How to Accept Recurring Payments as a Small Business

Ever SME owner is also a customer of recurring payments – whether it’s your home bills, a streaming service, or a gym subscription. But how do your own customers want to make recurring payments – safely, easily and efficiently?

As with all payment systems, it’s important to take care when choosing how to accept recurring payments for your small business. You need to ask the right questions to ensure the requirements are met for your small business. How do you choose a system for recurring payments that has all the features you need, will integrate with your existing accounting or billing set-up, and is accurate and reliable?

Choices, United by Common Features

How to choose the right recurring payment platform for your small business? There appears to be a never-ending number of options to choose from.

The good news is that most platforms follow a similar pattern for meeting the basic requirements of accepting recurring payments. These features include being able to choose the fee (the amount charged), the schedule (how often your customers will make a payment), the payment options available to your customers (e.g. credit card, debit card and direct debit from a bank account) and the expiration date of the payment plan (if applicable).

Some repayment platforms may also offer the ability for your customer to agree to the terms and conditions of your business.

Match Your Custom Payment Plans 

If all recurring payment platforms offer a common set of basic features, how do you pick out the best one for your small business?

Customisation is key to differentiating between platforms, so that you can choose the one that can be moulded to the way your SME accepts recurring payments.

Some small businesses need to receive fixed recurring payments, meaning your customer is always charged the same amount each time. Gym memberships, magazine subscriptions and online subscriptions could apply here.

Conversely, does your small business need to accept variable payments? With this type of payment structure, the amount charged is subject to change, based on the customer’s usage of the product or service. Utility bills often fall under this type of payment.

Safeguarding Recurring Payments

The best recurring payment platforms don’t just receive money – they help keep your business and customers safe, both money and data.

With the increase in cyberattacks following in the wake of the pandemic, it’s more important than ever to protect your small business.

Taking with one hand, giving with the other: While the digital world can be a cybersecurity minefield, it’s these modern technologies that also offer the cybersecurity solutions to keep your business safe.

Choose a recurring payment platform with in-built payment protection systems. That’s like having a digital security guard for your small business, operating 24/7.

Choose the Leader in Recurring Payments

Many small businesses struggle to find a recurring payments platform that fits all their requirements. What option is sleek, effortless to use, secure, and customisable – not to mention affordable for SMEs?

That’s where we step in. Payleadr paves the way for your customers to set up their recurring payments, easily and conveniently – and you can create custom payment plans to suit your business fee structure.

Payleadr can streamline your payment process with intuitive online tools and complete security. Best of all, our bespoke direct debit services provide you with full customisation. To make the most of your recurring payment systems, safely, easily and reliably, get started with Payleadr today.