Recurring payments, also known as recurring billing or subscription payments, are one of the most functional and practical phenomena in digital marketing. Most e-businesses use this strategy to save time, build loyalty, and facilitate cash flow. You can also get knowledge about digital recurly payment gateway via many online sources.
With statistics like that, the bottom line is that businesses can make more money than their existing customers. They just need to dig deeper and be more creative in their customer loyalty strategy. One way to do this is by getting regular payments.
Recurring payments are an ongoing process where you charge a customer a certain amount of money for a specific product or service and that amount is automatically debited from the customer's card or account according to a pre-agreed schedule.
So here's how it works, imagine you are a digital publisher and, like any publication, subscriptions are one of the most important business models for you. Using recurring payment software now means automatically managing your reader's subscriptions and revenue by storing payment details and processing fees on a regular basis, without the hassle of repeated manual billing.
Likewise, companies that revolve around products and services that customers buy repeatedly and regularly are entitled to recurring payments. Some examples of these payments are membership fees, electricity bills, telecommunications, internet bills, and others.
Now you may be wondering how payments are retried differently from payment gateways, as both are concerned with collecting payments from customers. While payment gateways focus on receiving payments, recurring payments focus on your subscription and managing your primary account.