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eCommerce

Recurring Revenue: What Is It and What Are Its Benefits

Online businesses benefit from having recurring revenue. This business model centers on a product or service that people purchase regularly. An example of this is subscription-based services that customers pay for on a monthly, semi-annually, or annual basis. 

Recurring payments allow a business to compute more accurately the return on their investments, and it helps reduce the time they spend on related tasks like marketing to new audiences. Here are some things you can expect if you adopt this model for your business.

Steady and scalable monthly income

It is easier to sell to existing customers than finding new people to opt into your service or product. People who are already making monthly payments are likely to keep paying. Furthermore, if you have a recurring revenue business, you do not need to trade your time directly for money. You can grow your business faster since you have a cushion for your efforts.

Increased lifetime value for customers

Recurring revenue lets you increase the lifetime value for your customers. If they pay for something regularly, it is an incentive for you to keep improving your product and adding bonuses that they would find engaging. It means more purchases, which leads to a higher ROI on the money you spend. When you increase your number of subscriptions, you can focus on customer acquisition and retention and make a bigger impact.

Time for your business to strategize better

Companies built around one-time purchases have to market and promote their products every month. With recurring payments, you can keep selling to the same group of people and not worry as much about being unable to meet your sales goals. This business model also allows you to optimize your business and make it more suitable for recurring revenue. You can start by looking out for these three things.

1. Know why you want subscription-based services

Do you want more revenue, more customers, or to reach another goal? Identify your goals at the start to lock in the best pricing scheme for your product. If you are tying your revenue to a pricing strategy, you need to be strategic—you cannot change your fee schedules on a whim, or you will alienate customers. Being able to justify your pricing model will help you find the best price points, differentiate the tiers, and bring in appropriate bonuses or add-ons.

2. Concentrate on customer satisfaction 

Your business relies on how happy your customers are about your products. When people sign up for subscriptions, they need to have as great an experience as possible. If you focus on their journey, you will surely see an improvement in your acquisition numbers. Furthermore, a great onboarding process will lead to people being more willing to pay for your products.

3. Make it easy for them to make payments

There are plenty of complex processes involved in billing, and you have to know what these are for you to succeed in implementing this business model. One way to make things easy for you is by teaming up with a hosted payment page provider, or a company that creates plugins for websites. This way, you can build on structures that other companies use, taking one thing out of your to-do list.

Conclusion

This is the best time to start a recurring revenue business. Membership websites and SaaS providers are all over the internet—people are used to the idea of paying a monthly fee. What you need to do is concentrate on delivering a product or service that they love.

Make the collection of recurring payments a breeze by using our services at Payment Page. After you create a hosted payment page with us, you can concentrate on giving customers the best product or service! Get in touch with us today for more details.

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Accepting Online Payments Marketing

3 Ways a Streamlined Payment Process Increases Your Revenue

In any company, achieving more revenue for larger profit margins is crucial to success, and this is a cornerstone mentality of business that never ceases to ring true. 

Today, consumers are more willing than ever to punch in their card numbers to purchase all their wants and needs online because of online marketing convenience. With the help of modern tools like persuasive marketing strategies, discount systems, and top-quality customer service, countless firms have capitalized on the rise of online buyers with ease.

Among the different ways that you can cash in on the opportunity to rake in more revenue, building a streamlined payment process with a payment page builder will yield the most results. 

Explaining the rise of streamlined payment processes

If there’s anything that your small business will ever have to learn about achieving more revenue today, catering to consumer convenience is critical for long-term success.

Admittedly, today’s online customers are spoiled with all types of convenient experiences to the point where they expect nothing less than paramount service quality. Whether it’s in the form of having various payment options (such as those found with Payment Page) or shorter expected website load times, the number of things that today’s customers expect is endless. 

Seeing that convenience is the gold standard for today, it’s easy to see why having a faster payment process that’s easier to deal with is vital for success. After all, no customer will accept going through leaps and bounds to pay for something they found online.

How streamlining your payment process can help yield more results

With all this talk about significant profits, convenient experiences, payment forms, and modern accessibility, you might wonder how streamlining your payment process can benefit your business. Beyond the fact that complicated checkout processes can lead to a higher amount of missed revenue, here are three other benefits of tightening your payment flow: 

Benefit #1: It makes for faster checkouts

When a customer puts your products into their cart, you don’t want to leave them with a reason to hang for long: you’ll want to have someone pay for their products without double-thinking their purchase. With the help of a more streamlined and convenient payment form, you can shorten the gap between a hook and a sale in no time!

Benefit #2: It helps to reel in more repeat customers

You read that right: cutting down the effort it takes for customers to purchase an item from your website will lead to them coming back for more. 

It may seem like a menial aspect to think about, but the truth is that today’s consumers are inclined to purchase over and over again from companies that make the experience a whole lot easier for them. For example, by taking the time to speed up your payment process with a Payment Page builder, it will help boost customer satisfaction for high chances of return rates and revenue!

Benefit #3: It leaves you with more room for flexibility

Most business owners fail to realize that shaving off any unnecessary parts of their website’s payment processes also entails offering even more payment options for customers to use, which leads to more revenue. Once a customer sees that their preferred mode of payment is easily accessible at the checkout page, they’ll waste no time finishing their purchase right away!

Conclusion

If your business’s goal is to rake in more revenue for long-term success, then it’s critical to understand that nothing can help your efforts better than a streamlined payment process. By taking the time to shape and tighten up your website’s payment process with a payment page builder, you can increase your sale close rates and bump up returns in the easiest way possible!

Are you looking for a payment page builder that will effectively streamline your website’s checkout process from start to finish? Give our WordPress plugin a try today so that you can start creating hosted payment pages and forms that make it easier to carry out faster transactions!