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How To Choose A Subscription Payment Service

Subscription payment, also known as recurring payment, is a charging method that enables merchants to bill customers automatically on a fixed schedule for a specific product or service. It provides several advantages for both merchants and customers, including simplicity and predictability of knowing the cash flow for business and the amount of the bill for customers each period. Today, businesses in every industry use subscriptions to draw customers in and sustain over a long period of time.

What Do You Need to Know Before Choosing Your Subscription Payment Services?

There are several requirements and capabilities that you, as a merchant, have to know before choosing a subscription payment services. 

  • The Payment provider should offer choices around features

A payment service provider needs to offer choices around what services are available with different subscription tiers. When clients select a specific subscription plan, the platform should automatically provide or deny access to features depending on the chosen tire. Similarly, the feature of providing various levels of payment plans allows you to appeal to your customers’ needs and their preferences.  

  • Payment provider must have capabilities to charge on a recurring basis 

After customers select their tiers and initiate their subscription, payment processing must be able to follow through with the recurring charges. CloudBanking has the recurring feature where it can invoice and bill customers according to the specific schedule agreed to has an access to payment processing platforms that can accept a wide range of digital payments, from credit card, debit card to direct debit. 

  • Payment provider must have customer management capabilities 

Subscription payment solutions should store information about customers, including the products they subscribe to, price, payment types, billing cycle, add-ons, and more. CloudBanking’s payment solution share this information to businesses, to provide customer service and respond to request from customers about their subscription levels. 

  • Payment provider should give self-service access to customers  

Customers must have the ability to initiate subscription billing on their own for a particular product or service. Cloudbanking’s recurring payment provides the option where the customers have the ability to browse features, input payment information, and start a subscription with one click.  

  • The Payment provider should be able to automate cash workflows. 

By converting manual data entry processes to automated workflows via accounting integration, CloudBanking can improve billing accuracy and increase billing efficiency across the board. A subscription payment provider should have the ability to automate cashflows, including invoicing and revenue recognition based on individual customers’’ account.  

  • The Payment provider should be able to analyse billing performance. 

The subscription payment services should be able to provide real-time billing data for the businesses so that they can understand the effectiveness of their subscriptions. This helps merchants to refine business models over time and maximise the lifetime value of their customers.  

Why Should You Consider the Benefits of Subscription Payment Services?

A subscription payment business models have several benefits for both merchants and customers and help in engaging a long-term relationship with customers. 

There are several benefits to the subscription payment system. 

  • Subscription plans help minimise risk, where customers enter their billing information once via automated payment. Less input means fewer opportunities for mistakes or fraud.  
  • Subscription payments offer you predictable income. When customers make payments on a regular basis, the payment amount and date of payment is usually known. This helps you to easily predict revenue each month and helps focus on your business growth with real-time financial information.   
  • Having a subscription payment and billing system in place allows you to automate your recurring payments and produce invoices for each transaction.  
  • Subscription payments open the door for more upselling opportunities, therefore expanding your revenue. When customers budget the monthly subscription fee, they will be able to consider the add-ons and other affordable features.  
  • Subscription payment services can collate data and make changes to customer accounts and reports. This helps you to focus on building your product brand while the subscription provider does the job of invoicing and personalised billing.  

Conclusion 

Choosing a new subscription provider does not have to be a difficult task. All you need to consider is to reduce your cost and optimise your business process with a provider that is right for you.  

To compete for your product or service in the industry and provide customers with the convenience of making payments, businesses should always follow the process of upgrading to subscription billing technology. CloudBaking provides subscription billing and recurring payments for business where they can offer customers convenient and tailored ways to pay.  

Setting up a subscription billing system does not have to be difficult. If you are ready to switch to a new provider or want a bit more information on CloudBanking, give us a call at +61 1300.117121, or apply now to get started

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ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.