Do you want to quickly and easily offer Shopify recurring payments for your customers?
Finding the perfect recurring payment solution can be complicated if you aren’t aware of its benefits and functionality.
We will break down the 3 top Shopify recurring payment solutions and help you decide which one will best suit your business.
A recurring payment is also called a subscription. It’s a payment that goes off every month, a couple of months, or even yearly.
Recurring payments make it easy for customers to enjoy a service or product without the hassle of dealing with payments every couple of days.
Plenty of savvy Shopify merchants offer recurring payments to their customers. We find that some of the industries that use recurring payments are:
These merchants enjoy a guaranteed monthly income, a data-rich client base, and fewer administrative tasks.
Even though recurring payments cut down on your administration, you still need to reconcile your Shopify sales.
Another benefit of recurring payments is fewer late payments and collection times. If you want to streamline and simplify your Shopify business, recurring payments are a great way to do so!
We’ve scoured the internet to find the top three solutions for Shopify recurring payments. By doing so, we’ve saved you hours of research.
Let’s walk you through each solution and show you how it can take your business to the next level.
Square started as a card reader service provider. It provides a way to make payments easier for all businesses, big or small.
Its hardware and software allow companies of all shapes and sizes to accept card payments through card reader technology.
Square had a noble goal to create an easy-to-use payment solution. This solution should be relatively cheap and accessible for all and should introduce companies to the world of card payments.
Some unique features of Square include software that allows you to add pictures to your sales. You’ll also find several excellent training videos and the ability to let employees clock in and clock out of work.
An intuitive dashboard allows businesses to make better decisions by seeing analytics and sale summaries and integrating various apps, including Shopify.
You can easily integrate Square with Shopify. All you need is a few mouse clicks! You can activate it either on the Square dashboard or directly through the Shopify settings.
With recurring payments through Square, your customers will receive a bill for the same amount every month. Customers can then conveniently pay it with a credit card.
Another benefit for you as the business owner would be no longer manually creating invoices at the end of every month. Recurring payments with Square turn this into an automatic procedure.
Square allows you to create an invoice, including information such as a message detailing the payment and selecting the preferred invoice method.
You can select a recurring schedule, including the start and the end of the payments. You’ll essentially set up an invoice that Square will automatically send to your customers by completing this information.
Once you’ve filled out all of the information on the invoice dashboard, you’re all set to start receiving recurring payments.
ChargeBee is a cloud-based software that allows you to manage subscriptions, set up recurring payments, and drive revenue operations.
Keeping track of monthly billing, if not done automatically, can be tedious and take up unnecessary time.
Chargebee’s recurring billing system makes this process easy and effective.
You can have ChargeBee linked up to your Shopify shop through a short and straightforward integration process. Chargebee will deal with all your recurring payment plans automatically.
Everything is automated using ChargeBee. This automation includes tax management so that your customers always receive accurate invoices wherever they may be.
It has various flexible plans and models that allow you to see what works best for your business.
ChargeBee integrates with various payment gateways and allows for different payment methods.
When a customer makes a payment through ChargeBee, they share the transaction credentials automatically with Shopify. Once the payment is successful, Chargebee will direct the money to the merchant’s bank account.
Once a client makes the first payment, ChargeBee will automatically create a token to associate with that client.
Chargebee will use this token when the customer needs to pay again and automatically generate an invoice based on the last payment.
On this invoice is all manner of essential information, such as:
ChargeBee also allows you to customize your invoice with graphics and logos to give your invoice that personal business touch.
Customers receive their invoices through automated emails or text messages. You can choose how to deliver the invoices by changing the settings in the ChargeBee dashboard.
Stripe is the final contender on our list. Stripe is a payment processor and gateway that allows businesses to process credit and debit card payments online and offline.
Stripe is a very flexible recurring payment solution. It can handle over 135 currencies, making it a standard solution for businesses to take on the international market.
To put it simply, Stripe allows you to transfer money from your customer’s bank account right into yours, or your business’s through a credit or debit card transaction.
Integrating Stripe into your Shopify online market is incredibly simple and easy.
All you have to do is head over to your payment settings on the Shopify dashboard. Search for Stripe in the 3rd party payment toolbar.
This link will redirect you to the Stripe website, where you sign in with your account, and you’ll be ready to receive recurring payments!
When on the Stripe dashboard, there’s a toolbar setting under the name of Products. This toolbar is where you start to set up your recurring payments.
You will need to fill in the product name and the pricing details.
There’s a dropdown box that allows you to choose the duration of the recurring payments and the billing period.
Stripe will create a customers tab that details information regarding your customers.
Here you can view every customer in the same tab and consider whether the system should bill them monthly.
This information can be created and filled out on the fly, but why go through all of the manual labor when Stripe gives you a choice to go automatic.
Once you have the customer details, you can choose when to start and end subscriptions or recurring payments.
If you aren’t sure how many payments the customer needs to make, don’t worry! Stripe will automate that process too.
Each of the top 3 recurring payment solutions we listed offers easy integration with Shopify. No matter which platform you choose, you can rest assured knowing that all of them can integrate with your online shop.
Suppose you don’t feel comfortable paying for something you aren’t fully aware of. In that case, Square offers free trials for both the standard and premium versions.
Chargebee’s level of customization allows you to be creative with your invoices and gives them a personal touch.
If you want something that’s strictly a recurring payment solution without any extra features, then Stripe would be your best bet.
Regardless of which platform you use for Shopify recurring payments, remember to reconcile your Shopify transactions. When you do, you get to understand your business better. This understanding will help you run a better, more efficient, and thriving online Shopify store.