How to Use Recurring Payments (Subscriptions)
Recurring payments is one of the best ways to grow an online businesses' revenue, and subscription based websites have grown in popularity in recent years. Just look at Amazon, Netflix, Hulu, and others. On demand digital products are one of the fastest growing business models. As long as you have a product that is in demand and are capable of delivering value on a recurring basis, then releasing a subscription based product, or membership, would be a great asset for your business.
For example, if you launch a new subscription service and after one year you have 200 paying subscribers who are paying $27 USD per month, then your business will be collecting $5,400 in revenue. Even at just $10/month that would still be around $2,000. As long as your product provides a great value, you can usually retain a high percentage of subscribers. If you invest some of that back into advertisements then it is possible to continue to grow your subscriber base consistently. With the growing revenue from recurring payments, you may even be able to hire a small team to handle the daily tasks of managing the site and curating content for your subscribers to consume.
On March 17th, 2021 we released the Recurring Payments features for Stripe with OptimizeCheckouts version 1.1.0
INTRODUCTION TO RECURRING PAYMENTS
PRODUCT PRICING PLANS
One new feature released with the recurring payments are "Pricing Plans. These pricing plans allow you to create multiple pricing configurations for each product you create in OptimizeCheckouts. In the future we'll have checkout forms that will allow buyers to choose the pricing plan that they want to have. At the time of writing this guide, only one pricing plan can be used on a checkout form. Watch the following video to learn more about this:
INTEGRATION RULES FOR RECURRING PAYMENTS
We have also upgraded the Integration Rules to offer more trigger options for recurring payments. You can trigger an action for the following:
- Subscription Created
- Subscription Cancelled
- Subscription Payment Successful
- Subscription Payment Failed
These are very powerful options to have as you can trigger actions based on any of those, or all of them. To learn how to use these, please watch the following video:
RECURRING PAYMENTS ADMIN PAGE
We have also added a new screen in the checkouts plugin for Recurring Payments where you can see and manage the subscriptions.
COUPONS FOR RECURRING PAYMENTS
Now you can setup coupons specifically for recurring payments and choose how those coupons will work, such as discounting only the initial payment, or whether you want to discount all the payments in the subscription (initial payment plus recurring payments).
TEST PURCHASE FOR RECURRING PAYMENTS
In the following video, we'll show you the best practices for testing your recurring payments checkout.
You may also be interested in the following help articles:
If you have any questions about any features in OptimizePress or OptimizeCheckouts, please reach out to our support team and they will be happy to guide you further to help you solve any problems or answer your questions.