Top 10 recurring payment challenges faced by businesses

Anitha raj

Top 10 recurring payment challenges faced by businesses

The recurring revenue model commonly called recurring payments or subscriptions has been prevalent in India for a long time now. But with the growth of internet penetration and adoption of digital payments, recurring payments have moved online & have now become the buzzword in town.

Recurring payments are nothing but the subscription payments that you as a business or service provider collect from your customers on a timely basis (daily/ weekly/ monthly or yearly). Right from school fees, gym membership fees, insurance premiums, SaaS subscriptions, EMI payments to even paying off your ‘doodhwala’ on a monthly basis.

Subscription models are quite prominent in the market these days. However, merchants still face a lot of challenges collecting recurring payments. Today, there is a huge demand for a one-stop solution to these challenges in India’s growing subscription economy.

Understanding the recurring payments challenges

India is home to over 51 million SMEs. However, it’s only now that most businesses are getting transformed digitally. With the growing popularity of subscription-based business models, most of them, especially SaaS companies, have changed their existing traditional model to a recurring one.

However, in spite of switching to one of the most lucrative ways of collecting payments, businesses aren’t able to take full advantage of it due to the challenges mentioned below. Let’s take a deep dive.

Top 10 recurring payment challenges faced by businesses

(1) Usage-based Billing

(2) Real-time adjustments in billing plans

(3) Automated invoicing for all purchases

(4) Flexible recurring billing

(5) Manage failed & missed payments

(6) Data safety & security

(7) Manage discounts and promotions

(8) Retain your customers

(9) Accepts payments in multiple currencies

(10) Supports major credit cards, payment gateways, UPI AutoPay

payments.

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