Many payment gateways have a “one size fits all” approach to platform features. When you think about it, it’s clear who benefits. Spoiler Alert! … it’s not you, your company or your customers.
Offering a menu of options ensures that every customer can find an option that works for them, but you’ll find it difficult to implement a list like the one below when using large payment gateways, whose focus is not firmly on recurring transactions:
Whether your company has an autoship program in place, or you’re considering implementing one, picking the right payment gateway can make a big difference in how well the program performs.
Being competitive is about taking action. Research will only get you so far. That’s why today’s post is short.
Instead of reading tons of content, DO SOMETHING … right now.
If your company already sells recurring products or services, or is considering it, one thing to be comfortable with is change. Markets … regulations … technologies change. You must too.
The winds of change are working their magic across the consumer and corporate marketplaces. The digital economy is growing exponentially, and with it, the popularity of the subscription-based business model.
As companies and the industries they function in mature, the adoption of innovations in pricing and packaging become increasingly necessary. With it, comes the opportunity to build value in customer relationships. Without it, one’s company risks being lost in an increasingly-crowded marketplace.
If you have a subscription or recurring revenue business, you need to understand churn. Why? Understanding it, and how to lower it, can exponentially increase your business’ revenue. Use this…
If you had a brick-and-mortar business, you would periodically transport your cash to the bank. You might have so much cash that it makes sense to send it to the bank via armored car. Think of a payment gateway as an armored car … a digital one.
This is part 2 of a 3 part series on how to choose a payment gateway. Choosing a Payment Gateway [Part 1] covered the security issues and payment methods you need to be aware of when shopping for a gateway. Check out part 1 before reading on.
Since getting paid is the only way to generate revenue for your online business, payment processing is critical.
In this day and age, problems of all kinds can and do happen. That said, handling problems that arrive when your customer’s credit or debit card is declined is a crucial moment for your company, its revenue, and its ability to reduce customer “churn”, which is the percentage of customers you lose in a given time.
You may think that online businesses are very different than brick-and-mortar businesses, but you might be surprised at how similar the two business types are.
Both have to worry about regulation and tax issues. Both must fight to have their message reach their target client at just the right time. Both have to accept payment in a way that’s convenient and secure for their client.
Make no mistake. The move to the subscription economy is in full swing. The traditional single transaction-based product purchase model is being replaced by a subscription-driven relationship-based model. This new paradigm puts the customer and their relationship with your company as the highest priority.
If you have a business that involves a recurring or subscription billing arrangement between you and your customer, you need to understand churn.
Churn is the number of customers or subscribers that end their recurring relationship with your company. If you’ve ever cancelled a magazine subscription, you’ve contributed to that company’s churn.
Churn is an inevitable part of a subscription model. Understanding churn, and the ability to master it, can make a huge impact on the bottom line of your business.