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Kindleman
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Hey.
Stripe has just launched in Australia, and it’s a far more flexible (and safer, and cheaper) than most of the traditional merchant gateways.

It does subscription billing
Read here:
https://stripe.com/docs/subscriptions

You’d need to setup an account with them (free) and then switch Magento to use it.

We’re recommending it to all our eCommerce and Application clients. Plus we couldn’t have launched http://www.hippogo.com.au without some of it’s functionality.

Try it out.