How to accept recurring payments in your company
Recurring payments are often referred to as, repeat billing facility or continuous payments facility. All of these terms mean the same thing; the ability to process recurring payments using the client’s credit or debit card details. Examples of this include; accepting subscription payments such as monthly magazine payments or mobile phone contract and credit card/debit card annual subscription processing such as insurance or gym/club membership.
Do all merchant accounts accept credit card subscription processing?
No – not all account providers have the ability to accept reoccurring payments, to do so you will need a merchant account and a payment gateway suitable for recurring billing. All merchants wishing to start credit card subscription processing will need to be approved by CPA (Continuous Payments Authority.) A contract will be issued between the merchant account and the credit card issuing banks to agree that payments can be made without customers specific permission. Speak to our advisors about the best ways to accept recurring payments.
What are the costs of accepting recurring payments online?
Lots of merchant accounts and subscription based payment gateways offer reoccurring payments as a ‘free’ part of the contract. However, taking reoccurring payments can be deemed by most providers as high risk. Due to this you can expect slightly increased fees from a standard account. TIP make sure you read the small print and compare rates like for like, “accept recurring payments for free” but what are the other associated costs? Read our informative guide to find out more.MERCHANT FEES EXPLAINED
Online credit card processing recurring payments
Accepting high risk recurring payments and payment gateway subscription services
High risk industries such as the adult and entertainment sector often experience difficulty in obtaining merchant accounts and payment gateways to accept subscription and membership fees. At Merchant Advice Service, we work alongside high-risk specialist advisors, who deal with this type of application on a daily basis. Speaking with such experts, prior to applying can not only save time on wasted applications, with companies that wouldn’t accept high risk businesses, but can also save money on quotes obtained elsewhere.SPEAK TO OUR HIGH RISK EXPERTS