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  • How to Accept Crypto Payments as a Business

    How to Accept Crypto Payments as a Business

    Crypto is a popular payment method for many online customers, especially in certain verticals. Accepting crypto payments can be an easy win for your business. However, it’s not for every business.

    Find out the most popular industries that should accept crypto payments, how to do it, and crypto’s potential benefits for your business.

    OPEN A CRYPTO MERCHANT ACCOUNT

    Why Your Business Should Accept Crypto Payments

    Embracing cryptocurrency payments can give your business a competitive edge. Here’s why now is the perfect time to start accepting crypto.

    Crypto Payment Options are Widely Available

    Good news! Many of the payment processors and gateways you already use, like PayPal, Stripe, and Square, have jumped on the crypto bandwagon. They now offer seamless cryptocurrency payment options alongside traditional methods.

    Enabling crypto payments is often as simple as flipping a switch in your account settings.

    Customers are Eager to Pay with Crypto

    As cryptocurrency goes mainstream, a growing number of your customers likely prefer to pay with digital currencies. Some enjoy the anonymity that crypto transactions provide, while others are excited to embrace the future of money.

    And of course, many simply appreciate having the freedom to pay with their preferred method. By accepting crypto, you cater to these diverse customer preferences and show that your business is forward-thinking and customer-centric.

    Tap into New Customer Segments

    Accepting crypto payments can help you tap into entirely new customer segments. Crypto enthusiasts and early adopters are always on the lookout for businesses that align with their values and payment preferences.

    By welcoming crypto payments, you effectively hang an “Open for Business” sign for this tech-savvy and often high-spending crowd. You may be surprised by the new business and loyalty you attract simply by saying “yes” to crypto.

    START ACCEPTING CRYPTO TODAY

    Types of Businesses That Commonly Accept Crypto

    Cryptocurrency adoption is surging across various industries, with forward-thinking businesses eagerly embracing this digital payment revolution. Let’s explore some of the trailblazers leading the charge.

    CBD and Marijuana Businesses

    The CBD and marijuana industry has wholeheartedly embraced crypto payments. Many businesses in this sector have turned to digital currencies to circumvent traditional banking restrictions and provide their customers with discreet, convenient payment options.

    By accepting crypto, these businesses can streamline transactions and tap into a tech-savvy customer base that values privacy and innovation.

    Crypto Exchanges

    Unsurprisingly, crypto exchanges are at the forefront of accepting digital currency payments. These platforms, which allow users to buy, sell, and trade cryptocurrencies, often accept a wide range of digital assets for their services.

    Subscription Services

    From streaming platforms to monthly box deliveries, subscription-based businesses are jumping on the crypto bandwagon. By accepting cryptocurrency payments, these businesses offer their subscribers a flexible, cutting-edge payment option.

    Crypto enthusiasts can easily manage their subscriptions using their preferred digital assets, ensuring uninterrupted access to the products and services they love.

    Gaming and Gambling Sites

    The online gaming and gambling industry is no stranger to digital currencies. Many platforms now accept crypto payments, allowing players to easily deposit funds and withdraw winnings.

    By embracing crypto, these sites attract a global player base and provide a seamless, secure gaming experience. With crypto payments, players can enjoy their favorite games without worrying about traditional banking limitations or delays.

    Charities and Non-Profits

    Forward-thinking charities and non-profit organizations are also harnessing the power of crypto payments. By accepting digital currency donations, these organizations can tap into a new pool of generous supporters who value transparency and innovation.

    Crypto donations offer a fast, secure, and low-cost way for global supporters to make a difference, empowering charities to focus on their mission and maximize their impact.

    Metaverse Businesses

    As the metaverse continues to expand, businesses operating within virtual worlds are naturally embracing cryptocurrency payments. From virtual real estate to digital fashion and accessories, crypto payments are the lifeblood of the metaverse economy.

    By accepting digital currencies, metaverse businesses create immersive, seamless experiences for their users, blurring the lines between the virtual and the real world.

    YOUR BUSINESS WILL BENEFIT FROM CRYPTO

    How to Start Accepting Crypto Payments

    Ready to dive into the world of cryptocurrency payments? Follow these simple steps to start accepting crypto at your business.

    Check Your Current Payment Processor

    First, check if your current payment processor already supports cryptocurrency payments. Many major players like PayPal, Stripe, and Square have embraced crypto, making it incredibly easy for you to get started.

    Simply log into your account and look for cryptocurrency options in your settings. Enabling crypto payments might be as simple as flipping a switch!

    Open a Dedicated Crypto Merchant Account

    If your current processor doesn’t support crypto, don’t worry. You can easily open a dedicated crypto merchant account. These accounts specialize in cryptocurrency transactions and offer user-friendly interfaces to get you up and running quickly.

    Sign up for an account, complete the necessary verification steps, and you’ll be ready to accept crypto payments in no time.

    Integrate Crypto into Your Checkout Flow

    Now that you have a crypto-enabled payment processor or dedicated merchant account, it’s time to integrate cryptocurrency options into your checkout flow. You have several options to make this happen.

    • Hosted Checkout Pages: Many crypto payment gateways offer hosted checkout pages that handle the entire payment process for you. Simply link to these pages from your website, and let the gateway take care of the rest.
    • Payment Buttons and Widgets: Integrate pre-built payment buttons or widgets into your website to enable crypto payments. These snippets of code are typically provided by your chosen payment gateway and can be easily added to your site with minimal technical knowledge.
    • Custom Integration via API: For more advanced customization, leverage your payment gateway’s API to seamlessly integrate crypto payments into your existing checkout process. This option offers the most flexibility but may require some development work.

    By following these steps, you’ll be well on your way to accepting cryptocurrency payments at your business. Remember, the world of crypto is constantly evolving, so stay informed about new developments and best practices to ensure a smooth and secure payment experience for your customers.

    ACCEPT CRYPTO ON YOUR CHECKOUT PAGE

    Which Cryptocurrencies Should You Accept?

    When deciding which cryptocurrencies to accept at your business, focus on the coins that will provide the most value and convenience for your customers. Here’s how to curate your crypto payment options.

    Prioritize the Most Popular Coins

    Start by accepting the most widely used and recognized cryptocurrencies:

    • Bitcoin (BTC): As the original and most well-known cryptocurrency, Bitcoin is a must-have for any business accepting crypto. It has the largest market cap and is considered the “gold standard” of the crypto world.
    • Ethereum (ETH): Ethereum is the second-largest cryptocurrency and powers a wide range of decentralized applications. Accepting ETH opens your business up to a tech-savvy customer base.
    • Bitcoin Cash (BCH): Bitcoin Cash is a popular Bitcoin offshoot designed for faster, more affordable transactions. It’s widely accepted and can help you cater to customers seeking low-fee payment options.

    Embrace Stablecoins for Price Stability

    Consider accepting stablecoins like Tether (USDT) to mitigate the volatility often associated with cryptocurrencies. Stablecoins are pegged to stable assets like the US dollar, offering your business and customers a more predictable payment experience.

    Curate Your Coin Selection

    Don’t feel pressured to accept every obscure altcoin on the market. Instead, curate a thoughtful selection of reputable, high-volume cryptocurrencies that align with your business needs and customer preferences.

    Regularly review and adjust your supported coins based on factors like customer demand, market trends, and transaction volumes. By staying agile and responsive, you can optimize your crypto payment options to drive sales and customer satisfaction.

    Remember, the goal is to offer a seamless, value-added crypto payment experience for your customers. By focusing on the most popular coins, embracing stablecoins, and curating your selection, you’ll be well-positioned to reap the benefits of accepting cryptocurrency payments.

    The future of payments is here, and crypto is undeniably part of that future. Embrace cryptocurrency payments today to stay ahead of the curve, delight your customers, and unlock new growth opportunities for your business. The crypto revolution is knocking at your door—will you answer?

    OPEN YOUR CRYPTO MERCHANT ACCOUNT TODAY

  • Stripe Tokens, How to Migrate Them Before It’s Too Late

    Stripe Tokens, How to Migrate Them Before It’s Too Late

    If you’re running a subscription-based business and using Stripe for payment processing, you’ve likely encountered Stripe Tokens. These tokens, also known as network tokens, represent encrypted customer payment data stored in a secure vault.

    While using Stripe Tokens for subscriptions may seem convenient, relying solely on them can put your business at risk. In this blog post we explore alternative tokenization services and guide you through the process of migrating your tokens out of Stripe to maintain control over your subscription data.

    AVOID STRIPE SHUTDOWNS FOR YOUR SUBSCRIPTION BUSINESS

    What are Stripe Tokens and Network Tokens?

    Stripe Tokens represent encrypted customer payment data used as a secure substitute for sensitive information like credit card numbers. These tokens, also known as network tokens, allow businesses to process payments without directly handling or storing customers’ primary account numbers (PANs).

    When a customer provides their payment details, Stripe generates a unique token that replaces the actual PAN. This token acts as a nonsensitive equivalent that can only be used by the business that collected the card information. Stripe works with card networks like Visa, Mastercard, and American Express to create and maintain these tokens.

    The original sensitive payment data is stored securely in a central vault, while the token is used in its place for transactions. This process, called tokenization, helps protect customer data and reduces the risk of data breaches since stolen tokens cannot be used by fraudulent actors.

    By using Stripe Tokens or network tokens, businesses can minimize their PCI compliance burden and safeguard their customers’ payment information in a secure token vault. Stripe’s network tokens solution is available for users worldwide in various countries, with ongoing expansion as more issuers adopt this technology.

    TOKENIZE YOUR SUBSCRIBER DATA

    Do You Need to Use Stripe Tokens for Subscriptions?

    While tokenizing subscription data within Stripe offers convenience if you’re already using their payment processing services, it’s important to consider the potential risks of relying solely on Stripe Tokens.

    You Are Not Forced to Use Stripe Tokenization

    Stripe Tokens are not mandatory for managing subscriptions. You can choose to store customer payment information using alternative tokenization services or vaults, which we’ll discuss in the next section.

    This approach gives you more flexibility and control over your subscription data.

    If you decide to use Stripe Tokens exclusively, keep in mind that any issues with your Stripe account could directly impact your subscriptions. For example, if Stripe suspends or terminates your account, you may face difficulties accessing your customers’ tokenized payment data. In such cases, Stripe may not release the tokenized data, putting your subscriptions and revenue at risk.

    Stripe Shouldn’t Be Your Only Payment Service Provider

    Moreover, if you later decide to switch payment processors, migrating your subscriptions from Stripe can be challenging. Stripe allows a one-time migration of tokens, but the process requires careful planning and execution to ensure a smooth transition without disrupting your subscription billing.

    To mitigate these risks, consider using a separate token vault to store your customers’ payment data. This approach offers greater flexibility, allowing you to switch payment processors if needed while maintaining control over your subscription data.

    CONNECT WITH A 3RD-PARTY VAULT

    Alternative Tokenization Services and Vaults

    When it comes to storing tokenized payment data, you have a wide range of options beyond Stripe Tokens. Numerous third-party vaults specialize in securely storing and managing tokenized customer information, giving you greater control and flexibility over your subscription data.

    Benefits of Using a Separate Token Vault

    By using a separate token vault, you can enjoy several key benefits:

    1. Processor Independence: With your payment data stored in a separate vault, you gain the ability to switch payment processors without losing your valuable subscription data. This independence allows you to adapt to changing business needs, negotiate better rates, or take advantage of new features offered by other processors.
    2. Risk Mitigation: Relying on a single provider for both payment processing and token storage can create a single point of failure. By using a dedicated token vault, you reduce your dependency on any one provider, minimizing the risk of disruptions to your subscription billing.

    Key Considerations for Choosing a Token Vault

    When evaluating token vault providers, keep the following factors in mind:

    1. Payment Gateway Integration: Look for a token vault that seamlessly integrates with popular payment gateways like Authorize.net, NMI, and others. This integration ensures a smooth transition and minimizes the need for custom development work.
    2. PCI Compliance: Ensure that the token vault provider is fully PCI compliant and follows strict security standards for handling sensitive payment data. This compliance helps protect your customers’ information and reduces your own PCI compliance burden.
    3. Scalability and Reliability: Choose a token vault that can scale with your business growth and offers reliable uptime. Consider factors like API performance, data backup and recovery processes, and customer support responsiveness.

    By carefully selecting a reputable and feature-rich token vault provider, you can enjoy the benefits of secure payment data storage while maintaining the flexibility to adapt to changing business needs.

    SECURE YOUR SUBSCRIPTION BUSINESS FROM STRIPE

    How to Migrate Tokens Out of Stripe

    If you’ve decided to move your tokenized payment data out of Stripe, it’s crucial to understand the migration process and take the necessary steps to ensure a smooth transition. Here’s a detailed guide on how to migrate your tokens from Stripe to a new vault provider.

    One-Time Token Migration

    Stripe allows a one-time migration of your tokenized payment data to a new vault provider. This means you have a single opportunity to transfer your tokens, so it’s essential to choose your new provider carefully and follow through with the migration process.

    Stripe’s Token Release Process

    When you initiate the token migration, Stripe will release the tokens directly to your chosen third-party vault provider. The tokens will not be released to you personally. This process ensures the security of the sensitive payment data and complies with PCI standards.

    Migrating Customer Data vs. Subscription Data

    It’s important to note that Stripe will only transfer the customer payment data (tokens) during the migration process. Subscription-related information, such as plan details and billing cycles, will not be included in the migration.

    To maintain your subscription billing, you’ll need to manually re-enter the subscription data in your new system. This includes associating the migrated customer tokens with their respective subscription plans and updating any relevant billing information.

    Requesting Token Migration from Stripe

    To start the token migration process, submit a request to Stripe using their data migration request form. Provide the necessary details about your new vault provider and the scope of the migration.

    Be prepared for potential resistance from Stripe, as the migration may lead to a loss of revenue for them. However, Stripe cannot legally deny your request to migrate your tokens.

    Once your request is approved, work closely with Stripe and your new vault provider to coordinate the token migration. Ensure that you have a plan in place to re-enter your subscription data and thoroughly test your new setup before fully transitioning away from Stripe.

    By following these steps and carefully planning your token migration, you can successfully move your payment data out of Stripe and into a new vault provider while minimizing disruptions to your subscription billing.

    SCALE YOUR SUBSCRIPTION BUSINESS WITH DIRECTPAYNET

  • Cold DMs Could Be Your Secret Marketing Weapon

    Cold DMs Could Be Your Secret Marketing Weapon

    Cold DMs, or cold direct messages, are the modern equivalent of cold calling and cold emailing. Instead of picking up the phone or sending an unsolicited email, businesses are now sliding into potential customers’ DMs on social media platforms like Instagram, Facebook, LinkedIn, and even TikTok.

    Just like their predecessors, cold DMing aim to start a conversation with someone who hasn’t previously interacted with your brand in hopes of turning them into a customer. The key difference is the medium – social media inboxes have become the new frontier for customer outreach.

    Let’s get into why cold DMs might be your secret marketing weapon and how to use them without looking like spam.

    PROTECT YOUR BUSINESS FROM CHARGEBACKS

    The What, the How, and the Why of Cold DMs

    Let’s break down the cold DM.

    The What

    Cold DMs, short for cold direct messages, represent the evolution of traditional cold outreach methods like cold calling and cold emailing. Instead of reaching out via phone or email, businesses now slide into potential customers’ DMs on social media platforms such as Instagram, Facebook, LinkedIn, and even TikTok.

    The How

    Cold DMs aim to initiate a conversation with someone who hasn’t previously engaged with your brand. The goal is to turn this cold prospect into a warm lead and eventually a paying customer.

    It’s as simple as sending a message. Type it up and click send—that’s it. But what you include in that message will make or break your strategy. We’ll get into that later.

    The Why

    Social media has become the new frontier for customer outreach. With billions of active users across various platforms, it presents a massive opportunity for businesses to connect with their target audience and for lead generation. Cold DMs allow for a more casual and conversational approach compared to traditional methods.

    When done right, they can effectively grab attention, build rapport, and convert prospects into customers – all without the formality and friction of a cold call or email.

    INCREASE CUSTOMER RETENTION

    Do Cold DMs Actually Work?

    Before you start mass messaging everyone that follows you (and even the ones that don’t), let’s look and the pros and cons of cold DMs.

    Cold DM Pros

    –              Meet customers where they already are – on social media

    –              More casual and conversational than cold calls or emails

    –              Opportunity to showcase your brand voice and personality

    –              Can include elements of personal engagement

    Cold DM Cons

    –              Can come across as spammy or intrusive if not done well

    –              Smaller reach compared to mass email campaigns

    –              Many people keep DMs closed to non-followers

    –              Potential to get reported or blocked if messages are unwanted

    Ultimately, the success of cold DMs depends on the quality and relevance of your messaging. Generic, salesy DMs are likely to flop, while thoughtful, personalized outreach can cultivate genuine connections.

    Watch how many cold DMs per day you send and monitor your metrics like open and response rates to make sure you’re not in the spam zone. And in the beginning, don’t try any automation tactics. You need to feel it out first.

    IMPROVE CONVERSIONS WITH A ONE-PAGE CHECKOUT

    Should Your Business Be Sending Cold DMs?

    Whether or not cold DMs make sense for your business depends on several key factors.

    Your Target Audience

    Consider the demographics and psychographics of your ideal customers. Are they active on social media? Which platforms do they prefer? Younger, digitally-savvy audiences may be more receptive to DMs than older, traditional buyers.

    B2C companies often find more success with cold DMs, especially if they have visually-appealing products that lend themselves well to social media. B2B businesses can still leverage DMs, but may need to take a more professional, value-driven approach.

    Your Product or Service

    Is your offering easily explained in a brief message? Can you quickly communicate the key benefits and capture interest? Products that are highly visual or can be demonstrated through video snippets are well-suited for DM outreach.

    More complex services may require additional nurturing through other channels before a prospect is ready to buy. In these cases, cold DMs can still play a role in initial awareness and relationship-building.

    Your Brand Voice

    Does your brand identity align with the casual, conversational nature of DMs? If your personal brand voice is fun, friendly, and approachable, jumping into someone’s inbox can feel natural. But if you rely on a serious, buttoned-up image, cold DMs may seem out of character.

    Consider how you can adapt your brand voice for DMs while staying true to your core values and personality. Strike a balance between professionalism and relatability.

    Your Social Media Presence

    For cold DMs to work, you need an active, engaging social media presence. Your profiles should be optimized with compelling bios, high-quality visuals, and a consistent posting cadence. Aim to build a loyal following that lends credibility to your outreach.

    If you’re not regularly active on a platform, suddenly sliding into DMs can come across as spammy or inauthentic. Focus on providing value to your audience first before you start selling.

    Your Resources and Goals

    Effective cold DM campaigns require time, effort, and consistency. Do you have the internal bandwidth to commit to this outreach strategy? Can you dedicate someone to researching prospects, crafting personalized messages, and managing follow-up?

    Consider your goals for cold DMs as well. Are you looking to drive immediate sales, or playing the long game with brand awareness and relationship-building? Align your approach and expectations with your available resources.

    Ultimately, cold DMs are just one tactic in a broader social selling strategy. They work best when paired with other efforts like social listening, content marketing, and community engagement.

    Before diving in, honestly assess whether your business has the audience, offering, voice, and commitment to make a cold DM strategy a worthwhile investment. When done right, they can be a uniquely personal way to start conversations and open doors with potential customers.

    CONNECT WITH A MORE POWERFUL CRM

    Cold DM Templates You Can Copy

    Ready to try your hand at cold DMs? Here are customizable cold DM scripts and templates for popular platforms.

    Instagram DM Template

    “Hey [Name]! Love your [relevant post/Story] about [topic]. We’re also passionate about [topic] at [Your Company]. We know—random message from not-a-person. It’s a bit weird 😅.
    But we thought you might be interested in our [product/service] that helps with [pain point]. Let me know if you’d like to learn more – happy to answer any questions!”

    Facebook DM Template

    “Hi [Name], I noticed you’re a member of [Group Name]. I’m reaching out because I think we have something that could really help with [pain point]. Would you be interested in a quick demo to see how it works? No pressure, just let me know!”

    LinkedIn DM Template

    “[Name], I came across your profile and am impressed by your work in [industry]. I’m reaching out because I believe [Your Company]’s [product/service] could help you achieve [goal]. If you’re open to it, I’d love to share some ideas on how we could work together. Let me know if you’d like to connect!”

    TikTok DM Template

    “Hey [Name], your [recent post] blew me away! We’re also in the [industry] space at [Your Company].

    Wanted to reach out because our [product/service] can help you [benefit]. Would you be down to collab or cross-promote? Your audience would love it. DM me back if you’re interested!”

    The key with all these templates is to personalize them as much as possible. Reference specific posts or pain points to show you’ve done your research. Keep it casual and friendly, not pushy or generic.

    With the right approach, cold DMs can be a uniquely effective way to start building relationships with potential customers on social media. The DM is the new cold call – is your business ready to start the conversation?

    MASTER THE SALES FUNNEL

  • Maximizing Revenue Recovery for Failed Subscription Payments in GoHighLevel and Stripe

    Maximizing Revenue Recovery for Failed Subscription Payments in GoHighLevel and Stripe

    Subscription businesses inevitably face failed payments, which can lead to involuntary churn if not addressed. Here’s how to optimize your failed payment recovery process when using GoHighLevel as your CRM and Stripe as your payment gateway.

    AVOID SUBSCRIPTION CHURN

    Stripe’s Default Failed Payment Handling

    Stripe offers a built-in feature called “Smart Retries” that automatically retries failed subscription payments for you. Out of the box, Stripe will intelligently retry a failed payment 3 times over a 2 week period before canceling the subscription. This default behavior provides a solid foundation for recovering failed payments without any additional setup.

    But the reality behind Smart Retries is that Stripe uses machine learning trained on billions of data points to determine the optimal time to retry each failed charge. This is sold as a way to maximize your chances of successfully recovering payments. However, it’s more about Stripe reducing the level of risk.

    If you need even more robust retry behavior, Stripe allows you to extend Smart Retries to a maximum of 8 retry attempts over a 2 week period. This can be easily configured right in your Stripe account settings. With up to 8 well-timed retries powered by Stripe’s intelligent retry logic, you’re giving failed payments the best chance to ultimately succeed out of the box.

    CONNECT WITH A MORE POWERFUL PAYMENT GATEWAY

    Strike the Right Balance with Payment Retries

    While it may be tempting to retry failed payments as frequently as possible, such as every day, to maximize revenue recovery, it’s important to consider the potential downsides of excessive retries.

    Retrying failed payments too aggressively can actually harm your overall payment approval rates over time. Payment processors and credit card issuers monitor decline rates closely. If they see an unusually high number of declines from your business, it may trigger risk alerts and lead to more scrutiny on your transactions. This can result in even valid payments being declined more often.

    Additionally, customers whose payments are finally approved after 5 or more retries may be more likely to dispute the charges or request refunds. These customers may not have intended for the payment to ultimately go through, and excessive retries can lead to a poor customer experience.

    The key is to find the right balance between maximizing revenue recovery and maintaining a healthy payment profile. By using Stripe’s intelligent Smart Retries and configuring your settings thoughtfully, you can optimize your retry strategy to recover revenue effectively while keeping your overall approval rates strong.

    Remember, a slightly lower recovery rate on failed payments is preferable to jeopardizing the success rates of all your transactions, no matter the payment method. By striking the right balance, you can maintain strong approval rates while still recovering a significant portion of failed payments.

    BOOST YOUR APPROVAL RATIO

    Supercharge Your Decline Recovery with 3rd-Party Salvage Services

    If you find that failed payments are a significant challenge for your business, you can take your decline recovery to the next level by leveraging specialized third-party decline salvage services.

    These powerful services go beyond Stripe’s built-in capabilities, allowing you to fully customize your retry schedules and strategies. With granular control over retry frequency, timing, and logic, you can fine-tune your approach to maximize recovery rates while minimizing any negative impact on your overall payment health.

    Imagine being able to automatically adjust your retry schedule based on each customer’s unique payment history and behavior. Or dynamically adapting your retry logic based on real-time decline codes and trends. That’s the level of optimization that third-party salvage services can provide.

    By intelligently leveraging these advanced capabilities, you can supercharge your decline recovery efforts and recapture a significant portion of revenue that would otherwise be lost. You’ll be able to recover more failed payments while still maintaining strong approval rates and a positive customer experience.

    If failed payments are a notable drag on your business, integrating a third-party decline salvage service could be a game-changer. You’ll be able to take your revenue recovery efforts to new heights, all while keeping your payment processing running smoothly. It’s a worthwhile option to explore if you want to maximize your success in tackling failed payments.

    SECURE BETTER PAYMENT PROCESSING

    Effortlessly Keep Customer Cards Up-to-Date with Visa and Mastercard Automatic Updates

    It is easy to integrate with Visa Account Updater (VAU) and Mastercard Automatic Billing Updater (ABU) services. These powerful tools automatically update your customers’ expired or replaced card details, ensuring you always have the most current payment information on file for recurring invoices.

    While there is a small fee per card update, the benefits far outweigh the cost. By meaningfully reducing payment failures, you’ll recover revenue that would otherwise be lost. You’ll also save time and resources that would be spent reaching out to customers to update their card details manually. It’s a smart investment in smoother payments and a better customer experience.

    Best of all, enabling VAU and ABU in your Stripe account couldn’t be simpler. You just need to toggle them on in your account settings and Stripe handles the rest. There’s no complex payment integration or development work required. Within minutes, you can start enjoying the benefits of always having your customers’ most up-to-date card information.

    In a nutshell, Visa Account Updater and Mastercard Automatic Billing Updater are your secret weapons for slashing payment declines due to outdated cards. Stripe makes it effortless to harness the power of these tools, so you can focus on growing your business while they handle the tedious task of updating card details. Enable them today and watch your successful payments soar.

    CONNECT WITH A PROCESSOR SPECIFICALLY FOR SUBSCRIPTIONS

    Proactively Notify Customers and Streamline Card Updates with GoHighLevel

    Take control of your customer communication and seamlessly guide them through updating their payment information with GoHighLevel’s powerful automation capabilities.

    First, configure GHL to send automated emails immediately when a payment fails. Don’t let a declined payment go unaddressed. Proactively reach out to the customer, alerting them to the issue and providing clear instructions on how to resolve it.

    Craft your email to direct the customer straight to their client portal, where they can easily update their card details. Make the process as frictionless as possible by providing a direct payment link and simple, step-by-step guidance. The easier you make it for customers to update their payment information, the more likely they are to do so promptly.

    Take this as an opportunity to offer more payment options like bank transfers, PayPal, Google Pay, Apple Pay, debit, and more. Credit cards do rule the ecommerce world, but your customers might have other preferences.

    But don’t stop there. Take full advantage of GoHighLevel’s automation power to close the loop and collect payments effortlessly. Set up your system to automatically retry any outstanding charges as soon as a new card is added to the customer’s account. No need for manual intervention or follow-up.

    By implementing this seamless card update flow, you’ll not only recover failed payments more effectively but also provide a smooth, hassle-free experience for your SaaS customers. They’ll appreciate the proactive communication and the ease of updating their payment information, fostering greater trust and loyalty.

    With GoHighLevel’s robust automation features, you can turn a potentially frustrating situation into an opportunity to showcase your commitment to customer service and efficiency. Streamline your payment recovery process, reduce churn, and boost customer satisfaction, all while saving your team valuable time and effort.

    SAFEGUARD YOUR GOHIGHLEVEL PRODUCTS TODAY

  • Stripe Pros and Cons: Is It Worth It?

    Stripe Pros and Cons: Is It Worth It?

    Stripe is a widely used payment platform, servicing both large and small businesses globally.

    But is it the right choice for all merchants? It depends on what you sell—and not only. Every online business is different, and with that comes varying needs. Let’s look at the pros and cons of Stripe, the types of businesses it’s good for, and more.

    GET SECURE, RELIABLE PAYMENT PROCESSING

    comparison chart of pros and cons for Stripe payment processing solution.
    Stripe pros and cons.

    Pros of Using Stripe

    Stripe offers many benefits to its customers. Here’s a list of the top Stripe pros.

    1. Quick Setup: With simple plans and a near 24-hour setup process, Stripe allows businesses to start accepting payments almost instantly.
    2. Diverse Payment Options: Stripe accepts a broad array of payment methods, including credit and debit cards (Visa, Mastercard, American Express, Discover), ACH, Apple Pay, Google Pay, and other digital wallets. This variety of payment types facilitates transactions from different customer segments, whether they prefer traditional or alternative payment methods.
    3. International Payments: With support for multiple currencies, Stripe simplifies international transactions, allowing businesses to cater to a global customer base effectively.
    4. User-Friendly Interface: Its user-friendly platform is intuitive for both merchants and consumers. New businesses find it particularly beneficial due to its ease of use in setup and integration. Customers are familiar with its minimal payment gateway at checkout.
    5. Recurring Payment Automation: The platform simplifies the handling of recurring credit card payments, offering automatic invoicing and refund options for subscription cancellations.
    6. Extensive Documentation: Stripe provides comprehensive guides and API documentation, assisting various users, including merchants, developers, and partners, in navigating and utilizing the platform efficiently.
    7. Robust Security Features: Includes firewalls, intrusion detection, and regular penetration testing to protect sensitive data.
    8. Transparent Pricing: Clear fee structure with no hidden costs for businesses or customers.

    Cons of Using Stripe

    As good as Stripe appears based on the above pros, it’s not without its cons. The service has some major flaws that you should pay attention to.

    1. High Processing Fees: With a 2.9% + $0.30 per transaction fee, as well as potential monthly fees and several hidden fees, costs can accumulate rapidly for businesses with a high volume of transactions.
    2. Limited Merchant Acceptance: Stripe supports only specific Merchant Category Codes (MCCs). If your business doesn’t fall under these codes, you risk losing your credit card processing capabilities without warning.
    3. Account Suspensions: Known for its stringent rules, Stripe may suspend accounts that violate their terms of service or engage in business activities deemed unsupported or high-risk.
    4. Inadequate Customer Support: Users have reported sluggish and sometimes unresponsive customer support, making problem resolution a prolonged process. Responses can take several business days, payouts can take weeks, and refunds can take months!
    5. Delayed Responses and Payouts: Support responses can take days, payouts weeks, and refunds months.
    6. Requires Technical Expertise: Customization and integration may require coding skills or developer resources.
    7. Geographic Limitations: Available for businesses in only 39 countries, mostly in Europe, Asia, and North America.

    CONNECT WITH A PAYMENT SOLUTION THAT SUPPORTS YOUR BUSINESS

    Is Stripe Safe?

    This is a loaded question, and it really depends on what you sell or even how you sell it. Stripe may not be the safest payment processor for all online businesses due to its structure and policies.

    Stripe is NOT a Merchant Account

    Firstly, Stripe is not a true merchant account. It is what we call a third-party payment aggregator. This means that it pools together transactions from various businesses instead of providing each business with a unique merchant account.

    While this makes the setup process faster and more straightforward, it also introduces a layer of risk. Without a dedicated merchant account, businesses may experience a lack of control and support, making their transactions more susceptible to interruptions and issues.

    Frozen Funds and Suspended Accounts

    Furthermore, Stripe has a history of freezing or terminating accounts with little to no notice if it detects activities that violate its terms of service or if it deems a business model high-risk.

    Companies involved in selling supplements, coaching services, advice, tickets for travel or events, subscriptions and dropshipping are just a few that will face challenges with Stripe account suspensions.

    Monthly Volume Trigger

    For ecommerce business owners transacting below $20,000 per month and operating in low-risk categories, Stripe is safe.

    However, as transaction volumes grow, the risks associated with account freezes and terminations increase. And what business doesn’t want to make more money? Stripe might be safe initially, but it quickly becomes a hazard.

    DON’T RISK YOUR BUSINESS

    Top Stripe Alternatives

    When evaluating alternatives to Stripe, there are two main categories to consider: 3rd-party aggregators and dedicated merchant accounts. Each has distinct pros and cons that may make them a better fit for your business.

    3rd-Party Aggregators

    Payment aggregators like Stripe and PayPal offer a quick and easy way to start accepting payments without a lengthy application process. They pool many merchants together under a single master merchant account.

    The biggest benefits are the fast sign-up process (often instant approval) and simple, flat-rate pricing. You can typically start processing transactions within a day or two. Popular 3rd-party aggregators include:

    • Stripe
    • PayPal
    • Square
    • Shopify Payments
    • WooCommerce

    However, aggregators also have significant downsides. They are only suitable for lower-volume businesses, as higher processing volumes can trigger account freezes or terminations. Their flat-rate pricing also tends to be more expensive than a dedicated merchant account as you cannot negotiate rates or remove unnecessary fees.

    Merchant Accounts

    A true merchant account provides you with your own dedicated account for payment processing rather than lumping you in with other merchants.

    While the application process takes longer (often 1-2 weeks), a merchant account offers several advantages:

    • Lower processing rates, especially as your volume grows
    • Support for a wider range of business types, including high-risk
    • Higher monthly processing limits without risk of sudden termination
    • Ability to negotiate custom rates and terms as your business scales

    Merchant account and merchant service providers worth considering include:

    • DirectPayNet
    • PaymentCloud
    • Helcim
    • Host Merchant Services
    • Clearly Payments

    TL;DR

    3rd-party aggregators offer speed and simplicity in exchange for higher fees and the risk of account holds.

    True merchant accounts take more effort to set up but provide better rates, account stability, and room for growth.

    The right choice depends on your business model, size, and risk profile. And you can choose both! It is often best to start out with a 3rd-party aggregator like Stripe for startups or if you have no processing history and need to start accepting online payments.

    It’s also a good idea to keep Stripe as a backup processor, emergency processor, or one that you can route low-risk transactions through.

    You can do all of this while using a dedicated merchant account as your main processor, and then get the best of both worlds.

    OPEN A DEDICATED MERCHANT ACCOUNT