Recurring payment system is also known as subscription billing. In such a case, the merchants can charge the customers for delivering ongoing services. Well, there are many popular ongoing services that merchants are delivering across the globe. Some of them are gym membership, product delivery and many more. The merchants can charge the customers on a regular basis. They can charge the customer quarterly, monthly, and even annually. The customers will only have to submit the credit card transaction details and after that, the recurring payment system will take care of the rest.
If merchants are delivering repeat services, they must enable a recurring billing system in their business. It is one of the best ways to make online payments. It helps the merchants to maintain the cash flow in the business. However, the merchants can offer different types of subscription plans for the customers. The entire thing depends upon the requirements of the customers.
Set Up Of Recurring Payment System
Well, setting up the recurring payment system is very easy. There are different ways through which you can set up your recurring billing system. We have highlighted some of them below:
Through Payment Processor
If you want to enable a recurring billing system through a payment processor, you need to open a merchant account there. After opening a merchant account from a payment processor, you can apply for a recurring billing system. There are many merchant processors across the globe offering recurring payment services. Different processors also have different features. Therefore, you need to compare the rates of top merchant processors before choosing the ideal one for your business.
Through Ecommerce Solution
Well, there are many e-commerce solutions that offer recurring payment service. Some of them are BigCommerce and Volusion. BigCommerce offers recurring billing services through some efficient applications such as RecurHub and Rebillia. The merchants need to integrate these applications into their existing payment systems.
Integrating Recurring Payment Service
Well, integrating the recurring payment service is not so complicated. If you have a little bit of knowledge in this field, you can set it up without any external help. Moreover, the merchant processors and e-commerce solutions also try to help the merchants virtually.
If you are completely new to online business, you can hire a developer. A developer can make the recurring payment service integration completely easy. If you are conducting something big where customized and deep integration is required, you will have to hire a developer.
By now, you have probably understood the important things about the recurring payment system.