Choosing the right payments provider to automate your subscription billing could be the key to long term business success. But with so many options in the market, it can be overwhelming trying to find out which provider is best suited for your business, especially when you’re unsure of what to look for.
Whilst many payment providers share the ability to collect recurring or subscription payments, it’s the unique features of each provider that will give your business the biggest chance of success.
From the ability to collect payments in multiple countries, to smart failed payment handling options, subscription billing providers offer an array of features and benefits that will be advantageous for different businesses. So, to help you find the best option for your business, here are 10 questions you can ask yourself.
- Does the provider operate in the countries and currencies relevant to my business?
- Are the payment plan features flexible enough to effectively transact on my business’s products or services?
- What payment methods can the provider offer my customers?
- Is it mandatory to have a business or merchant bank account to start accepting payments?
- Can the provider import my existing data?
- What are the provider’s transaction fees and how are they paid?
- Is the provider’s interface user-friendly for my team?
- Will customers be able to sign themselves up online?
- What tools does the provider offer to mitigate failed payments?
- Does the provider offer a variety of reports to assist my business?
When reviewing potential providers, it’s important to ask yourself each of these questions to understand if they will meet the needs of your business. If you still need help choosing the right provider, explore the full checklist for more information on each of these questions and 9 other points to consider when comparing providers.