Bespoke recurring billing software for subscriptions & payments
Recurring billing provides a useful revenue stream for a diverse range of businesses. It’s when a customer authorises a payment to be taken from their account on a regular basis, be that weekly, monthly, annually or at whatever frequency the business or consumer sets.
Gaming and news/media subscriptions are examples of digital services where access is dependent upon a recurring payment. The gateway links directly to businesses’ databases, so only users who have paid are granted access.
Retail uses recurring billing, too. From milk rounds to razor subscriptions, customers pay a little each week or month and are assured their products will arrive at the door.
For content providers and retailers it’s a winning model, as the monthly outlay might be small for an individual customer, but multiplied by thousands of customers, the revenue stream can be significant. It’s also stable, as a few people unsubscribing won’t make a huge difference, especially as they will probably be balanced by new subscribers anyway.
Turning single visits into repeat custom
A strong feature of the subscription model is that it encourages customers to give your service a try without a large initial expense, and if they like it, they will stick around. For example, a gaming subscription of £10 month, which can be cancelled at any time, sounds a lot more attractive and less risky than one for £100 a year, even though that would be cheaper.
That’s how recurring, repeat payments can be obtained from multiple customers. If you keep providing great content or products, and perhaps offer perks to subscribers, you can build brand loyalty and convert wavering deciders into loyal subscribers. Because you’re not forcing them to physically pay every month, they’re less likely to forget, and most people will only unsubscribe if the provider’s standards slip or if they have a change of circumstances.
Regulated Systems with Security for Businesses and Consumers
The success of subscription-based payments is down to the fact that it suits both parties well. Businesses get revenue; consumers get products. But that relationship only works when consumers are assured that their details and accounts are 100% safe. After all, giving out your credit card or bank details is a huge leap of trust, especially online. That’s why partnering with a payment services provider that puts security front and centre is essential.
Fido Merchant Services gives businesses the assurance that their customer-data is completely wrapped up in security measures from end to end. We are fully compliant with the PCI DSS (the Payment Card Industry’s Data Security Standard), and are active members of the online payment community, meaning we’re always alert to new threats so we can act accordingly. This helps ensure data and monies are transferred with utmost security, keeping your business protected.
Discuss Recurring Payment Options for your Online Business
Recurring payments are a fantastic source of ongoing revenue that can play a big part in keeping businesses in the black throughout the year. If you offer a product or service that could benefit from customers having a recurring payment option, why not talk to us about setting up a Fido payment gateway with repeat purchases? We could have you up and running in as little as a week.