Tag Archive for: recurring

PayPal recurring payments are dead easy on Paydock.

Online merchants can access rich recurring functionality, improve their brand experience and reduce internal time, cost and effort when taking and managing recurring payments through PayPal with Paydock.

PayPal is a vital part of the payments ecosystem, with over 7bn transactions processed during 2017 (Statista). If you are not taking PayPal as part of your payment strategy, you could be missing out on significant revenue.

PayPal had a higher overall conversion rate than all competitors with the next payment option scoring 36.4% lower than PayPal on average. *

Paydock provides rich benefits to any merchant seeking to drive subscriptions, memberships or recurring donations on PayPal.

Why use PayPal with Paydock?

Showcase

The team at Leafcutter recently developed a donation experience for the Children’s Hospital Foundation lifting conversions and reducing cost of integration and payment management.  See the payment experience in action below. The solution includes both one-off and recurring payments through a single integration.

 

If you would like to find out how Paydock can help improve your conversions, simplify your payments life and reduce effort, contact our friendly payments team and drop us a line.

* Data source comScore Panel, US, Q4 2015

Photo by rawpixel on Unsplash

Assign single charges to subscriptions

A rarely talked about but important feature of subscriptions is the ability to take a one-off charge and have it applied to a subscription.

The good news is we’ve now released this for all customers in the Paydock API (see docs).

This feature is designed to combine with Paydock’s ability to pause subscriptions and create intelligent payment plans. This is a powerful feature that gives more options to merchants and charities to improve both their bottom line and customer experience while reducing payments effort.

Here’s two use-cases we thought of where you might consider this feature:

  • Paying off a good or service over a period of time. If you have a customer (or even a student) paying off a loan or a service you are now able to offer them the ability to ‘accelerate’ repayments with a one-off fee – and have it cleanly assigned to their recurring payment profile.
  • A donor needs to ‘pause’ their gift.  We know that it’s not always possible for everyone to fulfill their monthly commitments when giving to a charity. Rather than disconnecting completely, this feature combined with the capability of ‘pausing’ a subscription provides a clean way to maintain the relationship and at the same time allocate a ‘catch-up’ payment to ensure every opportunity is presented to the donor to continue and deepen their commitment once they are able to resume their giving.

While we’re sure you will be able to identify more use-cases (we’re always impressed by how our community utilises the service) we hope these two give you some inspiration around this new feature.

How Paydock and The Fundraising People are raising the bar in charity donations

The Fundraising People are an ethical fundraising organisation and have been successfully helping charities secure regular giving donors through face to face campaigns in Australia and New Zealand since November 2008. In order to better increase the return for-cause organisations receive from face to face fundraising, The Fundraising People have worked with PayDock to manage a critical link between:

  1. The capture of donor data;
  2. Initial payment and;
  3. Real time visibility of data

Rather than settle for the industry standard of collecting payment information from donors at the point of sign-up, holding for a few days and then passing onto the charity or payment processor, The Fundraising People worked closely with Paydock to enable all donations to be immediately received by the Charities they serve.  

 

All of this is achieved without a loss of payment or donor details for the not-for-profit.

 

By enabling realtime and direct payments to charities, The Fundraising People are able to dynamically re-attempt failed payments as opposed to waiting for feedback from the payment gateway or losing valuable time (and income) in the process as data is passed through manual channels for later activation.

The traditional ecosystem (below) suffers from fragmented data, lost revenue and continual compliance headaches.

 

The Fundraising People’s difference

By closing the loop without slowing down receipt of payments, The Fundraising People’s Informed and Connected system lifts revenue. Critically, they have been able to achieve all of this in a PCI-DSS Level 1 environment, no matter what payment service or merchant facility is in-use by the charity thanks to PayDock. This often improves the overall compliance of the charities at the same time.

 

 

The Fundraising People is extremely proud to have worked in partnership with Paydock to create this payment processing system.  Our intention was to make it faster and more efficient for organisations to debit their donors. In turn expediting much-needed funds out there to the communities that need it the most.

Rachel Brine Director – The Fundraising People

If you would like to find out more about how The Fundraising People offer their services or manage payments you can visit their website here http://www.thefundraisingpeople.com.au.

What are recurring payments?

Recurring payments are automatic payments deducted from a credit card or bank account on an agreed schedule (e.g. daily, weekly, monthly). Recurring payments are useful for a wide range of payments – such as subscriptions for magazines, membership clubs and utilities bills.

What are the advantages for merchants?

  1. Decreases late or missed payments: As recurring billing happens automatically, there is a reduced risk of delayed or missed payments. Furthermore, budgeting is made much easier as payments are expected at regular intervals for customers.
  2. Improve customer relationships: By signing customers up to subscription arrangements, business are able to reduce the risk of churn and build stronger, sustainable customer relationships over time.
  3. Saves time and money: Business owners no longer need to manually manage all billing cycles. This frees up time so they can focus on their core business.

What are the advantages for customers?

  1. Saves time and effort: By setting up automatic payments, customers no longer have to manually input payments for their subscriptions.
  2. No more late fees: Previously, if a customer forgot to input a payment manually, they could potentially be hit with a late fee. The automatic nature of recurring payments means that such scenarios will no longer happen, saving money and effort for the consumer.
  3. Keeps information secure: Recurring billing allows customer information to be managed securely. The lack of paper bills means that the risk of duplicating and circulating sensitive information is minimised, as is the risk of employee error.
  4. Environmentally friendly: Each year, more than 3.6 million tons of greenhouse gas emissions are created by transporting paper bills alone. There is no longer a need for physical bills to be sent out as almost everything can be done online in this day and age.
  5. Leverage the growing demand for subscription services: Research has shown that there is an increased demand for the convenience and ease of subscription services, especially within younger generations. As of 2017, 70% of millennials have a subscription to a product and 89% have a subscription to a service. As a business, offering recurring payments can greatly improve customer experience, and help differentiate your business from others.

How can Paydock help?

Paydock is a smart payments platform that allows merchants to connect to various payment gateways such as Stripe, Braintree, Paypal and more. We offer a recurring payments engine that overlays on top regardless of payment type, gateway, or frequency. Our clients are able to automate flexible customer subscriptions, increase revenue and reduce time spent with managing customer billing.

One of the most costly aspects of running a SaaS, member-based or Not-for-Profit organisation is the cost of failed payment management. We’ve seen extreme cases where it’s been cheaper to write payments off as bad debts, rather than chase, such is the cost.

We’d like to solve that problem for you.

Paydock helps with our automatic retry (dunning) feature. We’ve received a lot great feedback on this, however, one of the most common feature requests we get is:

“Great, but can I set the number of retries, and the gap between them?”

We’re pleased to announce that as of today, yes you can. Paydock customers are able to define how they want Paydock to manage their dunning processes for them, removing significant cost, better managing the customer experience and assisting with cashflow by reducing the period which a payment remains outstanding for.

The two settings Paydock customers can manage now are:

  • the number of retries on a soft failed payment
  • the time between those retries

You could specify Paydock to perform 2 retries, each 48hrs apart, for example.

This is available today under the My Company link. See screenshot below.

 

This is available today on all gateways and payment types which we manage recurring payments for.

We hope you enjoy this new feature and find it of great use in removing payments pain and increasing your bottom line.

To payments freedom.

All of us here at Paydock

 

Easy and automated access to alternate payment types increases conversion – yet traditionally has been something of a challenge for merchants. Wiring in new (or multiple) gateways, stitching back-end integrations and layering accounting and reconciliation processes often means the cost-to-benefit ratio stops stacking up even before you’ve even begun.

So, while we know the payment structures on payment types such as direct-debit are attractive (i.e. flat-rate transaction fees) and accessing these facilities could reduce cost and raise conversions – we just can’t ‘get there’ easily.

For many of us it seems better to pass up the financial boost just to avoid the headache.

But what exactly have we been passing up?

Here’s some facts:

 50% of those who regularly shop online said that if their preferred payment method is not available, they will cancel the purchase.  [1]

…alternative payment methods are expected to grow with approximately 6-7 % in the next few years. [2]

Latest analyses show that every additional payment method which is offered by a Merchant can help increase conversions with 14%. [2]

Depending on the characteristics of your site you will probably see somewhere in the region of 5 to 10 percent improvement in your site’s overall conversion rate, which is still significant enough not to be ignored. [3]

Correspondingly, WorldPay’s data shows us that alternative payment methods (types other than credit or debit cards) will account for more than half (59%) of all transactions online by 2017.

This means that you’re not already offering ready access to multiple payment sources, you’re leaving real money on the table.

How can we fix that? With Paydock it’s on average 50% quicker to work with gateways. You can stop missing out on lost transactions and take new payment types. You can be up and running in hours (if not minutes) in your website while also delivering seamless user-experiences and consistent business process.

Find out how much you could be earning by calling us today on +61 2 8218 2141 or Use the Quick Income Calculator below to see what difference using Paydock can make to your brand.

Here for your benefit!

All of us at Paydock.

P.S. Combine with the built-in subscription, notification and backup gateway services and Paydock can raise conversions in excess of 40% while simultaneously saving you thousands.

Quick Income Calculator

Use the form below to see how much money you could be leaving on the behind without Paydock.

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1. ‘Survey finds that retailers are losing millions.‘ Retail Technology Review, 2009
2. ‘Boost conversion rate by offering alternative payment methods’ eMerchantPay, 2012
3. ‘Alternative Payments and Ecommerce Conversions’, PracticalEcommerce, 2013

 

 

Global payment management across a distributed giving-base can be hard if you’re an international NFP.

Factor in local fundraising offices, currencies and admin you can be taking (and managing) money all the way from India to the UK and USA.

We know that using only a single ‘super’ provider rarely delivers the best value to your organisation. The friction  involved with re-routing your organisation to a single provider (who may not be best suited in all localities/currencies) can be high, and the direct and indirect costs involved with integrating multiple local services can itself increase expenses dramatically.

So, this leaves many not-for-profits in a challenging position. How do we manage global giving in a way that’s low-cost, easy and effective?

We know you would love to take recurring and one-off payments, in various currencies, with data and payment-event transparency, without disrupting existing banking and reconciliation processes or introducing prohibitive cost and pain. Read more