One-off payments are great… but recurring payments are even better.
Here’s the thing: if you sign up Customer A as a recurring customer, this means that you’re guaranteed a certain amount of revenue...
Every. Single. Month.
This increases your Customer Lifetime Value (LTV) and drives up your revenue.
Now, regardless of what industry you’re in, you can probably find a way to tweak your business model to involve recurring payments.
If you run an eCommerce store, it’s a no-brainer… simply come up with a subscription box service.
For those of you in the software industry, consider offering your product as a SaaS tool instead of getting your customers to pay for licenses.
Once you’ve figured out what kind of product or service you want to offer, the next thing you’ll have to do is to decide how you’re going to process payments.
One quick and easy way of doing this is to use a recurring payments tool, such as MoonClerk.
In this blog post, we’ll walk you through how MoonClerk works, and share how you can connect MoonClerk to your Sendlane account.
Ready? Let’s get started!
What is MoonClerk?
MoonClerk is a payment system that allows businesses to accept recurring and once-off payments.
The system works on both mobile and desktop devices (an absolute MUST these days), and you can get it up and running within minutes.
Now, say you run an eCommerce store that sells gourmet food items, including artisanal jam and spreads and specialty cheese.
If you want to set up a subscription box service that involves you curating a few goodies and sending these to your customers each month, you can easily do this using MoonClerk.
Firstly, let’s talk about checkout.
Using MoonClerk’s integrated form builder, you can customize your checkout form to allow customers to input their desired sizes, colors, quantities, and more. You can then export this custom information into a spreadsheet to manage your shipping and logistics.
On top of that, we also like that MoonClerk allows you to bill your customers from your own site. While you’re creating your checkout form using their form builder, you can easily style the checkout to look like your brand, then embed it on your site.
This gives your customers a more seamless checkout process, which translates into a nice boost in your conversion rates.
When it comes to operations, MoonClerk’s subscription billing dashboard is beautiful and intuitive to use, and provides you with a high-level overview of who has paid (and who hasn’t).
You can either set your MoonClerk account up to retry failed payments automatically, or manually update your customers' account and card information.
Finally, when it comes to marketing, MoonClerk comes with a nifty coupon code system that’s great for promoting products and services.
You can share your coupon codes on Facebook, Twitter, or to your email contacts via the tool, and it even allows you to link directly to a payment form to maximize your conversions.
Using MoonClerk to Accept Recurring Payments
Want to start accepting recurring payments with MoonClerk? Go ahead and create an account, then click on the “Create payment form” button from your dashboard.
From here, fill in the relevant details, such as the form title, payment method, payment amount, then click on “Save and finish”.
Once you’re done, click “Preview” to make sure your form is good to go, then click “Use” to embed the form on your website.
If you’re using WordPress, you can also install the MoonClerk app -- this will allow you to embed your payment form using a simple shortcode:
The final step of the process is to activate your account, so that you can receive payments. To do this, just click on the “Activate account” button on the banner that can be found at the top of any page within the MoonClerk app.
From here, follow the instructions to connect your Stripe account (or set up, then connect your account). Stripe is the payment processor that MoonClerk uses to process all payments.
Then enter your credit card information, and you’re all set!
Pro-tips to Help You Set Up The Perfect Recurring Payment Scheme with MoonClerk
Awesome -- you’re now familiar with the basics of how MoonClerk works. In this section, we’ll share three more pro-tips that you can use to get the most out of MoonClerk.
1. Offer a free trial
Want to entice more folks to try out your new subscription product or service? One great way of doing that is to offer a free trial.
Now, MoonClerk makes it super easy for you to do this. When you’re setting up your form, simply choose “After trial period ends” under the “Recurring day” option. You can also customize how many days your free trial should last for:
Once your free trial is up, MoonClerk will automatically bill your customer, without any action on your part.
2. Upsell with an add-on
To upsell your customers (and earn even more revenue), consider offering an add-on for your recurring payment.
For instance, say your subscription box features 3 food items and 2 condiments per month. Here, you can give customers the option to add-on extra items for an additional price.
To do this, click on “Yes” under “Charge an additional fee” when you’re setting up your form.
From here, go on to input the name of the fee, and make sure you toggle the fee requirement to “Optional” so that your customers can choose if they want to pay for the add-on.
3. Allow customers to purchase your product/service as a gift
Subscription boxes make for great presents -- so make sure you cater to those who want to purchase your product/service as a gift.
To do this, configure your form to gather additional information at the point of check out, and add as many custom fields as you want.
Assuming you’re dealing with physical products, you’ll need to ask your customers where they want the gift to be sent. On top of that, you could also add a “gift message” field so that your customer can add a note to their recipient.
How to Integrate Sendlane With MoonClerk
Integrating your MoonClerk account with Sendlane is quick and easy -- you can get this done in under a minute.
To learn how to go about this, check out this step-by-step walkthrough.
Skyrocket Your Revenue With Recurring Payments
If you’re a business owner who wants to increase their revenue (or a marketer who’s tasked with doing the same), your knee-jerk reaction might be to try and acquire more customers.
But here’s the thing… customer acquisition is both difficult and costly; in fact, statistics show that acquiring a new customer is 5x to 25x more expensive than retaining an existing one.
So, here’s a smarter way to go about things: come up with some sort of recurring payments offering, and market this to your existing pool of customers.
To get started, click here to create a MoonClerk account.
Before you take your form live, remember to integrate your MoonClerk account with Sendlane, so that your customers’ data will be automatically synced to Sendlane!