Simplifying Recurring Payments: A Guide for Businesses Embracing Online Transactions

Do you deal with recurring payments often? Check out our guide to simplifying your online recurring payments process.

Simplifying Recurring Payments: A Guide for Businesses Embracing Online Transactions
Photo by Austin Distel / Unsplash

If you operate a business offering subscription-based services, you know how crucial it is to collect recurring payments from your customers. Increasingly, more and more businesses are collecting such recurring payments online.

The transaction value of recurring payments worldwide is estimated to be US$13.2 trillion in 2023, and projected to grow to US$15.4 trillion in 2017, making it a key driver of the subscription economy. Hence, whether you offer software-as-a-service (SaaS), memberships, or just regular deliveries, setting up an efficient recurring payment system can greatly benefit your business.

In this article, we will explore key strategies and tools that can help you accept recurring payments online easily.

Choose a reliable, affordable recurring payment gateway

Selecting a trusted payment gateway is the foundation for accepting recurring payments. Look for a provider that offers robust security measures, seamless integration options, and flexible billing cycles.

Popular payment gateways such as PayPal and Stripe provide recurring payment features, but they may be too pricey for Malaysian businesses. More affordable options include Tekkis, which does not charge any fixed costs.

Offer multiple payment options

Catering to the preferences of your customers is essential. Ensure that your recurring payment system supports various payment methods, including credit cards, debit cards, e-wallets like GrabPay and Touch ‘n Go, as well as bank transfers. By providing multiple options, you increase the likelihood of attracting and retaining customers who prefer a certain payment method.

You will also need to be able to manage involuntary churn due to failed payments. For example, if a customer’s credit card has expired, your chosen system should be able to notify them of that and prompt them to enter their new card details.

Optimise the user experience

A seamless and intuitive user experience is crucial when accepting recurring payments. Design your payment process to be user-friendly, minimising the steps required for customers to set up and manage their recurring payments. Implementing a simple and intuitive checkout process will reduce customer abandonment rates and encourage long-term subscriptions.

Communicate clearly

Transparency is key when it comes to recurring payments. Clearly communicate your billing terms, subscription details, and renewal policies to your customers. Make sure they are aware of upcoming payments, renewal dates, and any changes to their subscription plans. Timely and transparent communication helps build trust and reduces customer inquiries or disputes.

Automated reminders can also help in this regard. Sending timely payment reminders can significantly reduce late or missed payments. Automate reminder emails or notifications to keep your customers informed about upcoming charges. These reminders serve as gentle prompts and improve cash flow for your business while maintaining a positive customer experience.

Leverage analytics and reporting

Utilise the analytics and reporting features offered by your payment gateway or subscription management tool. These insights provide valuable data on customer behaviour, churn rates, and revenue trends. Analysing this data helps optimise your pricing strategies, identify areas for improvement, and make informed decisions to drive business growth.

Up your recurring payments game with Tekkis

Accepting recurring payments online can be a game-changer for businesses that rely on subscription models or regular invoicing. By selecting a reliable recurring payment gateway, and optimising the user experience, businesses can easily set up and manage recurring payments.

Embracing these strategies will not only streamline your payment processes but also contribute to long-term customer satisfaction and business success. With this in mind, Tekkis is the ideal recurring payments partner for your business.

Tekkis t-Pay offers all of the above, plus it is:

  • Easy to set up with no coding or programming knowledge required.
  • Free to use with no subscription or hidden fees. You only pay when you make a sale.
  • Convenient and easy for your customers to set up a recurring payment.
  • Practical and usable, supporting a range of payment methods including credit card, bank transfer via FPX, as well as e-wallets.
  • Secure and reliable with 24/7 customer support.

Integrate your recurring payments with Tekkis today by getting in touch with us. Our friendly Customer Experience team is always ready to assist.

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