These days, it seems like everyone is jumping on the subscription payments bandwagon. What was once the exclusive territory of fitness centers and insurance providers has now transformed the business models of software, beauty, food, and security companies alike. No matter what industry you may occupy, there are compelling reasons to consider incorporating recurring billing into your payment offerings.
Set it and forget it.
Whether you are a merchant or a customer, needing to remember to bill for (or make) a weekly or monthly payment can be tedious. Contrast that with automated arrangements that run themselves after an easy initial setup, with neither the seller nor the buyer needing to constantly think about the process.
Once the payments process is automated, both parties benefit. You can take advantage of a predictable income stream that allows you to forecast your revenue and tailor your spending accordingly. Consumers have the peace of mind of knowing that their bill will be paid without any extra effort from them. All that remains is to enjoy the product or service they have paid for.
Enhanced merchant-customer relationship.
Now that there are no awkward conversations about late payments, sellers and buyers can bask in a more positive, productive relationship. You may find that this leads to additional future sales as happy consumers share positive feedback with their social media contacts about your business.
The payment gateways that facilitate recurring payments are mandated to follow specific payment card industry data security standards (PCI DSS). In addition, they encrypt and tokenize all data that is transmitted through them, providing an additional shield for customers’ sensitive information. As a result, you as a merchant can offer peace of mind to anyone agreeing to sign up for recurring payments.
When you elect to offer recurring billing to your customers, it reduces the number of paper invoices you need to send. For companies in certain industries, this can be a strong selling point in and of itself. Environmentally conscious buyers further appreciate the simplicity and the positive geological consequences of subscription services.
In short, setting up your systems to accept recurring payments is a win-win for you and your guests alike. Whether you provide food, pet products, fitness memberships, or childcare, setting the stage for subscriptions gives you predictable income, trouble-free billing, and administrative cost savings. Meanwhile, your customers enjoy products and services they can count on and a positive shopping experience that will keep them coming back for more.