Closing a Sale: 5 Subscription Payment Platforms Compared
- September 11, 2021
- Posted by: Manju Rai
- Category: Business & Digital Marketing Tips
One of the best ways of achieving excellent customer retention rates and boosting your sales performance is to be able to offer subscriptions.
Customers like the option to be able to subscribe to the services and products that they want on a regular basis and that is why you need to know which payment platform to use if you want to offer subscriptions.
Here is a look at the top-rated payment platforms that offer a recurring billing facility and some of the main features that help them to stand out.
Flexibility is one of the primary benefits associated with using Razorpay as they allow you the ability to easily instigate recurring payments using the UPI AutoPay feature.
Another good reason why Razorpay compares well against many of its rivals in that it offers widespread compatibility with the majority of leading UPI apps.
The transaction fees for processing these recurring payments are mainly 2% for Indian debit cards and credit cards. The same rate applies to bank payments or if the customer wants to use a UPI of digital wallet option.
A feature of the LotusPay dashboard is how easy it is to use. This means that you should be able to manage your subscriptions and plans without needing to get too technical.
The majority of features are fully automated and you have the ability to create generic plans that vary in amounts and frequency, giving you a good degree of flexibility.
What you will discover with the PayTM payment gateway is that you can generate subscription payment flows without the need to go through the repurchasing process again each time.
This is a feature that is particularly relevant if you are offering products that are being consumed on a daily basis and you want the ability to collect payments as quickly and easily as possible.
You can’t ignore PayPal when talking about subscription payment platforms as it is such a dominant force in the global marketplace.
It is tried and tested when it comes to allowing you the ability to collect payments for memberships and other subscription options.
PayPal makes it easy to manage your recurring payments and you can use the options available to adjust billing frequency and intervals to your own requirements.
The fees charged by this global giant reflect their dominance and it is unlikely to be the cheapest provider you can find in the market.
This provider promises to deliver an automated subscription service that aligns with your specific business needs.
You can craft your subscription plan around your own unique business requirements and the charges you incur for this service will be based on the number of users you bill in each cycle.
A useful option available with this provider is the chance to offer customers a trial period with the ability to automatically opt-in once the trial period comes to an end.
Being able to compare these sites should allow you to pick the options that are most important to your business and start collecting regular payments as seamlessly and easily as possible.
It is well worth getting right, as offering the right subscription options should help you close the sale.