One of the best things that technology has offered to native or local businesses is they can reach out to their target or potential audience and offer services without any geographical barriers.
When it comes to the subscription business this technological change offers benefits that go beyond the expected return. However, the success is subjected to the payment gateway that you are using to collect payment. In addition to this, you also need to take into account the availability of a payment gateway in the region you are targeting.
If it isn’t then you can go for native or locally used gateway integration. But, this could be a lengthier process. Therefore, I have written this article that offers a complete account of Stripe i.e. the benefits offered by Stripe integrations or HubSpot stripe integration with a subscription management system. Some of the significant benefits offered by HubSpot stripe integration are as follow.
6 Benefits Of Stripe Integrations Into Subscription Billing & Payment Management System
The top of our list is security. This includes everything ranging from the security of the customer’s provided information, credit card details, and transaction details, which is the essence of subscription businesses. Since they are collecting payment from the subscriber on a recurring basis, against the services they are offering or products they are providing, it increases the need for security. Moreover, everything should be in the right order and offer end-to-end support to the customer that ensures their transaction will remain safe, and their information will be dealt with utmost care.
2. Native or Local Payment Option
Another challenge that businesses face while scaling globally is a sudden churn in customers or cart abandonment issues or subscription cancelation. The major reason behind this is the surge in taxes. This often happens when subscribers had to pay in the international currency. In this regard, stripe integrations go a long way. It empowers subscription businesses to charge their customer in their native currency and reduce conversion tax or debt.
3. Get Chargeback Back
Another most important feature of Stripe integration is, it allows the organization i.e. subscription business to collect the chargeback amount from the subscriber upon successful negotiation. It is the process in which subscribers paying via credit card ask the charged amount back from the company for unlawful detection, unfair charges, or satisfaction. This as a result increases the churn rate and also lowers the subscription business rating. And, to prevent this, stripe offers a charge return feature. This is one of the additional things that Stripe integration offers, in addition to the security, payment collection, virtual terminal, hosted payment pages.
4. Protection From Fraud
While dealing with the international subscriber base, a company has to go through a lot and invest efforts in the verification of a subscriber ranging from address to credit card information, personal information, and velocity. In this regard, Stripe’s machine learning algorithm is advanced enough that it detect fraudulent activities and prevent any suspicious activity from happening.
5. Multiple Payment Methods
In addition to fraudulent activity detection, subscription billing and payment collection software also need to be agile enough to ensure the subscribers can pay the invoice in the easiest way they feel like e.g. credit card, check, wallet, and payment through the app, etc. In this regard, the stripe is considered reliable. It not only allows businesses to collect payments online from anywhere world but also allows recurring payments with stripe features with proactive fraud detection.
6. Support Buy Now And Pay Later Trend
Lastly, the rising trend in subscription or any other product-centric business is, it allows people to buy products or services in advance and pay in multiple intervals, known as buying not pay later. And, the best part is Stripe allows you to collect payment in multiple intervals. Moreover, it keeps the information provided by the buyer safely and increases the reliability of a company.
Subscription businesses are struggling with lower customer retention and increased churn rate. On top of this, the problem in payment collection can cause more problems to the subscription business than doing benefits, especially when expanding globally. If you are planning to embark on this journey too, then integrating stripe with your system can save you the hassle of ensuring end-to-end security, payment collection in native currency, and asking the subscriber to return charge-back without any problem.