IMD vendors have Use It via MX Merchant
Subscription based payments are nothing but automated payments on fixed dates paid for specific products or services. Some of them may have memberships, paid subscriptions, a repeat buying that the users may have subscribed for. A buyer basically allows the merchants to levy charges on their CC monthly for the continuance of transactions with an organization for an already agreed-upon plan.
The Purpose of Setting Up Subscription Plans
A primary advantage of this payment structure is the comfort to both the parties in the transaction – customer & provider. Rather than collecting CC data every time a purchase is done, the user can permit the vendor to record the information and charge the card upon delivery of the service or products on a fixed date. It makes it hassle-free for both the customers (to make payments), but also for the merchant (to receive amounts).
One other key benefit is user retention. In a majority of cases, recurring charges on a month on month basis, and these transactions happen till the users especially request the service provider to stop the service. This results in long-term buyers who will not only be with your service but also recommend it to others during their tenure with your service. If the customers have any complaints, they may raise their concerns with you before actually canceling the subscription, giving you enough opportunity to course correct and retain them. If not, they can simply opt out without costing additional charges to you.
Managing in a Simple Way
Ensuring the billing cycle to run successfully is a bit challenging as it includes credit cards updating customers when their CC’s go near to the expiry date or to add new information to their payment cycle, or if a payment is denied by the bank. Thus, a simple method to get rid of such regular updates is to offer subscription payments online. This in return enables users to effectively tweak their subscription data on file, unsubscribe to an existing payment in case they do not need it. The online platform makes the subscription amount more convenient for the users and the business, enhancing customer satisfaction index and keeping the expenses less.
Making these subscription payments is simpler than most people assume. MX Merchant is accessible to all MX Merchants. Just at $10 /month, vendors can make transactions based on their requirements at fixed time periods, enabling you to just create and forget it. Recurring billing is one of the most rapidly growing types of business models used by both merchants and users. Just think of all the ads asking you to sign up for subscription based services and product delivery. Similarly, being a merchant, you could run a similar business model with the help of IMD products and services while offering a great customer experience to your users.