Companies rely heavily on credit card processors when it comes to recurring payments. These processors save time, money, and can help to avoid error. In a world where almost everything is digital, most customers find it convenient when they can hook their card up to have payment automatically deducted each month. While customers might worry about there being risks to this type of arrangement, it is actually much safer than allowing a company to file away your information somewhere in a drawer.
There are also obstacles for companies when it comes to using credit card processors. Below are some of the most common obstacles many companies face and some of the solutions offered by credit card processors.
Failed Transactions and Human Error
When it comes to failed transactions, it can be difficult to catch them with human error. When a company uses credit card processing, these failed transactions are automatically picked up. This allows the processing software to send an automated email or reminder that the customer’s payment was not able to go through. It can also help that these reminders can be sent out quickly and efficiently, so you are not waiting for the payment to come in for too long.
Security of information is a huge issue these days, so that is why it is important for a company to offer a credit card processor that will ensure customer information is safe. These processors have built-in security features and will store customer information safely. This is better than the alternative, which is customer data being kept in a drawer inside an office where multiple people have access.
Payments Across the UK and Eurozone
Another obstacle that companies face when it comes to recurring payments is that not all UK and Euro banks transactions are accepted. Finding a credit card processor that accepts these kinds of transactions will make it easier to work with customers from all over the world. This can also help to expand your customer base. If you are unable to accept credit cards from certain banks or countries, those people will not be able to do business with you. It is important to include all customers.
Lack of User Experience
If a customer has a negative experience giving you a payment, they will be less likely to make similar payments in the future. That is why finding a credit card processor that also gives your customers a great user experience is key to making sure transactions run smoothly, and customers feel good about where they are spending their money.
Lack of Consistency
Make sure your company is able to enforce and show off their brand consistently when it comes to using recurring payment credit card processors. Whatever your brand is, you want it to show through during all types of transactions and interactions with customers. Find a credit card processor that will support your company brand and values. White labeling is extremely important, so that you can control your payment pages and notification systems.
If you are unfamiliar with churn rate, it is the rate in which customers tend to find a new provider. This seems to occur every year at the rate of losing about 50% of customers. This obstacle can also impact your business when credit cards expire or are canceled, and the customer doesn’t follow up with new information. To help support this obstacle, many credit card processing companies are switching over or offering direct debit options, so that your churn rate is less likely to increase.
Affordability and Support
As with any service that a company adopts, affordability and support can be two obstacles that might influence your decision. Price can be frustrating when finding the right processor. Spending more than it is worth is something that can bring a company down the wrong path. It is important to make sure you find a credit card processor that works within your budget. Support is also an important aspect to consider. If something goes wrong, or you need to ask questions about the process, having support readily available can help you overcome many obstacles.
Below are the top 11 credit card processors for Saas recurring payments.
Braintree is a credit card processor that integrates your entire payment management system together, so you don’t have to worry about having separate systems. It is easy to use, and there are no hidden fees to worry about. Another great aspect about Braintree is that you and your customers will be able to choose from multiple payment options under the same system. This will save you time, money, and frustration, and will also make the process much easier for your customers. Consider using Braintree if you are a larger company that is ready to begin expansion. It can also be used for customer convenience with apps such as Apple Pay or PayPal and is also great for using with ACH for larger customers. It is especially great for recurring billing, security of customer information, and the flexibility it allows with its multiple payment options.
What Could Braintree Do Better? One downside is that Braintree charges per transaction, which can add up. Other processors may offer better rates when it comes to what you pay to have the service. Depending on your company, and the volume of transactions you complete, your company may get hit with higher fees than when using other credit card processors. Discounted rates are offered, but only for larger companies. It is a good idea to look into specifics before committing to Braintree to make sure you aren’t paying more than you are pulling in.
What Are the Positives? Braintree offers an integrated service that includes an already built-in gateway for your payments, service to manage your subscriptions, ad a merchant account. Another great feature is that you can combine it with a merchant account that already exists, so you won’t use all your previous information. The gateway function will still work if you plan to integrate it with other subscription management systems.
Swipe will help your business to make the payment process quicker and easier for your customers. A bonus is that you will get your payments quicker, too. You can use this service in accordance with any other system that you are currently using. Send your customers invoices that are paid with just a click or two. They can either be shared with email or text messaging so that your customers can get the information they need as soon as possible. Recurring payments can be delivered automatically so that you won’t have to spend time, money, or energy to send out reminder notifications. Swipe is a platform that uses different management tools to get any job done that you need. You can even keep track of all the transactions that are happening, so you can make sure that nothing is missed.
What Could Swipe Do Better? With Swipe, you pay a transaction fee for each transaction that occurs. While they begin at 2% per transaction, you could pay more than that, depending on how many transactions occur and how big your business is. While Swipe can accomplish a lot, you will still need a merchant account to manage all your transactions. As with most services like Swipe, it will not be the only service that you’ll need to pay for.
What Are the Positives? Swipe is quick and easy to use – not just for your company, but for your customers, too. It can help to improve the user experience your customers have when they set up or deal with recurring payments. It has never been easier than it is with Swipe. You can also receive and send invoices instantly, so that you can get paid as soon as possible. You can even get notified about changes that are occurring to your customer accounts. With Swipe, you will also know what is going on with your business payments.
Chargebee is a great tool that can be used for managing Saas recurring payments. It can handle pretty much anything you need when it comes to Saas because there are an abundance of options that you can use to support your customers and modify their payment plans. A company of any size can use Chargebee, as it has many different plan and pricing options. It can also be used when your team wants to scale. You will have complete control over every aspect of your business. Have control when it comes to data management, admin details and payment options offered to your customers.
What is Chargebee Missing? When it comes to managing different currencies from all over the world, Chargebee does not support this feature from its single dashboard. This means that if you have customers from all over, your team will have to do a little extra work when it comes to currency exchanges. You will also need to make sure that you still have a merchant account to use with Chargebee. While there is nothing wrong with this, the different services you need can cost you more altogether.
What Are the Positives? Even though different and multiple currencies cannot be managed on your Chargebee dashboard, they can be accepted. You will have to pay close attention to what plan you have and how many currencies are allowed on a site at one time, but at least the option is there. This feature can be integrated with Stripe to get an all-around service. Chargebee is great for companies of all sizes, and the payment plans can reflect upon what it is you need. Your customers that are larger can also be better accommodated with this service because of what it offers. Small customers can also have their own customization for an improved user experience.
MemberMouse is a credit card processing service that can be integrated with your WordPress account. For a business that runs on WordPress, you can install this plugin that will support your business in not only managing subscriptions, but also for successfully selling products and gaining new memberships from customers. The system can support you with all your credit card processing needs, is super easy to use, and has other great built-in features.
Having an all in one tool can be beneficial in saving you and your company time and money. You can get your system up and running quickly and efficiently. You can have features like a merchant account, as well as analytics, and dunning, which makes MemberMouse different than other services.
What Could MemberMouse Do Better? Depending on your previous experience with using credit card processing for Saas, there is a significant learning curve that you might have to go through. Those that have reviewed it have suggested that the service should be designed to be more user-friendly for both companies and their customers. This would help to make it more easily customizable to fit the need of every business that chooses to use it.
What Are the Positives? The good news is that since the service supports use with WordPress, it can be a very handy tool. WordPress is a large portion of websites that are controlling the web, and due to its success, it will only continue getting bigger. There are not too many billing services that are designed to work in accordance with WordPress, so if that is what you are looking for, MemberMouse is one of the best you will find in that regard. Other billing systems can also be integrated into your MemberMouse service, so you will have access to all your information whenever you need it.
It only takes about a day between signing up for FastSpring and managing your first subscription. Not only does this service give you access to subscription management, but it can also help with optimizing your storefront, customizing payment pages, and assist with other office services. FastSpring is all you need to cover all aspects of your business when it comes to Saas. It is well-designed for smaller start-up businesses as it allows you to build your page from the bottom up. This can be helpful to those who are just beginning a business. It can also help you to modify terms for customers, depending on what their needs are.
Customers are taken care of with the great customer service and support that is offered, so that is one less thing you need to worry about. It will help you to better manage failed payments, which can be a huge obstacle for many companies.
What Could FastSpring Do Better? When it comes to using FastSpring, you might find that you are paying a large fee. You could be paying up to 8.9% per transaction, which is one of the most expensive fees out there. Too often, that cost is not justified because it is a pretty expensive fee compared to other services that are out there.
What Are the Positives? On the contrary, customers are offered great customer service options if they ever need assistance. Information can also be given to customers in their local language and currency, so you don’t have to worry about doing the translating for them. You can combine FastSpring with your current web design, so you don’t have to worry about changing anything to make your payment service work. This makes it very easy and allows you to save some time and energy for better things.
WooCommerce is a great service for any kind of company that needs flexibility when it comes to credit card processors for Saas recurring payments and other services. You don’t have to be a large, established business to benefit from using WooCommerce. In fact, almost anyone, no matter what they sell, or how small their business is, can use the service. It is great for store owners, or developers, so no matter what type of business you run, WooCommerce may be the perfect tool for you.
The best thing is that setting up your account is very easy and allows for a WordPress plugin. WordPress is becoming very popular all over the internet, so if you have one, you should consider helping yourself to become successful with WooCommerce.
What Could WooCommerce Do Better? Its documentation service is said to be lacking, even though it is reported as one of the best features. There also does not seem to be enough transparency when it comes to using WooCommerce with other programs and services. You would have to continue purchasing its different extensions, which can become expensive eventually. Another downfall is that eventually, you might have to begin paying for customizations, depending on what you are looking for.
What Are the Positives? WooCommerce offers help teams frequently so that you can get everything you need when you need it. Its customer service is top-notch, no matter how big or small your business is. Go ahead and turn WooCommerce into a mobile app that can help you integrate with other third-party apps. This is also another service that can be used with WordPress. It can come with other payment services such as PayPal, BACS, and cash on deliveries. There are many features that can be added. Another great aspect is that you can also run analytics.
If you are looking for a Saas management system for your business that is just getting started or is small, then Recurly could be the perfect service for you. It is reportedly easy to use, simple to set up in the beginning, and can be used in conjunction with other payment gateway services. This allows for an easy and smooth transition when it comes to payment management systems. It can still be used with services that are already promoting a subscription management system.
Payments are simple for your customers with so many options for fast integrations. Whether you are running a small business or an enterprise, there is something there for you. It also includes analytics, features to recognize your revenue, and dunning. Setup is very easy since you will be connected with multiple supported gateways.
What Can Recurly Do Better? While data can be exported to CSV, some types of reports that you will receive are limited. There are both fixed prices and variable fees for using Recurly. This service is not inexpensive, and you may spend a lot of money to use it. If your budget is smaller, keep in mind that it might be difficult to maintain the pricing justification. Chances are, you will probably need to use it with at least one other system, which can also get pretty pricey.
What Are the Positives? Not only is Recurly great for subscription management of Saas recurring payments, but it can also be used for analytics, dunning, and to recognize your revenue patterns. Another positive is that there are different plans to choose from, so you should be able to find a great plan that works for you and your business. No matter what your company’s model happens to be, you can figure out the best point of sale option based on what you need. Recurly is great for any business.
If you are looking for a subscription billing and management system that can help you to solve the most complicated payment approaches, Chargify might be a great platform for you to use. It is great for companies in which their prices are constantly being revised to better the business and make customers happy. There are also other management tools involved such as customer retention, data reporting, and customer service features. These will allow you to help the customer out no matter where they are during their journey with you.
There are many integrations offered, and Chargify can be connected with other gateway payment services. If you are a business who would like support with the entire customer lifecycle, then Chargify could be a great tool for you. There is also a lot of flexibility to work with any kind of customer.
What Could Chargify Do Better? As with any service, there is always room to grow. When it comes to currency, Chargify can only handle one type of currency at a time, so it will be difficult to convert different currencies without outside help. Analytics within your site will be geared toward one currency, which can be an obstacle for many. If you are looking to support payments in different countries, this could be a difficult thing to do if using Chargify.
What Are the Positives? You can work with anyone when it comes to using Chargify. This is because the way the platform is set up allows you to work with multiple different clients and types of businesses. There is also a large opportunity for you to use Chargify for all your customization needs. When it comes to Saas recurring payments, you can choose from a variety of billing options. This can be beneficial to subscription-based businesses because it supports any kind of subscription you can offer your customers.
MoonClerk is a great tool if you are looking to have different types of payments. It supports both one-time payments and recurring payments that go along with subscriptions. MoonClerk can be used in accordance with Stripe and can be easy to use for everyone, no matter your background when it comes to credit card processing. When using MoonClerk, you can easily and quickly set up your subscription management system. There are also a ton of other features that are offered for your convenience.
While many sign up to use this service, they are pleasantly surprised with everything else it has to offer. It can be used with Stripe to support both gateway and merchant accounts, but does not allow you to run analytics or recognition of revenue. For that, there are many other tools out there.
What Can MoonClerk Do Better? One of the biggest downfalls is that MoonClerk will need to be used with other products and services. It only offers payment options but does not run analytics or dunning. This could mean that you have to spend more money on more products. MoonClerk is great at the service it offers, but you will need other services to ensure your business is doing its job all around.
What Are the Positives? Since MoonClerk will need to be used with other services to get the full effect that you need for your business, it is affordable, and perfect for any startup company. While larger companies might not use this product, it can be just what a startup company needs to get its name out there. When accepting payments, this service can be very flexible and doesn’t charge too many fees. The service can even be added to your website, app, or even in emails for your customers to easily access. It can be great for smaller customers that do not demand too much from a small company.
Perfect for B2B and B2C companies, Fusebill can help you with all your needs when it comes to subscription management. This service is well integrated with Saas companies so that you will give your customers a great experience. There are a ton of pricing options, which are flexible, depending on what you and your customers need. A variety of payment methods are also accepted, so your customers will be happy, and you will get your payments when you need them.
This is a great service that can be used for larger companies. It may be too expensive or too extensive for smaller companies. It strives to make sure to stick by you and your company for the long haul. It is so easy to accommodate a large number of customers from all over the world.
What Could FuseBill Do Better? Did you know that FuseBill could also give you a number of reports about the analytics and dunning of your website? While this is a great feature, it has often been reported that the reports are not as detailed as customers would like.
What Are the Positives? There is nothing better than being able to manage everything you need to in one place when it comes to your website’s payments. This ensures that you don’t have to spend the time going from one app or service to another, collecting information. Using one service for all your needs makes the process a whole lot easier. There is also a lot to say about a service that gives you and your customers multiple options when it comes to payments and other services offered. Especially for large companies who are willing to pay a little bit more, it is important to have their needs met. FuseBill is a great tool that can make customers happy and stick with your company for the long run.
Automatic subscription management makes everything so much easier with Zoho Subscriptions. When you first sign up to use the program, you can try it out without putting in your credit card information. It won’t charge you until you are ready to charge your customers. At that time, you will be sure that this is the right service for you, and you will be ready to go ahead and take the next steps.
There are many different pricing models to choose from, and you can play around with the features until you find what works best for you. Zoho Subscriptions wants you and your customers to be happy. To do that, you must have options to choose from. Other than subscription management, analytics in real time and dunning management are also services that are offered.
It can also be integrated with other payment gateways for your convenience. The product also comes with Zoho Books.
What Could Zoho Subscriptions Do Better? Did you know that Zoho Subscriptions comes with a feature called Zoho Books? You can integrate the two products for free, and while this seems like a positive feature, many have reported that their connection makes it hard for using other accounting software. You have to be committed to using these two types of software that are intertwined, instead of using it with other software that you might already have.
What Are the Positives? One of the greatest positives is that you can try this product out for free before making a commitment. Zoho Subscriptions is committed to making sure its customers understand how to use it and are invested in the product before buying. Another great aspect of this service is offering REST APIs and Webhooks, which help to give developers high-quality integration options. Finding the right pricing option that fits the needs of your company has never been easier.
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