Recurring payments are charges that merchants make to customers’ credit cards or accounts due to a predetermined schedule. How can you accept recurring payments? Who can help you with reliable and cheap recurring payment processing?
Recurring Payment Processing
A recurring payment about payments that customers make at regular intervals for goods or services. As a rule, these payments occur weekly or monthly. However, you can set them up to occur on the schedule that’s the most suitable for your business. Recurring payments are also called subscription billing, recurring billing, or automatic payments.
Thanks to this type of payment processing, both customers and businesses can save time. Specifically, customers can enjoy a simple experience for paying for goods and services and avoid missed payments. In addition, recurring payments help businesses boost customer retention, thus increasing cash flow.
Accepting Recurring Payments
To enjoy the easiest way of accepting recurring payments, it is best to work with an all-in-one payment processor or a merchant account with specific features. Specifically, it should handle the payments but also be designed with software that helps manage the billing process and comes with security features for customer data protection.
So, how can you accept recurring payments?
- With Pinwheel Pay
Pinwheel Pay has partnered with 3dcart to allow merchants to enjoy recurring payment processing and fraud protection. Pinwheel is dedicated to addressing merchants with “complicated payment needs”. Particularly, Pinwheel is committed to addressing the problems that larger companies have had a difficult time resolving.
Pinwheel comes with flexible plans that you can use for payment processing. For example, Pinwheel Plus offers:
- $95*/ monthly fee
- Per transaction: $0.05
- Credit card volume: .0050
- Crypto volume: 2.95%
- Check volume: 1.00%
- Chargeback alert: $45.00 per alert
- Credit card processing
- Crypto processing
- Fraud shield
- eCheck plus
- Subscription billing
- Chargeback alerts.
- With Stripe
With Stripe, you can accept a wide range of online payment options worldwide. Stripe offers:
- Monthly fee: $0
- Payment processing fee: 2.9% + 30 cents per transaction
- ACH credit payments: $1
- Recurring payments: additional from 0.5%
- Payments accepted: credit/debit cards, e-wallet, ACH, e-check, and over 135 currencies.
- With PayPal
PayPal offers a secure global payment gateway. PayPal is popular for online payments in the U.S. and Europe and offers:
- Monthly fees: $0–$40 ($10 plus $30 for the needed Virtual Terminal feature)
- Recurring payment processing fee: 2.9% plus 30 cents per transaction
- Payments accepted: PayPal payments, PayPal Credit, Venmo, credit/debit cards, e-wallet payments.
How You Can Accept Recurring Payments
Recurring payments are gaining traction among consumers and businesses. There is more than one way you can use to accept this type of payment. Make sure to turn to a payment processing company that allows merchants to process recurring payments.
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.