For businesses, generating revenue is likely the number one goal. While a focus on generating revenue is important, how you go about generating it is what matters to the long term sustainability of your business. Recurring payments in WordPress forms can boost revenue and help your business thrive.
Repeat business is almost always the goal in successful business relationships. Customers who return over and over again are your best asset. They are also your brand ambassadors (that pay you!) who tell others about your products or services and bring in new customers.
Repeat business increases your revenue. Especially when it's automated. Now you can accept automated payments in WordPress with a form for recurring payments using PayPal. A Formidable add-on, the PayPal plugin integrates seamlessly with your WordPress forms.
It almost always takes less effort to earn repeat business than it does to earn new business. It’s at this point in the discussion where scalability and growth come into play.
Scalability vs Growth
Smart entrepreneurs know the key to success is having a highly scalable business. Scalable businesses add revenue at an exponential rate while adding resources at an incremental rate. This contrasts with a growth model business, most common in professional services. Gain a client, hire to service the client, and earn revenue at the same rate overhead costs increase.
Perhaps the simplest way to take your business to the next level is to exchange growth for scale. What is it about your business that you can monetize for scale instead of growth? How about monetizing for repeat business right off the bat with subscriptions or billing installment plans?
Subscription-based products and services are a powerful way to scale your business. Subscriptions keep repeat customers buying from you. Subscriptions earn repeat revenue with less effort and fewer resources than it requires to earn a new customer. Subscriptions, when done right, keep your brand ambassadors paying you.
Subscriptions are essentially recurring payments. However—gone are the days where customers fill out their magazine subscription renewal card and send in the check. You need a way to do automate this online. Enter recurring payments in WordPress forms using PayPal.
Recurring Payments in WordPress forms
Now you can accept recurring payments in WordPress forms using PayPal. Formidable Pro offers a PayPal Standard Add-On that utilizes PayPal Payments Standard.
PayPal Payments Standard is the module of PayPal that allows your website to accept credit cards by directing the customer to a PayPal payment page and returning them to your site after payment.
Nonprofit Donations and Recurring Membership Dues
Charitable nonprofit organizations can benefit from recurring payments using PayPal as well. Similar principles in scalability and income generation apply. Nonprofits have cause ambassadors. Donors who give on a regular basis are the biggest asset to nonprofits. Ensure their donations don’t get overlooked by automating them.
Chambers of commerce and associations with memberships can use Formidable forms to collect member information, membership renewal, and initial membership and renewal fees in one spot. The data is easily exportable for bookkeeping or marketing purposes. You can also add them to your email list at the same time they update information and pay.
Membership dues and recurring fees can easily be set up with a form for recurring payments using PayPal.
Recurring Payments for Keeping Content on Your Site
One little known feature of Formidable is the ability to charge customers to allow them to maintain content on your website. Examples of this are classified ads and job postings. Recurring payments allow you to charge automatically for continued listing or hosting. Formidable will allow you to automatically publish a post (such as a customer’s ad or job posting) after payment. You can also change a user role after payment (example: changing from a subscriber to contributor).
Setup and Integration
For detailed information on setting up your PayPal Add-On, click here.
Looking to integrate your form with PayPal Payments Pro? Vote for this integration here.
If you want the ability to accept recurring payments but you don’t like the idea of sending customers out to a PayPal payment page, consider the Formidable Stripe Add-On. Stripe also allows for recurring payments in WordPress forms without sending customers off your site for payment.