Tired of reordering hassles for products? Recharge payments give you relief to frequent reordering of choice products. Just tap into the recharge payments model and receive your regular products without reordering them. Instead of buying your products, you rather subscribe to them.
Recharge Payments Features
Subscription management: Recharge Payments uses rule sets that control the entire subscription process. This includes:
- Products offered for subscription
- How often the customer is charged
- How often a product is shipped
- Discounts offered for subscribing
- Set an expiration
- Create pre-paid gift subscriptions
- Customers who order a subscription product will be charged when they sign up. Recharge Payments will then vault the customer’s credit card with the selected payment processor.
- Each time a customer gets charged, Recharge Payments automatically updates an order so that you manage it from Shopify. In addition, orders connect to all Shopify integrations that deal with fulfillment, accounting, and inventory.
Customer experience: recharge payments provide customer experience
- Most recurring billing apps require customers to make separate orders for recurring subscriptions and one-time purchases. However, Recharge Payments doesn’t change the checkout experience for customers once they subscribe.
- When a customer opts to cancel their subscription to your products, they can do so without going through you. This enhances flexibility on their part to pause, edit and cancel subscriptions.
- Customers also have the option to rearrange their deliveries in case of anything. They can do this without reaching out to your support team through their account. In addition, they can change the frequency of subscriptions and shipping for specific products without repeated entry of credit card information.
- As you can see, Recharge Payments took into consideration the customer experience and ensured that it was easy for your customers to manage their subscriptions. All services are optimized for mobile devices so customers can make changes on the go.
- Customization: Change your customer portal to match the look and feel of your brand. With Recharge Payments, you can add or remove functionality to give customers the same experience across your store.
- You can also customize Recharge Payment’s email template library with the type of design that best represents your brand.
Order management: To add a product to a new order, search and select the product from the menu and set product parameters. This can include delivery frequency, quantity, and shipment dates.
- To add an existing subscription, Recharge Payments provides a drop-down menu where you can include the product.
- The Orders section lets you check whether a customer has any error in the status. It has three tabs namely the processed, upcoming and errors tabs. Once you click on Errors, it presents a table showing all order errors and their causes.
Inventory management: Its inventory management systems automatically integrate into your platform’s inventory system. It keeps tracking your stock counts using your stock-keeping unit (SKU).
- If the subscription has out-of-stock products, Recharge Payments holds and marks the order as ‘Inventory Error. You can even set automated email alerts to notify customers when their order is out of stock.
Payment management: Using Recharge Payments, customers get to update their billing and shipping details for successful order processing.
- In recurring billing, you have to deal with dunning. Dunning is where you have to make persistent demands on a customer to pay for products received. You have to balance error handling and customer experience. A customer’s credit card can get declined due to expiry, credit card limits, corporate policies, or a block made by the customer. When you freeze the customer’s account too fast, it will be unfair for them.
- On the other hand, when you’re too lenient to collect, it could have detrimental effects on your business.
Recharge Payments Automatic Dunning
Recharge Payments performs automatic dunning. This is through systems that do the following:
- Counter check cards
- Anticipating expiration dates
- Sending email reminders for users to update their credit cards
- Discontinuing product delivery for accounts that don’t pay
- Investigating why credit cards have been declined
- Suspending accounts and reaching out to them
- Recharge Payments also connects with Stripe that automatically updates expiring credit cards for customers.
- Customer retention: Recharge Payments boasts the customer retention feature to help businesses reduce subscription bounce rates. It lets customers select their reason for canceling their subscription and then offering a custom incentive to get them to continue their subscription.
- The first method is preventive: Here you can prevent a customer from canceling for a number of days. You also have the option of restricting cancellation such that customers will have to email you directly to do so.
- The second method: is where you provide an incentive to get customers to stay. You create cancellation reasons then promotions for when a customer selects.
Recharge Payments Offers and Incentives
- Delay subscription: You can request your customer to delay cancellation for a week, two weeks, or even up to three weeks.
- Apply discount: For this to work, you need to create the discount first and display it in the customized response. Remember to specify the discount amount beforehand.
- Skip next charge: This works well when the customer feels they cannot make the subscription at that time.
- Swap product: This option lets customers choose another product to stay subscribed to.
- Once you enable either of the above options, a call-to-action will be created on the second step of your customer-facing view. You can only apply one incentive for cancellation.
Recharge Payments Reporting
- Recharge Payments offers customer reports to help you assess cancellation reasons. You could also send surveys to collect more customer insights to provide an improved experience.
- The information you can expect to download includes customers per item, inactive customers, subscriber per interval, and discounts among other reports.
- You might be wondering can recharge payments get hacked and leak customer’s credit card numbers?
- It doesn’t store credit cards. It uses a third-party credit card vaulting service that is PCI-compliant. By PCI standards, it means that it has met these six categories.
- Protect cardholder information
- Maintain a secure network
- Regularly monitor and test networks
- Have an Information Security Policy
- Keep a Vulnerability Management Program
- Have strong access control measures
- Recharge Payments uses the Payment Card Industry Data Security Standard (PCI DSS).
- This standard reduces credit card fraud through its exposure.
Recharge Payments has two pricing plans namely:
The standard plan is the ideal option for businesses with a monthly recurring revenue (MRR) of up to $100,000. Recharge Payments charges a base rate fee of $39.99 every month plus 1% on all transactions. This amount doesn’t include shipping and taxes.
It is important to remember that you’ll also get charged an extra fee from payment processors like Braintree and Stripe. This usually costs 2.9% plus 30 cents per transaction.
Stores that qualify for the Recharge Pro plan process over $100,000 in MRR. Its plan offers scalable pricing. In return, you get access to pro features, integrations, a custom checkout domain, and priority support.
Who Should Consider Using Recharge Payments?
- The subscription economy has changed how customers make purchases. More people are shifting from pay-per-product to subscriptions.
- Right now, businesses that excel at subscription are those that excel at emphasizing convenience, variety, and uniqueness.
- Recharge Payments is a terrific solution for anyone looking to kickstart their subscription business. It is also a great option if you want to increase the average lifetime value of your customers.
- After all, one of the best things about Recharge Payments is the customer retention feature that lets you know the reason people cancel subscriptions and goes further to try to win them back.
- Even more importantly. Recharge Payments also does its best to address a major challenge faced in the subscription industry (dunning!). It has great systems in place to counter this problem. This way, you get to be tough on being paid and still stand out as a brand that puts their customer’s interests in mind.