Recurring billing is a process of ongoing payment periodically for a product or service. This means a customer provides their credit card information to pay for goods or services periodically. The merchant then withdraws the specified amount on a regular schedule for as long as the individual’s subscription lasts. Once the subscription is approved, subscribers can set it and continue as long as the customer is using the benefit.
Modern-day thriving subscription billing businesses are businesses like Netflix, Disney, Spotify, Fitness fit, Dollar Shave Club, and many more. The beauty of this business model lies in its convenience. While for business, it’s appealing because it makes revenue more predictable.
CloudBanking’s Recurring Payment Solution
CloudBanking Payment processor provides a full suite of subscription and recurring processing tools while offering your subscribers unique services and experiences. Our cloud bases payment solution is feasible for any business that will improve your cash flow and accuracy. With CloudBanking Recurring Payment, you can optimise and expedite your business’ payment plan preparation, subscription management, and entire billing process. Recurring billing models are spreading from mass consumption streaming industries into high ticket items like aviation and automobile. It will certainly automate your billing procedures for a simple payment process and steady cash ﬂow. Using our platform, your business can easily send and receive invoices from your customers, save their information, and reconcile reports. You can also expect a secure, cost-efﬁcient process with our comprehensive fraud prevention technology.
Our recurring payment solution brings convenience not only to customers but to businesses as well. This method of payment helps simplify the payment process, improve cash ﬂow, and minimise costs related to a missed payment. When you take advantage of this payment service, you will certainly bid goodbye to late payments and added costs for chasing unpaid invoices.
Benefits of using CloudBanking’s Recurring Payment Solution
The Cloudbanking recurring payment provides mutual benefit to your business and your customers. Businesses get a steady cash flow, more reliable forecasted revenue, and potential savings on staff and administrative resources. Whereas, the customers need to set-up their payment details and can enjoy the service without actively needing to make the effort of payment again.
Here are several benefits to consider recurring subscriptions for your business and customers.
Benefits for Businesses
- Reduces missed or late payments
Aside from the potential loss of funds, the administrative costs associated with chasing payments reduce, giving businesses a double win.
- Avoid payment conversations with customers/clients with recurring billing set-up and running, you can focus on having positive interactions with your customers/clients, on your service and your products, and not on chasing payments.
- Reduces administrative costs
Invoicing and associated costs are reduced. Accounting becomes far easier, especially with some businesses where the entire process is digitised.
Between the PCI compliance and tokenisation used by payment gateways, you can rest assured that your customer data is safe.
- Better experience for your customers
When set up properly, a recurring billing system implemented with an easy to use and understand interface is a huge win for your customers and can actively promote conversions and chances of organic promotion as people love to share great/easy experiences.
- Allows you to easily offer subscription altering offers to your customers
Given the simplicity of subscription sign-up, CloudBanking Payment Processor allows you to easily sign in for free and invite new users or allow existing users to adjust their plan to better suit their situation.
This flexibility will help your business to increase conversions and can strengthen the bond you have with existing customers by allowing them to easily control their purchases and change subscription methods.
- Increase customer retention
Given the set-and-forget nature of recurring billing, the payments are out of customer’s minds, allowing them to enjoy the products/services.
Benefits for Customers
- Focuses on their needs
Subscriptions empower consumers to make a choice based on their budget and needs. This control makes customers feel comfortable and inspires positive sentiment towards the business.
- Set and leave the rest
Payment automation allows consumers to enjoy their purchases without unnecessary payment distractions.
- No timing restrictions and instant gratification
Customers can access your services whenever they want to, 24hrs a day, seven days a week on any device. In some cases, they’ll receive that service immediately which is a huge enticement to purchase.
Many recurring billing systems allow consumers to alter their payment details, their subscription inclusions, or terminate their subscription. In this way, customers always feel in control and debt-free.
Customers only have to enter their details once which removes decision barriers and encourages continued spending.
How CloudBanking Recurring Payment Works
1. Create a payment plan
Set the day of the month and amount you wish to collect to allow our system automatically processes the collection on an ongoing basis
2. Invite your customers to pay through CloudBanking
To proceed with the collection, your customers need to ﬁll out an online form. Onboarding your customers is simple. You can invite them by email or through a link, which you can include on your website or attach to invoices.
3. Your customers complete a one-time enrolment process
Ask your customers to approve the payment schedule and the amount charged. Now all future payments can be collected from them automatically.
CloudBanking payment gateway is a technology that connects merchants to payment networks. It captures the customers’ payment details and sends that information to an acquiring bank for approval and then sends the bank’s response back to the website. At CloudBanking, we provide more function, such as:
- PCI Compliance to avoid fines.
- Recurring bills on a subscription-based pricing scheme.
- Notifications to verify transactions.
- Payment information storage so that your customers do not have to re-enter their personal information.
- Virtual terminal imitation physical credit card terminal for convenient input.
- Encryption for high levels of security for sensitive user information.
- Integration with other tools like accounting software or shopping carts.
CloudBanking consistently develops new resources and the best tools to make it easier for you to avoid fraud and disputes. Visit us now or call +1 415.223.8459 for more information.