Square Subscription Management for Recurring Billing

Do you process recurring payments with Square or are you considering this payment gateway for your subscription payments? Perhaps you already use Square for one-off payments and are looking to expand your offering to subscription-based products or services. In any case, if you are looking for a way to collect recurring payments while managing subscriptions effectively, this blog walks you through the Square subscription management solution in detail.

Why are Recurring Payments Important & Complex?

Modern businesses pivot towards recurring payments and the steady stream of recurring revenue they generate from a loyal customer base. Customer acquisition costs are mounting and strategizing customer retention is more important than ever to succeed in highly saturated markets. This is where subscription management solutions come in as the key to not only survive but thrive across industries. Having said that, as promising as recurring payments are in terms of the profit margins they offer, they also tend to be equally tricky.

With hyperactive fraud-detection systems spiking card decline rates, the responsibility of encrypting sensitive credit card details, maximizing your renewals, and engaging your customers to avoid churn, you clearly have your work cut out for you.

To truly flourish in this space and collect recurring payments without hiccups, you need to hop on Square subscription management to reap the rewards of a properly implemented recurring revenue model. In this article, we’ll tackle how you can collect Square subscription payments with the help of SubscriptionFlow’s recurring billing software.

How Does Square Subscription Management Work?

If you’re already leveraging Square for payment processing, combining it with a subscription management and recurring billing tool such as SubscriptionFlow is a strategic move that allows you to leverage Square recurring payments.

Here’s what this powerful Square integration with subscription management software  brings to the table:

1. 360 Degree Billing Automation

Recurring billing is at the heart of any subscription-based business and your business can only hope to perform well when your recurring billing works like a well-oiled machine. With Square and SubscriptionFlow working together your entire checkout to renewal process becomes frictionless. This is possible through:

• Highly customizable subscription checkouts through hosted payment pages (HPPs)
• Automatic subscription activation & renewal workflows
• Automated invoicing, proration & billing
• Automated payment collection & payment retries
• Customizable dunning workflows to recover failed payments from hard declines.

2. Flexible Billing Architecture

Square membership billing offers you high billing flexibility in the dynamic landscape of modern business. Square lets you automate transactions to recur weekly, monthly, bi-weekly, quarterly, bi-annually, or annually. It also offers omnichannel payments including POS, payment links deposits, recurring subscriptions, and more. 75% of Payment link purchases are made within a day. A single link can also be used to collect payments from multiple customers.

SubscriptionFlow lets you set up tiered, volume-based, unit-based or usage based pricing as well as, calendar date billing. This feature lets you bill customers on any given calendar date and prorated charges are applied automatically. With Square recurring payments you can also set up POS to recurring charges for subscriptions purchased in brick and mortar stores. It is everything you need to succeed in the payment space with Square membership management.

3. Enhanced Fraud Detection

Security from fraudulent activities is a top priority for businesses accepting online transactions particularly those that keep sensitive card details on the books for recurring charges.

The integration of Square with SubscriptionFlow employs sophisticated fraud detection mechanisms to safeguard your transactions, assuring you and your customers have a safe & secure subscription payment experience.

4. Use Multiple Payment Gateways

SubscriptionFlow ensures your payments are optimized even if you operate globally. Through our merchant of record, you can nail compliance and multi-currency support. Whether it’s credit card payments, direct debits, or other local payment methods, payments can be collected confidently without hassle.

SubscriptionFlow also lets you integrate with multiple payment gateways in addition to Square so you can tap into all relevant markets with the right currency and payment method options.

5. Complete Subscription Toolkit

Square integrated with SubscriptionFlow provides a range of subscription management tools that include but are not limited to the collection of recurring payments. Create, customize, and manage subscription plans with ease.

Tailor billing cycles, pricing plans, and trial periods to suit your business needs. Engage with customers, offer self-service portals, collect overdue payments, access detailed customer insights, and leverage our reporting feature.

6. Customer Segmentation & Insights for Growth

Gain valuable insights into your subscriber base with detailed analytics. Understand your customers’ preferences and behaviours, enabling you to make data-driven decisions to enhance customer satisfaction and retention.

For SMBs, the Square subscription management combo offers an all-in-one solution precluding the need for a specialized CRM tool. Customize templates and set up automated email workflows through low-level customer segmentation.

Getting Started with Square Subscription Management

Ready to get started with subscription management in Square with the help of SubscriptionFlow?

Here’s a step-by-step guide on how to do it:

Step 1: Sign Up with SubscriptionFlow

Book a demo with SubscriptionFlow and sign up for one of our tiered plans to access your complete subscription management & recurring billing solution.

Step 2: Connect with Square

Once you have set up your SubscriptionFlow account integrate it with your Square merchant account This seamlessly integrates the two systems and armors your SubscriptionFlow account to collect payments. It also allows data sharing between the two software for a hassle-free experience.

Step 3: Create Subscription Plans

Design flexible subscription plans within SubscriptionFlow, tailoring them to your business goals. Choose between flexible pricing models, create multiple plans, and program flexible billing logic. Sell plans in multiple currencies & select a billing cadence then sell through branded & tailored checkout pages.

Step 4: Launch and Monitor

After configuring your subscription plans, it’s time to launch them. You can now start accepting recurring payments. Keep a close eye on how your pricing strategy is performing and keep revising it to grow revenue.

The Bottom Line

Integrating Square with SubscriptionFlow opens up a world of possibilities for subscription businesses through automated Square recurring payments, fortified fraud prevention, smooth payment collection, and a suite of tools that will let you effectively manage and grow your subscribers.

Whether you’re just beginning your subscription journey or are looking to enhance your existing setup, the Square SubscriptionFlow power combo is your ticket to unlocking your subscription business’s full potential.