Recent advancements in payment technology have introduced many new solutions and features that have helped simplify the collection of reoccurring payments. Accepting recurring payments is one solution ISV’s can integrate within their software that can provide several benefits. Linked with a debit or credit card, recurring payments offer a consistent way to accept monthly, weekly, bi-weekly, or custom interval payments with real-time authorization.
Let’s explore the advantages of what recurring payments can provide to ISV’s as well as their customers:
One advantage recurring payments can provide is increased revenue. Accepting recurring payments built within an ISV’s software allows for seamless and easy payments, resulting in lower operating and administrative costs in the long haul. Offering more payment options will also make your software even more attractive to your potential customers. By creating a predictable, consistent income stream, ISV’s customers will get paid on time and improve overall cash flow.
Another advantage recurring payments can offer is improved retention. Recurring payments allows ISVs to offer additional payment options within their software and attract customers they might not have previously attracted. As a result, ISVs are able to differentiate themselves within their respected market and stand out amongst their competitors. The customers of ISVs equally can keep their customers actively engaged by offering the ease of recurring payments. In return, both ISVs and their customers will grow a foundation of loyal clients and increase their retention over time.
Recurring payments also offers the latest payment technology security solutions to keep you and your customers safe from payment fraud. At First American Payment Systems, our recurring payments solution is just one of a suite of offerings that leverages our 1stPayVault® technology, keeping card data safe.
1stPayVault is a great solution for easily managing subscription plans with a recurring billing platform for credit card and ACH payments that includes:
- Securely storing unlimited credit cards
- Easy set-up of scheduled payments
- Flexible recurring or installment options
- Single or multi-location use
- Automatic updating of credit card numbers and information leveraging our 1stPayMaximizer solution, which reduces the number of declined payments.
Ready to explore the benefits of integrating recurring payments? Contact us today to find out what recurring payments can do for you and your customers.