Best features of a global payment gateway for subscription-based businesses
The subscription-based business model is quite popular nowadays and the merchants have all the possibilities in reach to earn huge. IPTV sector can be a good example of a business that runs on subscribers. But only the product or content or subscribers are not the only pillars of growth. In such companies, payment gateways act as a hidden but key actor to drive success. The merchants from this sector must choose the most suitable payment gateway. As subscription-based businesses today are spreading globally, one needs to find a good global payment gateway. If your business survives on the number of subscribers, below are the best features of a payment solution provider.
Account updater keeps away the risk of missed payments
Of course, it does. Account updater is a smart tool that works on artificial intelligence technology. All subscription-based business merchants implement this tool to avoid missed payments. When millions of customers are connected to your company, it is difficult to keep a record of every customer.
- It updates the merchants about credit cards that are about to expire. This facility prevents not only financial loss of a merchant but also prevents time.
- The account updater also informs about the changed account numbers of the customers. It is again considerable support to the companies looking forward to retaining customers.
- Also, the tool informs about the closed accounts. You may notice as a merchant that awareness about the closed accounts gives you clarity about future targets.
Automation-supported level 3 processing makes a business smart
Can we deny the presence and also significance of automation in any sector? Certainly not. Subscription-based businesses can take several benefits from automation. From coordinating with its payment gateway company to managing the high-risk merchant account, everything is possible.
- The level-3 processing autodetects and updates the details of the procurement and corporate cards for processing at a lower interchange rate. It often leads to savings.
- It also ensures that a merchant is sending only the required financial detail of a merchant to the issuer. It reduces the number of disputes and confusion between the two.
- The auto-detect feature of automated level-3 processing also helps reduce chargebacks because fraud customer accounts can be detected easily.
Alternative payment options help a business reach widely
Accepting only credit cards is not sufficient nowadays. Today, customers want to pay in their way. The international economy of the modern world is the economy of consumerism and the customer is the actual decision-maker. Along with the credit cards, the facility of direct debit, ACH, mobile wallets, crypto payments, etc. should be available.
- Alternative payment options are quite cost-effective for the merchant. It is because the credit card processing fee increased quite quickly and absorb the profit margins. Whether it is for the sake of customers or business profit, alternative payment methods are always beneficial.
- Customer experience improves with the help of multiple payment methods. The buyers get the comfort of choice and they tend to be loyal to the same brand. In other words, customer retention becomes easy. Besides, alternative payment options are vital for an international merchant account holder.
- Reduction in cart abandonment is another big benefit. When customers do not find the payment option they want to use, they leave the page. But when all the payment options are available in one place, buyers are less likely to abandon the cart.
Safety and fraud prevention give a good push to business growth
You can’t keep a jar filled with water if it has holes. The same is the case with the high-risk businesses that live on subscriptions. Today, fraud prevention happens through the teamwork of automation, artificial intelligence, and fraud detection tools. Don’t we know about 3D secure technology?
- The global payment gateways working for businesses with a subscription model are quite dedicated to providing security to the merchants. The solution providers like webpays.com have multiple subscription-based business clients. They all are happy with the services of the payment gateway, especially the strong security it provides.
- Secure business transactions also help to protect the business’s reputation. When customers know they are paying on a secured platform, they do publicity for that brand. A company, that can take good care of the hard-earned money of its customers becomes a brand.
- Merchants do not need to give a big reserve deposit because the acquiring banks are already impressed by the merchant’s ability to manage a business successfully. For safe survival in the market and to stand against their counterparts, safe transactions are essential. However, it is not only about the competitors but the moral responsibility of a commercial entity towards its customers.
The future of the subscription-based business model is quite promising in the global market. The gambling payment gateways will become more important. They are the carriers of growth for the companies and are also enhancing payment technologies. 2023, is already full of hopes and advancement in the way people make payments. What are you waiting for more? Get in touch with the webpays and plan a customized payment gateway solution for your subscription-based business.