Recurring Payments Solutions for Businesses in Canada, India, US, and the UK
Do you offer subscription-based products and services? Do you want to be able to offer your customers the option of spreading a lump sum payment over time? A recurring payments solution may be just what you need to provide more convenient payment options to your customers as well as streamlining your payment processing cycle and reducing operating expenses.
Recurring billing, in which payments are billed to the customer’s credit or debit card or checking account at specific agreed upon intervals, is an attractive option for consumers. Not only does it allow them to break a large and potentially purchase-prohibitive payment into smaller payments spread out over time, but it ensures that customer access to a product or service continues uninterrupted.
Many types of businesses can benefit from a recurring payments solution including:
- Subscription based businesses (software, web hosting, SAAS)
- Membership-based businesses fees (gyms, associations)
- Home and Garden services (house cleaner, pool cleaner, lawn service, pest control)
- Schools and Churches (tuition, meal plans, tithing)
What are the Benefits of an Automated Recurring Payments Solution?
Merchants who implement an automated recurring payments solution reap the benefits in a number of ways including:
- Improved cash flow
- Increased sales conversions
- Reduced delinquencies and collection calls
- Increased customer retention
- More efficient billing process
- Reduced costs associated with the billing process (e.g. envelopes, stamps, bank fees, etc…)
Why are Recurring Payments Considered High Risk?
Like MOTO transactions, recurring payments are considered Card Not Present (CNP) transactions. This means that both the cardholder and the credit card are not physically present at the point of sale, which often takes place online. Because of this, recurring payment transactions are at a higher risk of fraud and chargebacks than many other types of transactions. Implementing a good recurring payments solution, however, can greatly reduce those risks.
High Risk Pay Solution Can Help You Get a Recurring Payments Solution that Meets Your Needs
Our team of merchant service specialists has successfully negotiated on behalf of hundreds of clients in Canada, India, the US, and the UK to secure the services they need to grow their businesses and we can do the same for you. To learn more about our recurring payments solutions and how they can improve customer acquisition and increase cash flow, apply online or call us at 855-736-6460.