Hello Square Sellers!
Nothing is worse than losing good customers to failed payments. For subscription-based businesses, maximizing collection assurance is important to stabilize and continuously increase monthly recurring revenue. To help with this, we’re excited to share that Square Subscriptions has introduced automated payment collection retries.
How it works
Square Subscriptions will immediately email your customer an invoice if the charge is declined. You will also receive an email notifying you that the payment was declined.
If the payment is not made on that invoice within 3 days, Square will automatically retry the payment on the third day and will continue trying to take the payment every 3 days for 9 days (eg. retry on day 3, 6 and 9 after the initial payment decline).
*NEW* Please note that Square will not automatically cancel the subscription for non-payment. If you wish to cancel the unpaid subscription, you can do so through Subscriptions on Square Dashboard or POS. If you do not manually cancel the subscription, Square will continue to bill at the subscription’s next frequency date (next week, month, etc.) and will not carry forward the unpaid balance.
How to get started
There is nothing you need to do to enable this feature! All subscriptions are now set to be billed in this new way.
To learn more about Square Subscriptions and how you can get started, take a look at our Support Centre article: Get Started with Subscriptions in Dashboard.
If you have any questions about accepting payments with Square Subscriptions, please reply below.
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