Subscription business model

7 reasons to offer Recurring Payments as a BigCommerce store owner 

Isabella Wills

January 12, 2021
8 min to read

When you own an eCommerce, one of the most important aspects is the payment process. That’s why you must resort to third parties to carry out the process, so you can provide a great shopping experience for all your customers.

Given how much your company relies on you, it’s understandable that you’d welcome any chance to put duties on autopilot. We have some excellent news for you: our Subscriptions Cloud App allows you to get recurring payments, and receive money from your clients with minimal effort.

Subscription business model

Recurring payments, often known as autopay, occur when a store or company charges a consumer regularly. These automatic payments are often debited from the customer’s bank account via an ACH transfer or charged to their credit or debit card. You almost certainly make a few electronic payments each month yourself. Consider your movie-streaming membership fees.

Alternatively, you might use your gym membership. Alternatively, you might use your monthly meal subscription box. All of these are examples of recurring billing, which occurs until your payment plan ends or you cancel your subscription.

You don’t have to worry about keeping track of your customer’s payment details with recurring payments, which saves you time during the billing process.

Benefits of Recurring Payments

1. Cash flow is more predictable with recurring payments: This enables companies to make well-informed judgments about future expenditures and investments.

2. Businesses that have predictable revenue are more desirable to investors: When your company is in the early stages of growth, recurring revenue performs as a cushion against revenue swings. When it comes to raising finances, the predictability of future recurring revenue is beneficial.

3. Customers can scale up or down with recurring billing: They don’t have to pay for a new version; instead, they can downgrade or upgrade to a higher plan. This adaptability aids in the development of long-term consumer connections.

4. Reduce the number of late or missed payments: As automatic payments don’t need the customer’s input, you lessen the risk of late or missed payments. When 46% of consumers admit to paying a bill late because they made a one-time manual payment, recurring payments reduce the risk of error and forgetfulness.

5. Accepting different types of payment options is a business necessity, but it also allows you to give your clients a positive payment experience and earn their trust.

6. Customers would rather pay $25 per month than $500 all at once: Larger prices are a barrier, and subscriptions are more appealing to them.

7. Create loyalty among your customers: Offering your customers the option of subscribing to your products, helps you turn one-time clients into recurring customers, who will become subscribers and even fans of your brand, enabling you to create the consistent revenue you want.

What you can do with a Recurring Payment tool like Subscriptions Cloud

  • Basic Subscription Plans

The Subscriptions Cloud platform allows you to create regular subscriptions for your customers, where they can subscribe to any of your products on a daily, weekly, monthly or any type of frequency.

  • Combo Boxes

Subscriptions Cloud also allows your customers to subscribe to a list of your products and receive all of them at once in a box, using the Combo Box feature. 

  • Mix Carts

With the Mix Carts option, your customers can benefit from paying their Basic Subscriptions, Combo Boxes and One-Time Purchases in the same checkout, without the need to pay them on different bills.

  • One-Time Purchases

Subscriptions Cloud works as a regular payment platform that not only allows you to sell your products as subscriptions, but also allows you to sell your products the regular way with the one-time purchase option; which is perfect for your new customers that are just trying out your products.

  • Additional benefits

– No extra fees.

– Fully connected with BigCommerce, so everything happens inside your store.

– There will be no external checkout or disturbance to the theme.

– Customers can manage their subscriptions straight from their BigCommerce account. 

– Payments are processed safely with Square.

How to get the Subscriptions Cloud App?

Subscriptions Cloud is currently built only for BigCommerce store owners, so you can get it on the BigCommerce Marketplace

BigCommerce is an eCommerce platform aimed primarily at small and medium businesses. With the BigCommerce platform, you can create an online store to sell products and make all the necessary arrangements for this type of sales.

It works wonders with WordPress, providing some of the best subscription apps for WordPress. If you join BigCommerce with WordPress, you will be able to customize our eCommerce like never before because it merges the flexibility of WordPress with the powerful commerce engine of Bigcommerce. You will get great sales experiences with high performance, ease and agility.

Benefits of BigCommerce

BigCommerce allows online business owners to take payments using over sixty major online payment options. You can use payment channels such as PayPal, credit/debit cards, Apple Pay, Amazon Pay, Paystack, Cash on Delivery, and others to receive payments from consumers as an online company owner, as well as provide multi-currency capabilities, so your customers can pay you in their own currency. 

Subscriptions Cloud partnership with Square

Subscriptions Cloud partners with BigCommerce and also with Square, the top payment network online, so all your transactions are safe and secure for you and your customers. 

Our purpose is to remove all of the roadblocks that you can face when selling your products as subscriptions, so you can generate regular revenue and profit from the vast subscriptions market.

You can start a 60-days free trial to get familiar with the software and decide whether it meets your needs or not. The main features are as follows.

Final recommendations before offering Recurring Payments

  • You must follow up every subscription:

In order to provide a great customer experience, you must get a platform that allows you to control every transaction you make like Subscriptions Cloud does. So, be aware of forgetting about an undesirable subscription and ignoring the costs yourself. Because recurring payments are a hands-off manner of paying for a service, this can happen easily. When dealing with an angry consumer, an ignored fee can be a headache for a business owner.

  • You must follow up every subscription:

In order to provide a great customer experience, you must get a platform that allows you to control every transaction you make like Subscriptions Cloud does. So, be aware of forgetting about an undesirable subscription and ignoring the costs yourself. Because recurring payments are a hands-off manner of paying for a service, this can happen easily. When dealing with an angry consumer, an ignored fee can be a headache for a business owner.

The best way to get Recurring Payments is with a reliable platform that allows you to sell your products as subscriptions safely and with no limits. Install the app on your BigCommerce store and get the consistent revenue you are looking for. 

https://www.bigcommerce.com/apps/subscriptions-cloud/?search=subscriptions

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