Owning a SAAS-based business? Then you must know the pain of reminding customers about payments and all. That’s the reason why many businesses prefer a recurring payment model. It doesn’t matter what kind of business you are running, whether it is big or small, the recurring payment can take a business to new heights.
Earlier, things used to be a little complicated. Do you remember the time when businesses had to send constant reminders to customers about delayed payment? Not to forget, the pain of customers who have to set schedules or reminders about the payment.
Sometimes, this can lead to a heated argument between both customers and business. But things changed when the concept of recurring payments was introduced.
With recurring payment, businesses don’t have to nudge their customers about payment and customers don’t have to manually fill the billing details. There are many recurring payment solutions available in the market. To know about recurring payments, check this https://www.cashfree.com/recurring-payment out.
How to Set Up Recurring Payments?
Many people struggle when it comes to incorporating a recurring payment as most businesses are unaware of the procedure. This section will clear all the doubts regarding the same.
The very first step involved is choosing a suitable payment gateway according to your business needs. If you have a local business, the processors must be able to accept payments familiar to local customers. Further, if you sell stuff outside your nation, then the processor must be able to accept foreign currencies.
After selecting the payment gateway, the next thing you need to pay attention to is the plan. It is important to give proper thought to the plan, as it will help your business to grow. Always do some introspection by asking a question like – Can this plan meet your requirements and all? Other than this, always check if the plan incorporates features like integration, customer portal, and all.
After making the payment, all you need to do is set up the software with your business. Many payment gateways provide the setup installation by experts without any additional charge.
Further, it is important to do all kinds of testing and possible checks to avoid any sort of of distractions that stop customers from making a payment. It is advisable to do thorough checkups.
Other than this, it is important to customize email templates too so that customers will get notifications of the successful transaction.
Advantages of Recurring Payments
Now let’s focus on the advantages of recurring payments. Some of them are listed below:
- As a merchant, you don’t have to send constant reminders to customers about the payment. The recurring payment solution will look after it.
- It will help you maintain a consistent cash flow.
- Not just merchants but customers also hate nudging. If a business sends a constant reminder about payment, the customer finds it disrespectful and annoying, which leads to poor customer relationships. But by using a recurring payment solution, you will have a chance to develop a healthy relationship with customers.
- Customers can subscribe to various plans at the same time, allowing you to increase your sales.
- Furthermore, the recurring payment makes the future of business predictable. The business will know how much cash they will receive next month and all. Considering the same, they can plan out the future of business.
That’s all! Here you got all the necessary information about recurring payment and how it is helping so many merchants out there. Recurring payments help to build a stronger customer base and the best part about it is, the plan can be tailored according to the business needs.