Independent software vendors (ISVs) know that no two businesses are alike. The software solutions you build are designed to serve a wide range of businesses that can be customized depending on the industries and customers they serve.
Just as no two businesses are alike, neither are their payments needs. Some conduct business completely online while others accept in-person payments exclusively. Others take a hybrid approach, meaning they need to maximize both card-present and card-not-present channels to accept the widest range of customer payments. It depends on the client, the nature of their business, and the needs and preferences of their end customers.
Another consideration is the frequency with which customers make payments. For example, do most customers make one-time purchases and therefore one-time payments? Or does the business offer subscription services or repeating charges that are paid at regular intervals (monthly, quarterly, yearly, etc.)?
The ability to accept recurring payments is a must-have for many businesses. Recurring billing provides steady, predictable cash flow to fund daily operations. Therefore, it’s critical for your software to offer recurring billing options to your clients by partnering with the right integrated payments provider. Here are four benefits your customers can receive from recurring billing.
1. Reduce Missed and Late Payments
Missed and late payments can wreak havoc on businesses that depend on timely cash flow. Giving customers the ability to establish repeating payments without ongoing manual intervention can be a game changer for more predictable revenue. In addition, automating the payment process can prevent disruptions and deliver a better user experience to end customers.
2. Personalize the Experience
Recurring billing might be one of the most regular touch points that a business has with its customers. Therefore, clients must be able to personalize the user experience from start to finish. Choose an integrated payments solution that allows your clients to create their own billing schedules, edit plans in use, and customize email receipts to their specifications.
3. Reduce PCI DSS Compliance Scope
Recurring transactions depend on saved payment information, which has implications for both data security and PCI DSS compliance. Work with an integrated payments partner that keeps stored cardholder data out of scope to simplify your PCI DSS compliance posture.
4. Eliminate Constraints
Every business will have a unique approach to recurring billing. The recurring billing solution you provide via your integrated payments provider should impose no unnecessary limits. Look for a solution that allows clients to create an unlimited number of plans with an unlimited number of customers using them.
How can you maximize the potential of your integrated payments? Click below.