FINANCE

What do you want most of all? I can bet you would like to be sure. You would like to have a person you may rely on. You would like to be sure that tomorrow your sales numbers will be the same as it’s today. In our changeable world it’s so important to be sure in at least something.

While talking about ecommerce, it’s quite appropriate to recall recurring payments. There is no difference what kind of products you’re trading but recurring payments are equally good anyway. Besides, it brings about calm and confidence the implementation of the recurring payments and subscriptions makes financing management easier. Moreover, it gives grounds for you to make right business solutions aimed at growing and developing.

What is it?

For those not in the know subscriptions and recurring payments provide merchants an opportunity to charge credit cards of customers repeatedly any time they use services/products you suggest. The customers provide merchants with their payment information once, and recurrent payment system does everything else. The fact is recurring payment system is the common practice for ecommerce. As a rule, merchants are trying to offer different plans with different subscriptions expenses based on what customers are in need of.

Why to use it?

·  To speed up work

While using automatically recurring payments, all that you should do is to configure the initial payment schedule and then just manage any changes associated with payment type or payment amount. It’s as easy as apple pie to sit lazily and see how the payments are placed to the account on the dates predefined by the customers.

· To eliminate the number of late payments

Late payments are killing business. It leads to the relationships with customers is being changed for the worse. Configuring automated payment schedules allow you to get incoming payments on-time.

· To make relationships with customers perfect

With recurring billing merchants don’t have to hold discussions dedicated to the late payments. What the good news!

As a rule, the conversations of that type are unpleasant for both customers and merchants. So, in case of the recurring payments merchants don’t have to spend your energy and time listening ‘leaves without figs’ from the customers.

·         To minimize costs

With recurring payments, customers don’t have to spend money to buy envelopes and stamps. It’s completely unnecessary. In general, the companies which are taking advantages of subscriptions and recurring payments are saving almost doubly per bill. We may go further and discuss how much papers are saved and how much trees are protected from being cut. The last one point is especially valuable in the light of nature protection movement is picking up steam.

·  To make payment information secure

Recurring payments and subscriptions allow merchants to manage customer’s information securely. You don’t need to make copies of the information we used to define as needed to be secured. And mainly it’s provided by the fact that there is no in-between person.

How to start it?

1.    To choose a suitable billing tool

You may think it’s simple to implement and it’s unnecessary to apply some special technical tools. The customers’ database, transactions, invoices, recurring payments schedule should be controlled carefully to provide recurring billing system work smoothly. So, the interface managing recurring payments is very much needed.

2.    To inform customers about what’s it

The issue is it’s not enough for you to know how recurring payments great exceptionally. The most important your customers know for sure how much this functionality is needed and precious. The information about this option should be delivered on a silver platter to provide your customers start to use it. By the way, knowledge is power.

3.    To charge customers’ payment information

Be ready you need to possess your customers’ information in the fullest way. As it’s clear this information should be ordered in the prominent way for you to work easily.

4.    To get customers’ authorization

After your customers are properly informed about what recurring payment is and why they should use it, it’s easy for you to get customers’. Try to explain that while providing their authorization, they may be sure they will obtain a correct subscription schedule and it makes the process of recurring payment system transparent in general.

5.    To configure schedule and other conditions

The way you should follow is clear. You need:

  • to define the day when the recurring payments start;
  • to define how often the recurring payments act;
  • to define the amount of the first payment;
  • to define the amount of the subsequent payments;
  • to define the day when the recurring payments are finalized.

What extension to choose?

The fact is if you have a store you need the extension that is able to manage all the subscriptions and recurring payments. If you have a store based on Magento 2, I have great news for you! There are a lot of plugins dedicated for the perfect recurring payment management. The good one is the extension by Aheadworks. Why? This is the reasonable question. And there are four solid ‘pro’ points.

Magento 2  Subscription and Recurring Payments extension by Aheadworks increases sales.

Here you may find the number of features which allow creating flexible subscription plans for merchants to provide their customers with the best options for purchasing.

  • Merchants are enjoying with consecutive and expected cash-flows, high customers’ engaging, beneficial product price.
  • Customers are enjoining with the guarantees that they receive the products they need timely and the absence of necessity to spend their valuable time in vain.

Magento 2  Subscription and Recurring Payments extension by Aheadworks requires applying initial fee more frequently.

Each subscription plan requires an initial fee to be applied to. After this initial fee is applied within a subscription plan, it is arranged on a product level.

  • If the product is complex, an individual initial fee is assigned per each child product.
  • The value of the initial fee may cover the whole product cost.

Magento 2  Subscription and Recurring Payments extension by Aheadworks initiates new sales applying trial periods.

Trial periods are needed when customers are not quite sure that the product they want to buy has a good quality and their requirements related to this product are met.

  • The discounted trial periods are suggested and customers actually appreciate the opportunity to test products with a price cut.
  • The price for each product tested and the duration are assigned separately. The discount value is placed at cart pages.

Magento 2  Subscription and Recurring Payments extension by Aheadworks facilitates sales via multiple products adding.

The extension doesn’t limit the customers in their choice allowing them to select so many products as they want.

  • The customers are able to create their own pack of products.
  • The packs of products may contain varied products which customers need recurrently.

What makes it great?

  • Easy management

sarp

The extension suggests a convenient subscription grid to find each subscription, the orders related and information about customers. It doesn’t make sense to argue that easy management process plays an important role, especially in case of rich set of functions provided.

  • Dedicated customer account grid

SARP

The customers should feel they are free to act. They are able to suspend or cancel active subscriptions. Moreover, they can change shipping address details without subscription cancellation.

  • Customer friendly functionality

SARP

Customers may do what they actually want! Multiple subscriptions are available within one subscription. They also may use guest subscription. And it’s clear this option is for your store guest. Probably they come first and don’t want to spend their time for registration. Let them understand your products cost to be paid on a regular basis.

What else?

Do you know that recurring billing is among the main ecommerce trends of this year? So, hurry up to keep pace with commercial fashion. Besides, you may find other great ideas to turn your business into the rightest direction like mobile commerce, in-store experience, but flexible payment options dominate.