Billing/Subscription Software Company
Among the many services that processing giant First Data offers merchants is technology that enables them to offer subscription billing to their customers. Subscriptions have come a long way since the days of periodicals that landed every morning on your front porch. More merchants than ever selling a wider variety of products (including gym memberships, shoes, even razor blades) are taking advantage of the predictable revenue stream offered by the subscription pricing model. According to our panel of expert judges, First Data’s recurring billing program is the best the industry has to offer.
First Data says its Hosted Recurring Payments (HRP) platform was built specifically to meet the needs of high-volume recurring billers who demand a wide spectrum of configurable services from an agile infrastructure to adjust to the needs of the merchant and the ever-changing global payments market. HRP offers a broad set of payment methods, managed customer profiles, integrated security tools, and dynamic reporting capabilities through a platform that offers the flexibility and scalability to grow a merchants business, not just domestically but also globally. And, because it is a hosted solution, a merchant’s PCI scope is reduced.
High-volume billers that First Data targets with HRP include utility companies, insurance providers, government entities, digital-goods sellers and various membership services. The company enables these types of e-commerce merchants, and others, to accept recurring payments from customers that want to use a range of payment methods and currencies. Merchants can apply recurring billing to all types of credit and debit cards as well as many alternative payment types (including eChecks, PayPal, Google Checkout, Bill me Later, Gift Cards and others).
HRP includes an integrated account updater service that automatically checks with the card networks to see if a consumer’s account information has changed and applies the new information to the subscription. The system also is customizable in that it employs automatic retry intervals and multiple payment schedules based on merchant preference.
First Data says HRP has experienced significant growth since its introduction. In 2013, the company expects year-over-year growth of the solution to be around 300 percent.
“Merchants want to ensure that they are offering customers the broadest range of payment methods, peace of mind with security and keeping costs low with the ability to expand their business globally,” the company says. “And they want to do this for both scheduled and unscheduled transactions."