How to Accept Recurring Payments Online

As any successful business will tell you, keeping your customers happy is important. One way to ensure customer satisfaction is to provide a positive and hassle-free payment experience. Many loan, subscription, and membership-based businesses use recurring payments as a convenient, reliable, and simple payment solution. In this blog we’ll explain what recurring payments are, the best way to set up recurring payments, and how to accept recurring payments online.

What are recurring payments?

Recurring payments are automatic, ongoing transactions that occur at regular intervals, typically monthly, quarterly, or annually. They are often used for lending businesses and subscription-based services or memberships. The customer agrees to pay a set amount of money at predetermined intervals in order to repay a loan or in exchange for continued access to the service or product. Recurring payments are convenient for both businesses and customers, as they eliminate the need for manual payments each time a service is rendered or a product is delivered.

Examples of subscription services include:

• Streaming services such as Netflix or Spotify
• Monthly utility bills
• Gym and sports club memberships
• Insurance
• Magazine subscriptions

What is the best way to set up recurring payments?

Every business is different with its own unique needs. To determine the best way to set up recurring payments for your business, you’ll first need to determine your requirements, such as:

• The size of your business
• Your budget
• The nature of your business
• Your technical capabilities
• What type of recurring payments do you need to set up and their frequency (e.g. weekly, fortnightly, monthly etc.)
• Will you need to integrate the payment gateway with your website, mobile app, or other platforms
• Any specific requirements you or your business may have

Once you have established the above and clearly defined what your business needs, you can then begin the actual process of choosing a payment gateway and setting up recurring payments for your business.

Looking for a payment processing platform that can provide a range of payment solutions, including recurring payments? Biz Core has you covered! No matter the type of business, our flexible payment management software has the adaptability to suit your needs.

Contact us today for a free live demo.

How do I accept recurring payments online?

Accepting recurring payments online typically involves using a payment gateway or a subscription billing platform. Here’s a 10 step guide to help you set up recurring payments online.

1. Choose a payment gateway

Research and select a payment gateway or subscription billing platform that meets your business needs. Popular options include Stripe, PayPal, Braintree, Authorize.Net, and Recurly. Consider factors such as pricing, features, integration options, and security.

2. Create an account

Sign up for an account with your chosen payment gateway or subscription billing platform. Provide the necessary information about your business, including your bank account details for receiving payments.

3. Integrate with your website or app

Follow the integration instructions provided by the payment gateway to connect it to your website or mobile app. This typically involves adding code snippets or using plugins/extensions if you’re using a platform like WordPress or Shopify.

4. Set up products or services

Create product listings or service offerings within your payment gateway. Specify pricing, billing intervals (e.g., monthly, quarterly, annually), and any other relevant details.

5. Enable recurring payments

Configure your products or services to accept recurring payments. Depending on the platform you’re using, you may need to set billing cycles, trial periods, and subscription terms.

6. Customise payment forms

Customise the checkout or payment forms to match your branding and provide a seamless user experience. Include fields for customers to enter their payment information securely.

7. Test transactions

Before launching, conduct test transactions to ensure that the recurring payment process works smoothly. Test different scenarios, such as successful payments, failed payments, and subscription cancellations, to identify and address any issues.

8. Ensure it’s secure

Security is crucial when handling recurring payments to prevent fraud and maintain trust with your customers. Ensure whichever service you choose has security measures in place, like Biz Core’s built-in Microsoft Azure Cloud Security, to protect sensitive customer data.

9. Provide customer support

Offer clear instructions and support channels for customers who have questions or encounter issues with recurring payments. Provide assistance with billing inquiries, subscription management, and cancellation requests.

10. Monitor and optimise

Monitor your recurring payment performance regularly, including metrics like churn rate, customer retention, and revenue growth. Use this data to optimise your pricing strategies, improve customer satisfaction, and increase revenue over time.

By following these steps, you can set up a robust system for accepting recurring payments online, enabling you to efficiently collect payments from customers on a recurring basis.

Take the stress out of payment processing and choose Biz Core

No matter the size of your business, setting up recurring payments can seem like a daunting process. But our Australian, onshore customer support team, are here to help! We provide the support you need to set up your payment gateway and get your business where it needs to be.

Contact us today for a free live demo!