Feature Release: Change Recurring Payment.
What do you do when your payment service provider does not enable you to adjust or change the recurring payment amount as and when you want? Amount once set and created cannot be changed within the payment service provider limiting your business case options such as providing a special discount to your customers during off season days to reduce seasonal churn.
The Problem 😣
Subscription business models are heavily dependent on recurring payments. Recurring payments are the heart and soul of a subscription business model but often payment service providers are unable to make adjustments such as changing recurring payment amount or charging one time transactions.
Implication 🙈
If payment service providers are unable to do the job, it mostly comes down to sending emails to the customers with an invoice attached and hoping that they will pay their bills on time. Needless to say sending payment emails and reminders is not only annoying for your customers but also for you as you do not get the deserved revenue on a set date. Additionally you may end up annoying your customers to such a level that they may ultimately churn.
Solution 🥳
Circuly makes payment service providers smart. circuly's recurring payment logic for subscriptions allows us to give you more flexibility with your transactions.
Even though Payment Service Providers (PSP) are capable of creating a recurring payment, traditionally they are unable to create a subscription for it. This just means that while it is possible to collect recurring payments with a PSP, there is no schedule behind it. Also altering the amount, changing transaction amounts and creating one-time payments is practically impossible. With circuly’s internal payment logic (now available for Adyen and Stripe and coming soon for Braintree and Molly) we enable you to change payment amounts, charge one-time transactions and so on.
With the circuly internal payment logic for Stripe, you can do the following:
- Process refunds
- Create one-time transactions
- Create recurring payment records
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