How to drive more recurring revenue through efficient rebilling
As the e-commerce industry grows, so does the competitiveness of the service providers that offer solutions to the online vendor. Automatic Payments & Recurring billing systems are generally part of a customized system designed to manage and control the process for the repetitive task of billing for certain services. It is intended to manage the recurring payments for business models such as memberships or subscriptions. The system supports subscription management, flexible and generic billing-cycle model, transaction submitting and retrying and back-office services which include reporting and notifications.
With the ever growing number of online vendors offering services or product to the public and trying to offer value to their service or product, extraordinary steps need to be taken. Many of the vendors online today feel the most important part of e-commerce is the traffic to a website. In fact just because a site receives a lot of traffic and the end user starts the purchase process doesn’t mean that they’ll complete it. Most major e-commerce platform providers offer solutions or features for various business models and some specialize in particular areas. As part of the service, providers pride themselves on innovative products and delivering the solutions that vendors need to be successful.
Businesses that offer services or products that require a repetitive payment or billing need a reliable means to remove the monotony from their business but to still have the reliability and security to continue business online. The e-commerce providers that offer these recurring billing solutions also provide reporting services that together allows the merchants to become involved in the reports that their online payment services provide. Coupling a recurring billing system together with a customizable reporting system gives them the freedom of the mundane task of repeating the monthly billing process the old fashion way.
This allows the vendor to quickly and conveniently process the billing for their service without the need of being constantly sending out the monthly notices. This feature is attractive for any vendor that wishes to optimize their conversion rate and benefit from elevated customer retention. Although individually just these few features may be commonly offered by many companies, a comprehensive platform will provide all of these features in one package.
The features listed above are only but a small part of the total e-commerce platform solution but they represent the core of benefits a vendor needs to specifically target an increase in their conversion rate. Companies that want to remain competitive in the e-commerce market today will offer the automatic payment & recurring billing options to offer their present and future vendors. So for any individual or company that wants to capture and maintain a successful foothold in the online industry carefully investigate and research the service providers to get an insightful look at e-commerce platforms before making a decision.
Although this service is widely offered by many e-commerce platforms, ensure that the service also includes the access to a secure payment gateway and specifically supports the recurring billing model to successfully drive more recurring revenue to your business.
Dennis Michael Gannon
Marketing Communications Representative
Gate2Shop – E-Commerce Solution Provider