Setup Recurring Payments With Stripe In SubscriptionFlow

For any business, the customer experience holds importance. SaaS companies that operate on the subscription billing business model have to specifically pay attention to the experience of the customer with them. They not only target one-time sales but also sell in a way that the customer gets convinced to continue doing business with them. And customer experience covers all touchpoints where the customer interacts with the company.

One of these touchpoints is payment processing which is a complete experience in itself. It has to be understood that payment processing is directly linked with the perception of your brand. If there are hiccups in the processing of online subscription payments, then the customer review about your brand will surely not be good.

However, subscription payments with Stripe is the best way to maximise the payment experience of your customers. In this article, we will help you explore all the facets of payment experience and how to setup recurring payments with Stripe so that you can improve the payment processing for your customers.

Also Read: How The Payment Landscape Evolved For Subscription Businesses In 2021 And What To Expect In The Future

Some Essentials of Payment Experience

When it comes to the payment of recurring charges, hold on for some time, and think with the mindset of a customer. You will find many pain points where you need to put in the effort to satisfy your recurring customers.

Accurate Invoicing: Invoicing comes prior to payment processing. However, the accuracy of invoicing is important. Discounts, coupons, deals, and proration charges are all part of invoicing. And an efficient subscription handling software manages all these processes. A recurring billing management software integrated with a payment gateway ensures that the invoices are accurate. A single mistake in the invoice is enough to lead to customer churn because it is the mistake from your side and the customer will have to put in effort from his side to get this mistake resolved. He will need to find time and communicate with the support representative and wait till the issue gets resolved.
Payment Failures: One of the leading issues that many online businesses face these days is payment failure which means the customer is willing to pay his due subscription fee but fails to do so because of any issues with the automated payment processing system. Payment failure disappoints customers especially Gen Z customers who are known for preferring speedy payment processing.
Data Security: The security of customer data is another essential of online recurring payment processing. Though there are speedier payment methods, there are many customers in the digital world who still prefer payments through credit cards because they get covered by chargebacks. In case of payment failure or any other payment-related mishap, they can file for a chargeback. Thereby, there is room for improvement for digital payment methods so that customers can shift towards modern and faster payment methods.
Proration Charges: Many subscription businesses give this option to their customers to change their subscription plans when they find that the currently subscribed plan does not fulfil their needs. This change in the plan is called proration and for the sake of perfect customer experience, the billing and payment processing system must accurately calculate these proration charges to satisfy the customer.
Local currency support: Subscription businesses target an international customer base. Thereby, it has become a norm to offer multiple currency support. You need to integrate a payment gateway with your subscription management system that supports payment processing for multiple currencies. Stripe is the payment gateway that enables retailers to facilitate customers with multiple currency support in various regions of the world.

These are all the essential pain points of the payment experience for your customer. And all that you need to do to maximise the customer experience at these points is to get SubscriptionFlow integrated with Stripe. With this integration, the payment processing through your platform will be smooth and quick.

Also Read: Recurring Payment Challenges? Switch to the Ultimate Subscription Management and Payment Processing Platform

Why Is It Difficult for SaaS Businesses to Manage Payment-Related Issues?

You will probably be wondering that if SubscriptionFlow integrated with Stripe is the panacea to all payment processing related woes for subscription-based businesses, then why many SaaS companies are still finding it difficult to manage discrepancies in online payment processing.

The answer to this simple question is not that simple because online payment processing interlinks with many technical and psychological triggers. For instance, before payment processing, coming up with an accurate pricing plan is a challenge. If the pricing plan is right only then you can expect your customers to pay you satisfactorily. Customers do not stay on board if they find they are charged for more than they are using or paying for.

And to unitise a SaaS product is trickier. Even if you have succeeded in finalizing the pricing plans for the SaaS product, it has to be kept in mind that pricing needs to be improvised with time. You cannot work with the same pricing plan for years. Even you need to immediately start working on the new pricing plan once you find the existing pricing plan is working fine.

Also, though credit card payments boost the confidence of the customer, they also open the door for the opportunities of friendly frauds. Moreover, chargebacks affect the net recurring revenue (NRR).

How Stripe Integration Resolves Many Online Payment-Related Issues?

Stripe is the payment gateway that when integrated with your subscription handling software streamlines the payment processing. It is also effective in handling the chargebacks. One of the amazing features of Stripe is that it can help retailers get chargebacks back in the retailer’s account. Stripe uses machine learning technology to track fraudulent activity regarding chargebacks.

Also, the Stripe payment processor allows SaaS companies to accept recurring payments through different payment methods. While using Stripe, you can also accept payments through the buy now pay later business model which is based on the concept of immediate provision of services or products and transactions with time (just like recurring payments).

The primary reason to integrate payment gateways and more than one payment gateway is to minimize the security issues during online transactions. Stripe Radar is the software that provides fraud prevention by using machine learning algorithms so that companies can protect themselves from chargeback abuse or friendly frauds.

Also Read: Spread Spiritual Enlightenment Across the World by Opting for Recurring Payments with Stripe

Thusly, Stripe subscription payments can open up the doors to new avenues to help you explore opportunities to expand your business in new markets. A payment gateway like Stripe is indeed a gateway that can make you enter a world where numerous business opportunities are already there waiting for you.

If you want SubscriptionFlow-Stripe integration to offer your customer the best online recurring payment experience, then call the team SubscriptionFlow to schedule your meeting.