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.