There are several different types of providers offering recurring payments, each with its own pros and cons. This guide will explain the various infrastructure providers, plus other services that can be used to accept recurring payments.
To keep things simple, we’ll focus on the best and easiest recurring payments for a website in 2022.
What are Recurring Payments?
A recurring payment is any subscription-like payment structure. So, basically, anything that repeats. If you run an online business or membership site, a recurring payment option is a must.
Best Ways to Accept Recurring Payments Next Year
Square is a credit card processor that also provides a simple solution for accepting recurring payments. It’s one of the most affordable ways to build a recurring billing system into your website. A new Square account comes with a free testing period, making it easy to add a feature and see if it works for you.
PayPal isn’t just for digital goods. You can use PayPal’s Bill Me Later service to offer your customers an option to pay you monthly on eligible purchases, including physical goods. This service doesn’t require any special hardware on your end, and PayPal handles all the heavy lifting of keeping track of payments and sending out bills on time.
Stripe has long been known as an excellent way to accept credit card payments online, but more recently, they’ve added support for subscriptions and automatic invoicing of customers regularly. Their pricing is competitive, and they make it easy to get started with minimal hassle.
Wave is one of the easiest services because it requires little effort to set up. The biggest pain point with recurring payment services is that you lose the customer after the first transaction, but services like Wave will allow you to keep a running tab open for months or years at a time.
Accepting recurring payments is a must for many companies, but you can easily get carried away and pick the wrong payment processor. The four solutions we reviewed here will let you accept any type of recurring payment online, but be sure to read their terms before making your final decision.
Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously, and loves his two dogs. His mission is to enhance and innovate the fintech industry through solutions like recurring payment processing.