Subscriptions are a great way to create an ongoing revenue stream.
Perfect for membership sites or for a service you provide. You can opt to bill your users at various intervals indefinitely or a set a limited number of rebills.
To set up the payment option for your product you under your product settings, you need to head to the Product tab followed by the Pricing tab.
Currency – You will choose what currency you wish to charge your customers in for this product.
Next, we need to add our pricing option(s). We’re looking at creating a subscription product, so we’ll click the Add product price button, which will open a modal window where we can select our payment type of subscription (ongoing) or subscription (limited).
The Subscription (ongoing) option would be for subscriptions that do not have an end date. These will continue charging your customers until the subscription is canceled.
The Subscription (limited) option would be for subscriptions for a set number of rebills. These will charge at least one rebill after the initial payment, and by default number of rebills is set to 1, But you can enter the total number of rebills you wish to charge the customer. This is in addition to the initial today charge, so if you’re wanting the customer to be charged a total of 6 times, then you would want to set the number of rebills to 5.
Regardless of whether you’ve chosen an ongoing or limited subscription, you’ll be able to set the below options as well:
Billing frequency – this is how often your customers will be rebilled. From this drop-down, you have the options of daily, weekly, 2-weekly, monthly, quarterly, 6-monthly, or annually.
Subscription price – This is the amount we wish to charge our customers on each rebill. So in the example above the customer would be charged 37 (of the previously selected currency) every month.
Today’s price – in this field we want to enter the amount we want to charge our customer when they checkout. You can enter anything you’d like. If you want to charge your customer nothing on their first day (such as for a free trial) you can. Or you can offer a reduced first payment, charge them exactly the same as your recurring payments, or even charge them a higher up-front payment. The choice is completely yours.
You can also have ThriveCart send out a recurring invoice for each payment the customer makes. Simply check the “Send on recurring payment” box.
Remember at the bottom of the payment details will be a complete summary of exactly what the customer will be charged, how often they will be charged and a total amount if applicable.
You can also set a quantity limit for this payment option. So if you only want to offer a limited number of people the chance to pay via this payment plan, you can set this up here to.
When clicking Next, the next screen will let you name your pricing option. This will show on the checkout page when there are multiple pricing options, and also on your invoice/transactions area.
Once your subscription payment settings are saved, you’ll then have this shown and you can edit/delete it, or even add additional payment options to your cart.
