices, integration, checkout, support portal, API, PCI compliance, security protocols, etc.
Once you get decided on the Payment gateway and the software. You have to customize all the tools, test them, and set up a notifications system for clients. And start using the model.
Or you can go for Lyra’s payment gateway. with the recurring option. And get a secure tailor-made payment solution for your business.
Lyra offers a secure and easy-to-integrate payment gateway that caters to all the business requirements and can be used for local as well as global transactions.
With more than 100 payment methods and shop cart plug-ins, you can start accepting online recurring payments while ensuring your customers the safety of transactions.
Lyra’s Payment Gateway comes with easy integration and a powerful back-office system. It is PCI DSS compliant, SSL layered, and offers fraud and risk management tools.
All in all, today’s recurring payment module has become one of the most preferred models. as it allows merchants to collect more revenue.
A recurring payment model can optimize payment operations and increase customer loyalty.
So, what are you waiting for, contact Lyra’s sales team today and integrate Lyra’s payment gateway with zero setup fee and the quickest onboarding!