Journal of Advances in Developmental Research

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The Rise of Subscription-Based Services: Challenges in Handling Recurring Payments

Author(s) Abhijith Vijayakumar Binsu
Country United States
Abstract The proliferation of subscription-based business models has revolutionized consumer access to products and services, necessitating robust recurring payment systems. This paper examines the critical challenges associated with managing recurring payments, including payment processing inefficiencies, fraud and security risks, regulatory compliance, and customer churn. Then it explores the evolution of the subscription economy, highlighting its expansion across diverse industries and the subsequent impact on payment structures. Furthermore, the paper analyzes how technological innovations, such as artificial intelligence, blockchain, and advanced payment gateways, are transforming recurring payment handling. Industry examples, best practices, and future trends, including biometric authentication and Open Banking, are discussed to provide insights into optimizing subscription models. This paper argues that while the subscription economy offers significant advantages, businesses must continuously adapt to address payment processing inefficiencies, regulatory requirements, security concerns, and customer retention challenges to ensure sustainable growth in an increasingly digital landscape.
Keywords subscription payments, recurring billing, payment processing, fraud detection, customer churn, regulatory compliance, fintech, payment technology
Field Engineering
Published In Volume 14, Issue 2, July-December 2023
Published On 2023-09-05
Cite This The Rise of Subscription-Based Services: Challenges in Handling Recurring Payments - Abhijith Vijayakumar Binsu - IJAIDR Volume 14, Issue 2, July-December 2023. DOI 10.5281/zenodo.15104225
DOI https://doi.org/10.5281/zenodo.15104225
Short DOI https://doi.org/g8972k
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