Best Payment Gateways for Subscription and Recurring Billing

We all know how covid-19 has changed our lives. Many eCommerce businesses have closed their business due to the pandemic. We all have struggled in many ways. Sometimes we face some issues due to the hosting server. However, Hostinger and Nexcess are best for Magento stores. But most importantly we all have gone through the financial conflict. Therefore, many eCommerce businesses have started giving subscription and recurring payment plans on the product purchase to facilitate their customers. Similarly, some payment gateways are also offering subscription and recurring plans. However, it is really difficult to decide the best payment gateways for subscription and recurring billing for your business.

What is subscription and recurring?

Recurring and subscription payment means an ongoing payment at regular intervals and charged on a timely basis for any product or service. Additionally, it facilitates keeping customers and merchants connected. Moreover, a customer or a subscriber will provide their payment information and the merchant will withdraw that payment on a regular periodic time. The Vendor can withdraw the payment until the subscriber's subscription get expires or is canceled.

Best payment gateways for subscription and recurring billing

As per the Magento market analysis, we have realized that all other payment methods require modern gateways and processors COD(Cash On Delivery) is still the most preferred method.

Therefore, we have finally, listed all the best payment gateways for subscription and recurring billing. Let's take a deep dive into that.

Authorized.net

Authorized.net is providing payment services since 1996. It accepts payments through many types of payment methods. Therefore, it helps retailers to accept payment via Paypal, Apple pay, Paytm, and credit/debit cards. Moreover, it is also the internet’s most widely used payment service available in more than 33 countries. However, it is one of the oldest payment gateway and trustworthy too.

Additionally, Authorized.net provides the go-to method for their users who has e-commerce websites that needs a gateway for payment acceptance. Beneficially, it gives a customized user-friendly experience. It also helps developers with APIs and simplified PCI compliance.

Authorized.net also allows some eCommerce platforms such as X-cart, Magento, and Volusion for accepting payments easily by integrating Authorized.net.

PayPal

More than 200 million people around the world are using Paypal for their online payments. PayPal is the most widely used online payment method for many years all over the world.  It is available in 203 counties. It is best for recurring and subscription payments with a credit/debit card and Paypal payment option too. Even more, Paypal offers many functionalities such as live chat support, Inventory Tracking, Mobile Card Reader, fraud protection, and many more.

Moreover, Paypal's subscription helps you to manage the recurring payment for a specific service or product. PayPal doesn’t charge customers for making any online purchase. But if you accept any major payment on PayPal as you are a merchant then there are some transaction fees involved. The PayPal payment system is easy to use, secure and reliable. You can also manage the types of payments like billing frequency, intervals, and other options.

The main advantage of Paypal is it works with all major eCommerce platforms and shopping carts. Additionally, it supports all prominent cards like Visa, Mastercard, Citibank, American Express, and many more. If you get any problem it’s easier to get the solution from them. You can reach PayPal or can contact them by direct message through your PayPal account. PayPal has its own community so you put your problem there too.

Braintree

Braintree offers attractive features for start-ups such as easy-to-use and simple pricing structure. It is operated by PayPal since 2013. It is an advanced online payment processor which accepts payments through credit/debit cards, Paypal, Apple pay, google pay, ACH deposited, Venmo, and digital wallets. Braintree allows accepting the recurring payment for your subscription business. Moreover, any of the users are altering their subscription, then Braintree will give them a bill for what they owe.  This facilitates the consumer to upgrade or downgrade their subscription plans.

In addition, users can get the benefit of promotional periods, rewards, and many more. Braintree is supported in Australia, Canada, Europe, Hong Kong, Malaysia, New Zealand, Singapore and etc. It provides an optimized and modernized payment experience. The standard pricing of Braintree is 2.9% + $0.30 per transaction. But you can also try Braintree's custom pricing plans based on your business requirements.

Stripe

Stripe payments accepts payments since 2010. It is also one of the popular payment gateways that provide excellent payment services to their web developer who would like to integrate the Stripe payment system for their projects by Stripe API. It is very easy to integrate even a person who has limited knowledge of coding can also add their embedded checkout with a single line of JavaScript. Additionally, it provides powerful security and a quick operation system. It also helps you to create a more unique payment form by using its custom UI toolkit.

Furthermore, it mainly focuses on Saas, mobile eCommerce, and platform-based payments. It allows users to experience the modern payment system such as Bitcoin, AliPay, etc. Stripe is best for repeat online payments for the ACH international, credit card, and more.

Final Wordings

When it comes to payment, what matters the most is the smooth and seamless checkout process. Moreover, if we consider the research then, 45% plus discards are related to complex and insecure payment method options.  Above all, it is essential for you to decide whether the payment gateway you choose suits your business type or not. We have listed here the best payment gateways for subscription and recurring billing to make your work easy.

When you look for the best email service provider then, GetResponse and Sendinblue can be great choices.

Moreover, if you are looking for a subscription and recurring extension for your Magento store then, Milople's subscription and recurring payment extension can be helpful to you. You can also check out partial payment and layaway payment M2 extension.