Recurring billing, subscription billing, and automated billing are all different names for roughly the same process.
An example of a simple recurring billing plan would be a supplement auto-ship program. The way Amazon keeps your card information and shipping addresses on file “just in case you need it” is an example of more open-ended customer data storage.
There’s a host of businesses that make use of recurring billing to streamline their revenue and make it reliable. This includes salons, subscription beauty or health food boxes, and software companies, to name a few.
One of the first things you need to do when starting a ClickFunnels business is deciding on a merchant account. Merchant accounts are essential to succeeding in any endeavor, but they are especially vital in the growing world of e-commerce. Without a merchant account, you can’t process credit card payments. If you are still trying to establish a merchant account, or if you are in need of merchant services for a high risk business, there are plenty of options.
With the introduction of virtual terminals, credit card processing has never been so easy. As long as you have an internet connection and a device like a computer or phone, you can make a sale and accept payments. However, with every convenience comes a vulnerability. If a virtual terminal, or any other payment software, is not protected by added security with point-to-point encryption, like an encrypted keypad, then you are unintentionally compromising your client’s payment information.
Your payment gateway is one of the keys to your e-commerce business’ success. Although many merchants who use gateways are not entirely sure what they do, we can assure you that your e-commerce business cannot survive without one. Payment gateways are essentially online versions of the point-of-sale terminals at brick and mortar shops. They authorize card payments, process refunds, and void electronic transactions. Since gateways are often a mystery to their users, many merchants don’t realize that they could be missing out on three payment gateway options that can not only protect their merchant account, but increase their business volume and profitability as well.
For merchants selling different kinds of products, multiple merchant accounts are a necessity. If your product offerings remain within a specific category, like selling different types of nutritional supplements, then you may operate different sales funnels under the same merchant account. On the other hand, if you offer different product types, like selling supplements and clothing items, then using multiple merchant accounts is wise. A good rule of thumb is that if your products have different Standard Industrial Classification (SIC) codes, then you need a separate merchant account for processing the payments of each product.
There are numerous reasons why multiple businesses can’t operate under the same merchant account. Here is a quick rundown of why these accounts are necessary.