The market is filled with the payment processors, who “claim” to offer the best recurring payment management services. As a merchant who should compare this service before landing to one, this article can help you with your decision.
WHAT ARE RECURRING PAYMENTS?
After the customer’s approval, the merchant is allowed to deduct/collect a fixed amount of money after a fixed time interval (every month) for a specific product or service and is called recurring payments.
For example, if you are using a Netflix then you have entered your credit/debit card details while setting up the payment. Now, every month, Netflix deducts a fixed amount from your card to offer you the services.
There are two important aspects of recurring payments:
Processing – The modes both customer and merchant are using to complete a transaction. For instance, the customer can use the Visa Credit Card and Merchant uses Authorize.net as a payment gateway for the transaction.
Logic – This includes all things other than a transaction, such as a bill amount, cycle duration, alert message/email, and calculation too.
HOW TO GET RECURRING PAYMENT PROVIDER?
Now, there are a number of payment service providers available and it gets difficult to choose the one that suits all of the merchant’s needs. In such a case, the merchant can make the best choice by evaluation of the business requirement and comparing the available options.
Here are some essentials that you will need while choosing the right recurring payment provider:
- KEEP LOCATION IN MIND
- TYPES OF PAYMENTS YOU NEED
- PCI COMPLIANCE
- TRANSACTION SECURITY
- FREE TRIALS
- USER-FRIENDLY
- TECH SUPPORT
If you want to get more information related to the Recurring Payment Provider. You can Contact Us directly @ +1 (888) 622-6875,
Also, You can visit our website - www.merchantstronghold.com
