You want to accept repeated payments from the same clients if you are like many internet companies. After all, it makes sense to create an entrepreneurial or fundraising model that derives income from a stable client base to buy fresh ones from the same clients at cheaper prices.
In the past, subscription accounting was hard. You had to send invoices, submit them to individual payment forms, or punch in their payment details on each payment date.
But you can accept recurring payments without disturbing your clients with automatic recurring payments.
Recurring billing means charging your customers, customers or donors for a fixed period or indefinitely. The sum is simply charged to your clients, instead of sending an invoice or calling for payment. When the payment is set up, nobody has to do anything manually.
The Benefits of Recurring Billing
Why would you give your customers, customers or donors recurring charges?
- You can automate your billing process which implies that no more cash controls, credit cards, or invoices are sent each month. This is much less managing work.
- As the system is automated, chances of late or missing payments are less.
- Your retention of custome / donor increases because of inertia – clients are likely to remain, because no fresh purchasing choice is needed each month.
- Payment data will remain safe because sensitive data is less duplicated / circulated.
- Less uncomfortable discussions about late or missing payments with your clients, which will improve your general relationship.
- Your cash flow is predictable because you don’t wait for anybody to receive payments.
- Less funds are spent on paper, envelopes and stamps, for example.
Note that it’s an expense to bill. Each minute you spend on your accounts, enter credit card data, send payment reminders and keep track you are not able to spend much more time on such significant tasks as company growth.
It will also be appreciated by your clients, particularly if they intend to work with you or give you for a long time. You will also save them the trouble with payments.
Thus, it is intelligent to accept recurring payments if you charge the same clients frequently.
How to Set up Recurring Payments Through WordPress
Follow these five steps to accept recurrent payments:
Step 1: Open a Stripe Account
You must use a payment processor to take payments.
The first step is to open an account in Stripe. On the Stripe website, click “Create Account” to enter your name, email and password.
Click on the “Activate your account” link to the left when you get to the dashboard. Then follow the steps to confirm your email address and provide Stripe with some basic business information.
This is also a nice time to check the links on the left for your use. You may not be aware of the many useful functions of Stripe.
Stripe will need upto 1 week to check your bank account details (but generally less). In fact, this is less than most payment processors.
Now it’s time for the second tool…
Step 2: Download WPForm Plugin
After buying the plugin, go to client area of WPForm website and download the plugin
To install it, click on “add new” under the “plugins”, then click on “Upload plugin.” To finish your upload, click the “Enable Plugin” button. Click “Install Now.”
Step 3: Create a New WordPress Form
WPForms enables you to accept recurring payments via Stripe on your forms. Therefore, installing and activating the Stripe addon is the next phase.
Go to WPForms » and locate the Stripe addon marked.
Then go to WPForms » To create a new form, add New.
For instance, we’ll create a donation form that allows individuals to donate once or on a regular basis.
This is the how our form looks before you customize any of the fields of your form.
Step 4: Modify your fields of WordPress form
By dragging them from left hand panel on the correct side panel you can add extra fields to your form.
To make any modifications, click on the field. Also, you can click the form field and drag it back to your donation form to rearrange the order.
To accept recurrent Stripe payments, at least two form areas must be added to make your form function correctly:
- An items field such as Single Item, Multiple Items, or Dropdown Items
- A Credit Card field
You can also add a Total form field to ensure that customers know exactly how much they are charged when they submit their form.
As you can see, we’ve added a menu to the dropdown so individuals can choose to donate or to pay once, and also a field to select how much individuals want to donate, a total field, and the credit card field.
If your application looks good, press Save.
Step 5: Configure Your Payment Settings
When your payment form is ready, go to Payments » Stripe to set up the payment settings so that your form can accept payments from individuals using the payment gateway of Stripe.
Then, click on the Enable payments checkbox and offer a description of your payment and select the Email as the receipt for Strip Payment.
You would all be set if you accepted only one-time donation from individuals. Next step will show you how your donation form should be added in your website.
But since you want to setup recurring donations, so you have to keep customizing.
To do this, scroll down the Stripe Settings Panel a little bit and click on the “Enable recurring subscriber payments” box.
The following must also be set up:
- Plan Name: This is the subscription title and appears on the transaction in Stripe.
- Recurring Period: Choose how many times individuals can pay repeatedly. Weekly, monthly, annual etc. For example.
- Customer Email: WPForms is ready to send a notification to the client when submitting their form by choosing Email from the drop-down menu. It is required to send payment invoice to clients in order for recurring payment function to work in Stripe.
Finally, since you offer individuals the choice to make repeated donations or a one time donation, you will have to create conditional logical rules.
Select the Enable Conditional Logic checkbox first to do this.
Then, to make things easy, configure the rule to say: Process payment as recurring if Dropdown is Monthly.
This allows you to pay the amount automatically depending on the period you offer on your form whenever someone wishes to create repeated donations to your organisation.
Make sure that you test this form in order to ensure that it all processes properly before you add your donation form to your site.