Start Receiving Subscription Payments For Your Business
Do you know what is Subscription Payments is? How Businesses charge their customers on a recurring basis? Well, Businesses needs a Merchant Account to get started with their Subscription Payment Processing.
Subscription Payment Processing is a business model that most of today’s businesses are adopting to lure customers. They then charge the customer on a recurring basis. If you are a business owner searching for one of the best Merchant Account for your subscription service, you must be aware that you are doing a high-risk business and require a high-risk merchant account. It is quite challenging to get a Subscription Merchant Account because of the risk associated with it.
Fortunately, Quadrapay has the Solution for you. We are a reseller of various payment processor. We are specialised in helping merchants from high-risk industry and help them to get one of the best payment solutions.
What Is Subscription Payments Processing?
Subscription Payments are payments which charge the customer on a recurring basis. This business model is beneficial and helps merchants to earn huge profits. Recurring bills are charged to the customer on an interval basis. Interval can be monthly or annually. The subscription goes as long as until the customer withdraws or cancel the subscription.
Sometimes businesses offer their product on a lower price to the customer. Later they increase the cost without notifying the customer. Once the recurring bill is generated, the customer gets to know that they have been charged at a high price. If the customer loves the product, then they didn’t withdraw their subscription. But what if they raise a dispute for a chargeback? There are many cases when a customer raises chargeback for a product or services once the offer period is over. This is why the Subscription Payment model is considered as a high-risk business and require a high-risk merchant account.
Benefits Of Subscription Merchant Account?
- Income forecast: Merchants can predict their future income based on the current subscription. The next due date and payment amount are pre-decided at the time of sale.
- Attracts Customers: Subscription Model attracts customer more rather than one time sale. It’s a fact that customers like to pay each month a small amount rather than a one-time instalment. For example, a gym charges yearly fees of $48, but the reliability to pay $4 each month is more.
- Customer Engagement: If you are selling a subscription-based service, you are more likely to engage your customer for a fixed amount of time.
- Predictable Requirements: Merchants also have the advantages to predict their future need to get ready for it.
How Subscription Payment Processing Works?
Subscription Payment Processing is a unique and very attractive business idea. Though it requires a pre-planned system to work efficiently.
- Merchant Account: It is an account, more specifically a high-risk merchant account where all the payments get settled for your subscription billing cycle. The account helps you to accept credit/debit cards payments.
- Payment Gateway: A payment gateway is a web- interface which helps your customer to start their subscription. Once started, it authorises the payments and supports smooth communication between acquiring bank and issuing bank.
- Subscription Management: A managing software works with your payment gateway to ensure merchants that right account are being charged periodically.
- Dunning Management: Dunning management is necessary to check customers saved cards are active or expired. A follow up is required to aware your customer that the card is going to expire, update it soon to enjoy the service. Or merchants have to cancel the subscription.
- Analytics Tool: An analytics is required to forecast your future sales and get yourself pre-ready to face the outcome.
Get your Subscription Merchant Account with Quadrapay
If you are also a business owner looking a Merchant Account for your subscription business model, then start your journey with Quadrapay. We have already processed many merchant accounts similar to your industry type.
To get started you have to fill a pre-approval form available in our site. We will get back to you within 24 hrs. Our dedicated expert will help you throughout the process from initial documentation to final payment solution integration. Still, have a query? Don’t worry; we will love to help you.
If you have any query, reach us at [email protected].
Happy processing !!!