Billing and payment are sensitive business operations for any company. And when it comes to online payments through digital platforms, one needs to be more careful. In the subscription business market, the story does not end with selling a product or service one time to the customer rather the same customer comes recurrently to the same seller. Even the vendor tries that he may not lose his customers. Why this is so? Because that’s how the subscription business model works.
However, what remains to be the major pain point in this process is the payment security. Online payments that you make for Netflix, Disney+ or any other platform that runs on the subscription business model involve quite a lengthy process. With time, different SaaS companies have put in the effort to facilitate subscription businesses.
Security of the payment processing is one of the major points of concern. However, today, the reliability of the systems has increased. They pay online happily. Technologies like hosted payment pages have facilitated online payment processing. Through these HPPs, SaaS companies can get payment gateway integrations. And payment gateways integrations are the best for ensuring the security of online payments.
Customizable Checkout Portal
Hosted payment pages are more like checkout portals that can be customized as per your business needs. When HPPs are customized, they portray a better image of your business. They represent your brand. All businesses using HPPs customize these payment pages that they look like part of their website. Also, the customizability of hosted payment pages is very easy. This customizability maximises the customer experience.
Reduction in the Liability of the Merchant
For instance, there is an e-store that sells miscellaneous products. In the retail business, the competition is already high. And there are numerous core business activities. So, hosted pages for payments offer the best way to process online payments rather than developing a payment module from scratch for payment processing. Sometimes, customers of a specific region use a certain specific payment gateway for the processing of payments. If the system of the retailer is not integrated with that gateway, then offering HPPs to the customers is the best option for it can integrate not just one but multiple payment gateways.
Integration with multiple payment gateways also offers multicurrency support. Offering multiple currencies support is common for subscription businesses. It not only satisfies customers but also opens up doors to enter new markets. When you plan to enter a new market, you do not need to think about local currency support and payment processing because gateways integrated with the hosted payment pages allow multicurrency support for various currencies already.
Simple Checkout Process
Hosted payment processes make payment processing easier and feasible for the end customers. When payments are processed online, there are involved banks of both merchant and the customer. The checking of the accounts in these banks and compliance with taxation rules is also involved. However, HPPs are designed in a way that they manage the complete checkout process. They deal with all of these backend complexities.
Payment Failure Management
Just like the real world, payments also fail in the digital world. The reasons for the failure of the payments can be varying from card limit to card expiry and much more. However, hosted pages for payment integrated with hosted payment gateways can manage these failures. They allow users to try again to pay for their recurring charges instead of subscription cancellations. So, you can manage involuntary churn and payment failures both if you are using the hosted payment pages.
When customers are willing to pay their recurring charges for the subscription plan that they have subscribed to, they want to pay instantly yet securely and leave. Hosted payment pages of subscription management system help businesses make this checkout smooth and easier for subscribers. If you want to opt for hosted payment pages for your subscription business, then you can onboard SubscriptionFlow for it provides fully functional and integrated hosted payment pages.