Recurring payments are gaining traction. If you’re planning to start accepting this type of payments from your customers, you should look for the best service in the space. This article will help you with easy and cheap recurring payments services and tell you how Pinwheel Pay can help you with this type of processing.
Recurring payments are also called subscription billing, recurring billing, or automatic payments. These are electronically processed payments processed based on a preset schedule. Thanks to recurring payments, merchants can cut account receivables and avoid multiple service interruptions for customers.
How can you accept recurring payments most easily? You can do this with an all-in-one payment processor or merchant account. This is a merchant account that handles the payments and also manages the billing process and security features so customers’ information can be protected.
You can set a monthly or annual schedule of recurring payments, which is typical of small businesses. In addition, you can accept recurring payments weekly or daily.
How You Can Accept Subscription Payments
You need a third-party payment processing company for recurring payments to work. Thanks to these third-party companies, your business can start accepting credit/debit card payments. Payment processors can be of two types: payment service providers, which manage the processing, securing, and depositing of your customers’ funds, and merchant accounts, which are only for fund deposits.
Here are the popular payment services for recurring payments:
- Square: Considered the best platform for recurring payments
- PayPal: Ideal for invoice and subscription services for online businesses
- QuickBooks Payment: Ideal for those who use QuickBooks
- Pinwheel Pay: Most robust suite of payment products for recurring payments
- PaySimple: Ideal for managing subscriptions and memberships
- Stripe: Ideal for eCommerce startups processing international or in-app payments
- Wave: Ideal for individuals who need recurring invoicing and accounting software.
When choosing a payment services provider, make sure to look for the most advanced, secure and cheapest possible solutions for your eCommerce business. A true payment specialist will offer you multi-currency processing and online payments solutions and tools so you can run your business effectively within your industry.
Accepting Recurring Payments Easily and Affordably
Think of recurring payments as the charges you make to a customer’s credit card or account based on a predetermined schedule. Make sure to choose easy and low-cost recurring payment services for your eCommerce business.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.