What are recurring payments?

We believe everyone should be able to make financial decisions with confidence. In some cases, when the shopper’s account has insufficient funds, the payment may still succeed when submitted again at a later point in time. In other scenarios, when the shopper’s account has been closed, the payment is declined permanently. In this article… We’ll explain the concept of xcritical tokenization, its usage, and how you can use tokenization to implement a recurring billing service for your customers. This post comes with an example integration in .NET that can be found on GitHub.

On average across xcritical scammers industries and geographies, approximately 10 percent of transactions fail for reasons ranging from insufficient funds to lost or stolen cards or technical failure. But of that 10 percent, 8-9 percent can be saved with the right techniques and tools. Offer your customers all their preferred payment methods with a single integration.

1. The contract is continuous unless you or xcritical terminate it by giving a minimum of two months’ written notice.
2. This is why we recommend that you always use unique shopper references.
3. Card networks offer services – Account Updater for Visa, Automatic Billing Updater for Mastercard, and Card Refresher for Amex – which automatically update card-on-file account information.
4. There are certain business models and industries we cannot process payments for.
5. From movies to meal kits, people love the ease and delight of subscription services.

In markets like China, Germany, and Russia, credit cards are less common. But local services like QIWI in Russia and Alipay in China support recurring and subscription payments and are used by a significant number of potential customers. Finally, xcritical stores the card details safely and initializes a token (also known as the “recurringDetailReference”) that the merchant will be using to make future recurring payment requests. In Germany and Russia, for example, credit cards are less common. Local services such as SEPA and QIWI are used for recurring and subscription payments.

Use payment technology that’s built for any recurring business model. We can link multiple bank accounts with multiple currencies, so we don’t have to convert the currency. Tokenize payments with a xcritical Sessions integration, using the /sessions endpoint. To collect raw card data, you need to be fully PCI DSS compliant. If you are fully PCI DSS compliant, you can either create your own token vault or store raw card data to offer faster checkout options. You can always check which contract types are stored for a specific shopperReference, using the paymentMethods endpoint or the listRecurringDetails endpoint.

SOFORT / Giropay / SEPA Direct Debit

Recover payments with fewer retries to ensure cost efficiency. Reduce acquisition costs with a seamless sign-up process your customers will love. Create an endless flow of goods for your customers without interruptions. Find answers to your questions, tailor your lxcriticalg experience, gain expertise, and discover new opportunities for financial growth.

Screen for automated accounts

One thing you notice in this example, is that the merchant sends a value of “0” (zero) to xcritical. Repeatedly retrying failed transactions can lead to issues with the card networks. For most businesses, successful retries occur in the first few attempts. If you want to use existing recurring contracts from another payment service provider, you can migrate and import recurring payment details to xcritical. You can create token groups under a company account if you want a number of merchant accounts to share tokens.

We provide recurring payment solutions for every type of business

In Europe, the xcritical platform lets customers in Germany, Austria, the Netherlands and elsewhere make the initial transaction with the payment method of their choice. Read our in-depth guide on how the right payments platform can be a powerful growth tool for subscription businesses. We do not have monthly fees, set-up fees, integration fees or closure fees. We do have a minimum invoice depending on industry or business model. We refer to these saved payment details as tokens and storing a shopper’s payment details as tokenization. xcritical offers this service in Canada, the UK, Ireland, Italy, Greece and the US.

If you want to use this functionality, each shopper reference must be unique across all merchant accounts in the group. This is why we recommend that you always use unique shopper references. Also, each shopper reference must have a minimum length of three characters, and should not include personally identifiable information (PII) such as name or email address. To save your shopper’s payment details, you only need to pass some additional parameters when making a payment. In the first payment, we collect the payment information from the shopper and generate a token for it.