The Far-reaching Pros of Virtual Merchant Accounts

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Virtual merchant accounts are popularizing among retailers, especially those who sell virtual products online. These are accounts that have acquired legal permits from banking and financial institutions. Most eCommerce merchants prefer these accounts because they ease the payment of bills tied to digital products like internet services, gaming, digital adverts, and so on

recurring billing is common in online retail. Virtual accounts enable internet sellers to offer multiple billing options. Credit/Debit cards and electronic checks are the two routine billing strategies. These avenues allow shoppers to pay via numerous digital channels easing the collection of payments for merchants.

In the US, eChecks remain a staple payment method. The primary reason merchants love it is because it offers visibility into the raw data concerning customers who rarely use their credit cards to pay. It’s an easy way to learn more about your clients.

Another primary advantage of eChecks over credit cards in recurring billing is that clients maintain the same bank account. Every year, shoppers re-issue over 20 percent of credit & debit cards. To enroll in a routine payment plan, the client must update their cards with the correct info.

4 Tips to Make the Most of Recurring Billing

Recurring billing is a way to ensure customers pay for services every month. Virtual retailers now recognize the vital role of recurring billing in boosting product sales throughout the year.

  • If you plan to attract your audience from whichever market segment, place a reward point on each discount and cashback policy to lure clients into subscribing to your products.
  • Eliminate obstacles in the sign-up stage by simplifying it to suit customer preferences. This is the secret sauce for many firms enjoying recurring payments from a rich client base.
  • Sharing notification emails and text messages before deducting any monthly payments is also a perfect way to keep your clients in the know before deducting the agreed-upon amount.
  • Lastly, you want to stabilize your cashflows and build pocket-friendly offers to attract more clients.

The bottom line

Collecting payments is a primary concern for all merchants selling products online. Follow the above tips to create a recurring billing program that will guarantee sales every month.

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.