Start Getting Subscription Payments for Your Business
Do you know what Subscription Payments are? How do Businesses charge fees to their customers regularly? Well, Businesses require to have a Merchant Account and with that, they have to get started with their Subscription Payment Processing.
Subscription Payment Processing is a business mock-up that most of today’s businesses are taking routine to attract customers. They then charge the customer regularly. If you own a business and searching for one of the excellent Merchant accounts for your subscription service, you must have this thing in knowledge that you are running a high-risk business and need a high-risk merchant account. It is a bit tough to grab a Subscription Merchant Account because of the risk adjoined with it.
Luckily, the Merchant stronghold has the way for you. We are a reseller of many payment processors. We are highly trained in assisting merchants from high-risk industries and help them to grab one of the best and most highly suited payment solutions.
Know The Process Of Subscription Payments Processing?
Subscription Payments are payments that are imposed on the customer regularly. This business model gives benefits and assists merchants with big hand hits. Repeating bills are charged to the customer on a timely basis. Intervals can be monthly, quarterly, or annually. The subscription goes on until the customer cancels the subscription.
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At times businesses give their merchandise at a cheaper rate to the customer. Afterward, they increase the cost without informing the customer. Once the bill is made, the customer acknowledges that they have been charged at a different cost. If the customer is a product lover, it’s okay for them to pay for the higher rates. But what if they ask for the chargeback? There are many issues when a customer has raised chargeback for a product or service after the offer period is completed. This is why the Subscription Payment model is declared a high-risk business and needs a high-risk merchant account.
Advantages Of Subscription Merchant Account?
- Income forecast: Merchants can forecast their coming day’s income based on the current subscription. The coming due date and payment amount are pre-decided at the time of sale.
- Attracts Customers: Subscription Model fascinate customer more apart from the one-time sale. It’s a fact that customers prefer to pay each month a small amount instead of a one-time installment. For instance, a gym asks yearly fees of $50, but the reliability to pay $5 each month is much.
- Customer Engagement: If you are vending a subscription-based service, you are more prone to busy your customer for a specific amount of time.
- Predictable Requirements: Merchants also have the tendency and point to predict their future needs to get ready for it.
Working on Subscription Payment Processing?
Subscription Payment Processing is an antique and very charismatic business idea. Though it needs a blueprint to work perfectly.
- Merchant Account: An account, more particularly a high-risk merchant account where all the payments get settled for your subscription billing chain. The account assists you to receive credit/debit card payments.
- Payment Gateway: A payment gateway is a web- associate that helps your customer to initiate their subscription. Once commenced, it affiliates the payments and helps to smooth communication between acquiring bank and issuing bank.
- Subscription Management: A managing software functions with your payment gateway to make sure that the merchant’s right accounts are being charged from time to time.
- Dunning Management: Dunning management must keep an eye on customers’ saved cards that are active or expired. A follow-up is needed to make you aware that your customer card is about to expire, update it as fast as you can to enjoy the service. Or merchants have to discard the subscription.
- Analytics Tool: An analytics is needed to forecast your future sales and get yourself pre-ready to face the result.
Subscription Payment Service for Every Business Requirement.
Recurring billing or say Subscription Payment Service is now in the fashion of payment processing solutions.
In this electronic fashion, if a merchant still depends on old cash-based transactions, then it will be very much tough for them to expand their business.
These days, people are more focused on paying using subscription-based payment services because this makes it quick and easy for customers to remunerate for the products that they are eager to buy. To give recurring billing, the business merchant has to have a subscription payment service to accomplish those transactions. Merchant Stronghold is one of the reliable and most trusted payment service providers working for so long and has built trust amongst people. Now it’s easy to get approved for a subscription payment service.
What Is The Process To Accept Echeck Payments For Subscription Business Websites?
The Echecks are an upgraded version of paper checks which is likely to get resolved quicker while differentiating from the traditional paper checks. It also cut the extra funds and time as well because it does not need you to manually fill the details and then post them to the bank for full and final settlement in your business merchant account.
The whole procedure to accept Echeck payments is generally split into these four steps as follows:
- Transaction Approval Request: To start the transaction, a business merchant requires to recover approval from the customer related to the transaction. This can be taken by a request in written, phone call conversation, or email as well.
- Initialize The Payment Process: When the customer gives the agreement for the transaction, a form is demanded to be filled by the customer, which will comprise payment pieces of data.
- Finalize the Transaction: All the information given by the customer needs to be given on the payment portal for transferring it ahead to the payment processor through the ACH network.
- Completing The Transaction: After giving all the payment details of the customer to the payment processor, it will be cross-checked with the electronic check processing machine. After the approval, the funds get debited from the customer’s bank account and get credited into the business merchant account. This process can take about three to five working days for the funds to get settled and show in the business merchant’s acquiring bank account.
What Are The Major Advantages For A Business To Accept Echecks?
Those businesses that are working under the high-risk segment may require to pay high charges in terms of processing rates. This is because of the number of risks associated with the transactions, and that makes it tough for a high-risk business merchant to acquire a card processing solution. But a business owner can take a lot of advantage of Echeck/ACH processing to receive payments online while paying a few processing charges differentiated from high-risk credit card solutions.
Some of the benefits of the Echeck processing service are stated below:
Low Processing Rates: There are various types of payment processing solutions obtainable. But the initial reason that influences the sales and profits of a business is the charges that a business merchant has to pay for processing payment transactions. These charges can infect much higher for a business that is working under the category of the high-risk business segment. That is why the business should target electronic checks online. Echeck/ACH processing offers a pocket-friendly solution compared to credit cards.
Subscription Payment Service: The attribute that makes the Echeck solution so insanely famous is the subscription payment service. This also gives facility for your customers to pay in a fraction of a second in the form of a recurring billing service or subscription payment service. At that moment, money gets debited directly from the customer’s supplied bank account and gets resolved into your business merchant account. Subscription payment service also helps to enhance the business merchant and customer terms.
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Get your Subscription Merchant Account with Merchant Stronghold
Entrepreneurs look if you need a Merchant Account for your subscription business model, then commence your journey with Merchant Stronghold. We have already done this procedure with many merchant accounts same as your industry type.
If you are looking for a great start-than you have to fill out a pre-approval form available on our site. We will be in your touch within 24 hrs. Our experts will assist you completely in the process from the first few documentation to the final payment solution integration.