5 Gateways of Recurring Payments
Recurring payments made ample with multiple payment gateways to manage subscriptions and membership plans, Aheadworks claims a break-through.
Aheadworks starts the season with a burst of two consecutive releases of updates to the Advanced Subscription Products, a best-selling extension for Magento 2 stores. The success of the module feeds on the company’s keeping pace with the latest trends on the market of alternative payment methods. Ahead of innovations, we are constantly trying to predict what the future looks like.
In 2020, 65% of all online transactions are predicted to be made using alternative payment methods.
Why the buzz
Recurring payments are at the core of the Advanced Subscription Products. These are automatic payments triggered against a pre-set schedule for subscriptions and memberships on selected products. The need to store and periodically process the details of customers’ credit cards or bank accounts on the side of the vendor raises issues for shoppers. They want the process to be secure, convenient, and fuss-free.
According to Experian, 27% of customers report abandoning a cart simply due to a lack of visible security.
Consumer demand brings about an utter response – merchants who want to deliver a customer-centric experience focused on flexibility, choice, convenience and speed opt for alternative payment methods. This empowers people to pay in a way that fits their needs and lifestyle, and takes security worries away.
How we keep you calm
Alternative payment methods in ecommerce reveal themselves as payment gateways and processors. Payment gateways online have never been so convenient. The quality ones fend off security attacks in real-time, providing a buffer of encryption between buyer and seller. Furthermore, payment gateways help you reduce load time. At the same time, to Aheadworks own research, about 10% of shoppers abandon their carts due to a lack of payment options; not considering the UX and technical issues. Choosing a payment gateway for a Magento store might get tricky, indeed.
When deciding what gateways would fit the customer-focused concept of the Advanced Subscription Products extension we had to understand and accept some limitations — many of which are described by the architecture of the gateway and the location of your business. Taking your feedback and proposals under close consideration, we also had to assess the gateways against the way they process recurring payments.
To fill all the gaps we stacked multiple gateways up the extension. At the end of the day, you don’t have to commit to one gateway for the rest of your life. Advanced Subscription Products allows multiple gateways at once to ensure maximum coverage for most customer needs, especially when it comes to recurring payments.
5 Payment Gateways
Analyzing the Magento market against the location criteria, we realized that alongside all the alternative payment methods requiring modern gateways and processors Cash on Delivery is still a highly preferable option in the MENA countries. People in the Middle East and North Africa often opt to pay with cash after receipt of a product. This feature, by far, makes the Advanced Subscription Products stay out of the crowd.
Avowed a certified developer, Aheadworks is seasoned in tailoring best user experience to your unique taste.
At last, here we go, the top-5 payment gateways which so far have been selected to empower recurring payments in the Advanced Subscription Products:
Stripe is a popular payment gateway provider with a broad focus on mobile e-commerce, SaaS, non-profits, and platform-based payments.It is best for online recurring payments for credit card, ACH, international, and in-app sales. /Worldwide (check for the “invites-only” and exclusions)/
Bambora blends seamlessly with any software ecosystem. It has RESTful APIs and SDKs, easily combined with your shopping cart systems, websites, and other applications. Boast a powerful recurring billing feature. /Worldwide (65 markets)/
PayPal, a redirect payment gateway, best for online recurring payments with both credit card and PayPal payment options. Popular because so many customers trust it — and there are multiple options to consider around it. /USA/
Authorize.net makes it possible to accept payments through a wide variety of processors, which in turn gives retailers the ability to accept PayPal payments, Apple Pay, and most major credit cards. /Australia, Canada, UK, USA, Europe/
Braintree is an advanced payment gateway operated by PayPal to process payments online, including credit cards, debit cards, digital wallets, PayPal, Venmo, Apple Pay, and Google Pay in a single integration. /Australia, Canada, Europe, Hong Kong, Malaysia, New Zealand, Singapore /