Many online services use recurring payments to bill their clients automatically on a certain period of time.
All recurring payments suffer from the same risk of a client providing a card which can take the initial payment, however it will not have sufficient payment limit or funds for the renewal payments.
The following scenario is a common occurance with many of our clients before they employ our BIN identification solutions.
A client uses a debit card for the initial signup payment everyting goes well and the payment is successful.
By the end of the month your automatic script tries to renew their subscription the debit card does not have enough funds.
Such hickups cause interruptions in the normal subscription process, increase customer support load decrease productivity.
How to streamline recurring payments?
BinDB's BIN Database can accurately destinguish the type of the card your client uses to pay for his service.
In some cases you may detect that the buyer is using a prepaid card and warn him that he should use a more reliable payment method.
In other cases you may warn customers to use credit cards only to pay for certain subscription based services.
Either way having an instant feedback on the type of card your client uses will help you improve your payment behaviour and optimise your business.