Recurring Payments with Mollie Payments for WooCommerce plugin - WooCommerce Meetup Amsterdam
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Transcript of Recurring Payments with Mollie Payments for WooCommerce plugin - WooCommerce Meetup Amsterdam
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WooCommerce Meetup29 september 2016Robert van Eekhout
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Recurring Payments with Mollieand the Subscriptions Plugin
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What is a Recurring Payment?
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“Merchant-initiated payment, performed on a periodic basis
based on a standing pre-authorization from the cardholder”
“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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Advantages of Recurring Payments for the customer
- Customer can budget more effectively- Customer gets a feeling of control over
their accounts- Customers can gain rewards (if
applicable)- Customers know their bills are paid in time
“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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Strong correlation between household income and education
- Higher educated households have a higher income (versus low educated households)
- These households are more tech savvy
- These households are more aware of their financial situation and recurring payments helps them preserve stability of their finances
“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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Strong correlation between household income and education
- Higher educated households have a higher income (versus low educated households)
- These households are more tech savvy
- These households are more aware of their financial situation and recurring payments helps them preserve stability of their finances
“Recurring Payments and online bill payments: the key to becoming “Top of Wallet” - MasterCard Advisors
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“Dudes shave. They pay money. They get stuff — month after month after
month. With a bit of creative thinking, Dollar Shave Club has found a
product that works for the model they want. Hello, subscription economy.”
https://blog.kissmetrics.com/before-starting-recurring-billing/
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“SurfAir branded themselves as “the future of flying,” and
throw in a lot of perks like free parking and hassle-free check-in to make the process simple.”
https://blog.kissmetrics.com/before-starting-recurring-billing/
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“The counseling itself doesn’t require a subscription, of course. However, those
who do choose to subscribe to ThriveWorks membership are given
preferred appointments, a greater level of access to counselors, and unlimited
coaching questions online.”
https://blog.kissmetrics.com/before-starting-recurring-billing/
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How do you know you are on the right path?
- The subscription is a good deal- The subscription is a unique product- The subscription is convenient- The subscription is sort of
necessary (like chocolate ;))
https://blog.kissmetrics.com/before-starting-recurring-billing/
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The No. 1 problem with recurring payments…
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TECHNOLOGY
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UNTIL NOW
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https://www.adyen.com/dam/jcr:8fb5ba55-9408-41ca-8ce9-3fb25b8abdcc/original.pdf
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1. Create the customer
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2. Create first payment
Customer mandate is created
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3. Check the mandate
If valid mandate, you can proceed
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4. Do the recurring payment
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Thanks!