How to Curb Payment Declines Razer Merchant Services Recurring Payment

Ways To Manage Your E-Commerce Risk

Imagine what you feel when you are at the checkout page, entering your card details and ready to checkout. Then, suddenly this statement appears, “Your credit card has been declined.” You might or might not have experienced similar issue before but the feeling of being turned down has always been hurtful in any cases.

For those who shop online with credit cards, they are bound to experience this at least once or twice in their life. The fact that not everyone has more than one card makes it harder for them to try the same payment method for multiple times.

As an online merchant, you can avoid your customers from experiencing this by implementing Razer Merchant Services Recurring Payment.

Curbing decline with recurring payment

Payment decline is the worst when it comes to online payments and when it must be done timely. It can be a common problem for services or products that a customer has subscribed.

When the payment or a card is declined, presenting another card is necessary. However, if this problem happens everytime they make the same amount of payment, it will tire them out.

Here is how Razer Merchant Services Recurring Payment can help minimizing the payment decline issues:

1. Automatic billing to customers

Recurring Payment enables automatic billing

Let’s say your customers are interested to buy your monthly or yearly services or products and pay it based on the arranged timeline. Due to some rare occasions, they pay it a little bit late and their payments got declined due to being out of location. This will not only affect your business cash flow but also, your customer’s loyalty.

Razer Merchant Services Recurring Payment offers you and your customers an automatic billing solution. A solution that is suitable to control your customer’s late payment without the need of multiple authorization. The idea behind this is it allows your customer to make payment on time and consistently via a third party, Razer Merchant Services.

After the first payment, customer’s card details will be tokenized and secured. Following that, Razer Merchant Services will charge the customer’s card as soon as the next charging period is met.

Both you and your customer will receive notification upon the success of the transaction. By this function, there will be less declined payment occur in your business.

2. Securing customers’ details

Recurring Payment secures customers' details

Everyone has something that they are scared of. Some might say ghosts or bugs but for online shoppers, online payment fraud is their nightmare especially when they know that certain payments store their details.

It is definitely terrifying when they do not know how secure online payment is in these present days and decide to not shopping online. It is much more disappointing when your nature of business suits recurring payment better.

Your customers can stop worrying or hesitating on sharing their card details when you are using Razer Merchant Services Recurring Payment. As a company that is complied to PCI-DSS, your customer’s card details will be tokenized and stored in a secured vault. Then, the token will be used for the scheduled payments without needing your customer to re-enter their details.

Please note that the payment will continue according to the schedule set by either customers or you until the period is over or terminated by either party. Subsequently, this will lead to a trustworthy environment between you and your customers and lessen the potential of fraud that can block the transaction.

3. Well-managed payment process

Recurring payment can help manage payment process

For business owners, the fear of outsourcing in finance is a common concern to have. This tends to happen when you accept recurring payment manually, where you will hear all kind of payment failure excuses from customers to extend their subscription. The moment it happens, it notably implies that you will lose control over your finance.

By using Razer Merchant Services Recurring Payment, it will unravel this issue with scheduled payments on time without delay, given if both customer card’s bank and your bank approved the transaction. With managed payment process, you can control and manage your cash flow and there will be less issues that can damage your reputation especially in payment.

To find out more about payment gateway for your business, contact Razer Merchant Services. We are very happy to assist you.

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