Manage Wix Subscriptions with Bankful for Recurring Payments

Setting up a recurring payment is just a single step if you run a subscription-based business. Things get tricky when you have to manage subscriptions like renewals, plan upgrades, billing cycles, and failed payments.

While Wix does an excellent job giving you control over your store’s design and products, it doesn’t fully cover the behind-the-scenes actions to successfully manage subscriptions.

That is where Bankful and SubscriptionFlow make all the difference. With Bankful, all your payments are safely processed, while software like SubscriptionFlow handles the subscription management part, from tracking renewals and generating invoices to managing free/paid plans and keeping the customers’ data in a single place. They create such a synergy that your Wix system becomes an automated, well-oiled machine to manage complex subscriptions.

The Challenge of Managing Subscriptions on Wix

Managing subscriptions on Wix is far from simple. With its limited self-service options for customers, it becomes quite a challenge to manage subscriptions. For example, a user can only update their payment and cannot pause, skip, or cancel subscriptions on their own.

It means every time they have to cancel or pause it, someone from the Wix team has to step in to manually handle the request, which is unsustainable as your customer base becomes bigger. This creates a bottleneck for businesses that provide multiple tiers or plans to their customers.

Another pain point is Wix’s built-in payment gateways. It is not a certainty that Wix’s default gateways will forever provide assistance with sophisticated recurring billing and worldwide payments. In order to deal with cross-border transactions, you require a gateway such as Bankful that provides you with a secure and flexible passage to process numerous payment methods, multiple currencies, and international operations.

Also, Wix has limited flexibility for custom billing cycles. If the subscriptions are straightforward, Wix’s native tools suffice. However, with subscriptions becoming slightly sophisticated with more than one billing frequency, special promotions, and tiered subscriptions, Wix fails to keep up. For instance, you will find it difficult to alter payment dates for special discount subscriptions, complicating the handling of special discounts.

Moreover, you don’t get a clearer picture of what each user is entitled to, especially when they subscribed to multiple products or plans. This results in more manual work, thus more errors and a frustrating customer experience.

Some business owners may try to work around these issues by doing more manual effort, but it is unsustainable in the longer run. Therefore, it is wise to turn to payment gateway and subscription management automation tools like Bankful and SubscriptionFlow to manage complex recurring models and make payments smoothly.

How Bankful helps with Wix Subscription Payments

Bankful’s intelligent payment gateway facilitates making subscription transactions when Wix’s default functionalities are lacking. It offers merchants and consumers a secure passage that can carry out various payment options like credit cards, debit cards, ACH, and digital wallets. This way, customers have more payment options at checkout.

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In addition, Bankful’s multicurrency feature allows Wix businesses to receive payments from customers around the globe without thinking about any transaction failures or conversion issues. Also, the fraud detection and chargeback protection tools make sure all the payments are compliant and done safely.

Additionally, when it comes to recurring payments, Bankful offers a reliable and consistent pathway where you can charge customers on time. It manages payment retries, authorization, and payment confirmations for your business, while SubscriptionFlow takes care of other subscription tasks such as renewals, billing cycles, upgrades/downgrades, and customer communication.

What you get through Bankful and SubscriptionFlow combo

Bankful and SubscriptionFlow offer Wix businesses a comprehensive solution. Where SubscriptionFlow aids in managing subscriptions smartly, Bankful ensures that your customers are making payments through safe and secure means. You have all the functionality under one umbrella to deal with subscriptions, growing your revenues, and reducing operating expenses.

SubscriptionFlow learns to keep pace with the evolving needs of your Wix subscription management. SubscriptionFlow helps Wix make subscription services efficient:

Automatic regular payments

When a customer checks out to pay for their subscription plan through SubscriptionFlow, their billing information is retained for future purchases. This allows your system to charge the user’s chosen payment method again at the next billing cycle.

To collect recurring payments, the same method is used on a regular basis. Since the payment processing becomes automatic, Wix merchants can focus on establishing stable cash flows. Moreover, customers have the option to change or update the payment method, and their payments are automatically charged to a new method.

Payment retry option

With Wix’s default billing solutions, e-commerce stores cannot request payment retries. They can do it through SubscriptionFlow. In case any of their payments fail, they can easily depend on SubscriptionFlow to carry out automatic retry attempts via the Bankful payment gateway.

SubscriptionFlow also enables merchants to implement smart dunning procedures. These automatic procedures include payment reminders and transaction method update notifications. You can also give customers a grace period to extend their payment window.

Flexible subscription plans

SubscriptionFlow gives you the liberty to offer your customers various subscription models, like classic, prepaid, or subscription boxes. Additionally, it empowers merchants to set different delivery intervals, such as weekly, biweekly, or monthly, based on what the customers prefer.

Also, it enables Wix’s businesses to automatically reflect any price changes across all subscriptions without requiring a manual update, ensuring accuracy and uniformity across plans.

Customizable subscription plans

Merchants can set up subscription plans with different functionalities, such as prepaid payment, editable delivery intervals, and differentiated discount models like percentage discounts, fixed value discounts, and automated adjustments depending on payment milestones.

Complete analytics

With SubscriptionFlow, you get comprehensive data insights into how your business is growing over time, or are you losing any customers due to poor subscription management, etc. This way, your decisions are based on data and not on a hunch.

Customization and integration

The software easily becomes one with your Wix features and provides merchants and customers with a variety of customization options to choose from.

Smarter payment intelligence for better subscription decisions

Bankful makes payments smarter by allowing you to track each transaction closely. You have real-time payment information to enable you to notice any failed transactions and correct them immediately as they occur.

In addition, the customers enjoy smooth and flexible payment options via cards, ACH, and digital wallets. Not to forget the multicurrency support Bankful offers, making it perfect for global operations.

Similarly, as your business grows, so does the complexity of billing your customers. Software such as SubscriptionFlow makes managing recurring models seamless. Once combined with your Wix business, it takes care of automating your entire subscription lifecycle from start to finish.

With SubscriptionFlow’s smart automation, creating invoices, processing renewals, and handling failed payments becomes effortless. It assists businesses in crafting customized subscription plans, building flexible billing plans for customers, and providing them with a personalized pricing plan that suits their requirements.

The data-driven insights empower you to keep an eye on recurring revenue and the value your customers bring in to help you retain them.

In short, SubscriptionFlow serves as a bridge between your Wix business and Bankful payment gateway. With the software, you have more flexibility at your fingertips to manage subscription payments efficiently.