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As crypto continues to gain utility and disrupt the modern payments space, it is increasingly becoming one of the most practical, convenient and preferred forms of payment for consumers around the world. ForumPay’s latest payments feature enhances this utility even more. This unique innovation allows merchants to accept any major cryptocurrency from consumers as payment for subscriptions, including streaming platforms, gaming, apps, magazines, memberships, and more. ForumPay is currently the only crypto payment gateway that enables customers to pay for subscription plans with crypto, giving merchants a competitive edge in offering flexible, recurring billing options in digital currencies to meet their customers’ evolving needs.
How it works
As of right now, merchants can create Subscription Plans directly within their ForumPay Merchant Dashboard or via the API. Each Plan is set up with key information, including the subscription amount and rebill cycle (set in days), for example, $29.99 every 30 days. Merchants can initiate a subscription by passing in the Subscription Plan when creating the first payment, after which point ForumPay will create a subscription for the payer using the information provided for the selected Subscription Plan. Subscriptions can be terminated at any time, and the status of each is shown at all times, with the option to apply filters to find specific plans.
Merchants can clearly see the status of each Plan via the Subscriptions Dashboard, ensuring they know exactly when to grant, maintain, or terminate customer access, and begin retargeting subscribers to reduce churn. The three possible status for subscriptions are as follows:
- Active: Subscriber is fully paid and active until their next rebill date.
- Cancelled: Subscriber has opted to end future payments but still retains access for the duration of their current payment period, opening up an opportunity for customer retention strategies.
- Terminated: Subscription and access have ended and merchants should immediately revoke access to services.
These statuses are pushed to merchants via their online Dashboard and webhook notifications to ensure they receive accurate, real-time updates on the status of recurring payments and subscriptions.
Full flexibility and control
There is no limit to the duration of each subscription cycle, nor to the rebill amount, apart from the subscribers own wallet limit. Subscribers automatically receive reminder emails from ForumPay seven, three and one day prior to their subscription renewal date; a proactive approach that helps reduce churn without requiring merchants to build their own reminder systems. Merchants who wish to set up a subscription plan without using the API can do so by building a widget. Simply create a secure payment link, select the appropriate subscription plan, and embed it where needed.
Key features
Other key features include the option to define auto-acceptance criteria at the subscription level to streamline future payments, full reporting as subscription payments are incorporated into your regular ForumPay Settlement Report, with options to download detailed Subscriber Reports for additional insight, and direct consumer support for subscribers via email for billing and website-related issues. It is important to note that ForumPay currently does not take funds directly from subscribers’ wallets, who must initiate each renewal themselves, giving them full control over their crypto payments.
Set up Subscription Plans with ForumPay today
For more information about setting up Subscription Plans, or to book a meeting with our team of crypto payment experts, visit www.forumpay.com.
