Exploring the Potential of Recurring Crypto Payments

Popular methods of Automated Recurring Payments

There are only a few companies in the market that offer recurring services. However, most of them do not offer fully recurring payments. They often involve email billing, where users receive payment notifications via email or links to make payments. Alternatively, they may require users to create an account with a payment provider and link it to the merchant, depositing funds into the account for service usage. This process, developers argue, is inconvenient and resembles a temporary and partial solution, often referred to as a "crutch."

E-mail subscriptions enable users to stay updated on various aspects of their recurring crypto payments. They serve as channels for communication between businesses and customers, providing notifications, reminders, and updates regarding payment schedules, transaction confirmations, and account status. 

There are solutions available in the market that offer a traditional and "correct" approach by connecting the end user's web3 wallet. This method ensures security and consent for debiting funds through a smart contract. Smart contracts offer the ability to prove that a user viewed something and release payment automatically, simplifying billing and auditing processes. Instead of using credit cards and bank accounts, users would connect their crypto wallets. Therefore, to accept crypto, integration with various user wallets would be necessary.

Industries Opting for Crypto Recurring Payments

As the digital landscape continues to evolve, industries across the spectrum are embracing the convenience and efficiency of recurring payments. From e-commerce platforms to high risk industries, various sectors are recognizing the value of recurring payment models in enhancing customer satisfaction and streamlining revenue streams.

1) E-commerce:

E-commerce platforms are at the forefront of adopting recurring payment solutions. By offering recurring payments, e-commerce businesses can secure predictable revenue streams while providing convenience to their customers.

2) Finance and Banking:

In the finance and banking sector, recurring payments play a crucial role in automating bill payments, loan repayments, and subscription services. Banks and financial institutions leverage recurring payments to ensure timely transactions and improve customer retention.

3) Healthcare Services:

Recurring payments in healthcare streamline billing processes and enable patients to access essential services without disruption.

4) Streaming Services:

Streaming platforms rely heavily on recurring payments to monetize their content libraries. Subscription-based models for streaming services like Netflix, Spotify, and Disney+ offer consumers access to a vast array of entertainment options for a monthly fee, driving recurring revenue for the platforms.

5) Software as a Service (SaaS):

Businesses subscribe to SaaS products for various needs such as project management, customer relationship management (CRM), and accounting software. Recurring payments allow SaaS providers to maintain steady cash flow while continuously delivering value to their customers.

6) Online Gaming and Gambling: 

Online gaming and gambling platforms often face stringent regulations and heightened fraud risks. Despite these challenges, recurring payments are commonly used to facilitate subscription-based memberships, in-game purchases, or betting subscriptions, ensuring a seamless user experience and consistent revenue generation.

Challenges for cryptocurrency for recurring payments

Cryptocurrency systems aren't inherently geared towards recurring billing, although many businesses aspire to offer this option to their customers. The 'push' system characteristic of cryptocurrency poses challenges for managing recurring payments, as customers must initiate payments on schedule.

Wallets have the potential to enable merchants to integrate cryptocurrency as a payment option. Some platforms allow businesses to establish 'smart contracts' with customers to regulate recurring billing. However, significant obstacles hinder the adoption of cryptocurrency as a payment option:

• Volatility in cryptocurrency prices presents risks for users of Crypto Autopay, affecting their financial planning and budgeting.

• Cryptocurrency empowers subscribers, making it challenging to track customers who cancel payments.

• SaaS and other subscription-based companies cannot adjust prices without explicit user permission. Ideally, providers should automatically adjust prices and notify users by charging their credit cards.

• Cryptocurrency wallets necessitate companies to create new smart contracts each time the price changes.

Despite efforts by wallet platforms to mitigate these challenges, using cryptocurrency for recurring payments remains complex. For now, it may be more cost-effective and preferable to adhere to a secure, reliable payment processing platform for subscription-based payments.

Benefits of crypto recurring payments

Cryptocurrency offers a highly transparent form of payment, where account owners have access to the public ledger, enabling them to track all transactions and monitor the movement of their funds. This transparency is especially valuable for subscription-based companies, allowing them to efficiently manage their transactions. Moreover, businesses can rest assured that the coins in their account are secure and not being used elsewhere without their knowledge.

When it comes to recurring payments, cryptocurrency offers several benefits. 

• Unlimited Global Payments

Facilitates seamless global payments by eliminating traditional financial barriers, fees, and geographic restrictions, thereby enhancing the smoothness and accessibility of international subscriptions and transactions.

• Reduce transaction fees

Adopting crypto recurring payments cuts transaction fee costs. Inqud offers fees as low as 0.5%, a cost-efficient shift from traditional methods.

• Zero chargebacks

Crypto payments reduce fraud and chargebacks, making transactions safer for both sellers and buyers, thereby enhancing trust in crypto as a superior payment choice.

• Safe & secure

Only you have full control and access to your assets, with the wallet serving as the sole manager.

Inqud’s vision - how does it work

Our straightforward integration algorithm will enable you to experience the advantages of recurring payments. Upon creating your account, you will only need to implement a code or integrate via API, both options being exceptionally simple and fast. By setting up a subscription plan, you will receive regular payments and establish a stable revenue stream.

As the digital economy advances, it's imperative that our solutions evolve alongside it. Inqud Crypto Autopay system will represent soon a significant step forward in embracing digital currency as the preferred choice for subscription-based transactions. Currently, our development team is in the final stage, and soon all our clients will be able to access this product by simply connecting their card.

We welcome you to embark on this journey with us towards a future where digital currencies play a central role in facilitating seamless transactions.