Recurring Billing
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Recurring billing services ensure merchants receive customer payments efficiently and on time. Recurring billing will help you eliminate the possibility of forgotten payments, lost installments and late fees.
Customers using recurring billing simply select the services they wish to pay for and the amount will be deducted at the nominated times. There are numerous uses for recurring billing, including the payments of membership fees, website subscriptions, installment payments and many more.
Benefits of recurring billing
Secured cash flow: Recurring billing provides income security by ensuring automatic payments are received at predetermined times.
Eliminated billing hassles and costs: With recurring billing, your company will no longer be forced to draft and send out monthly bills to customers, saving postage costs and the time associated with the accountancy billing process.
Reduced late and non payments: When your customers set up recurring billing there are no longer issues of late or non payments as the amount payable is deducted from the customers account and sent to your business automatically and on time.
Insufficient funds reporting: Your company will be notified if any recurred billing arrangements cannot be met, due to insufficient customer funds or any other issue. This allows your company to contact the customer and organize immediate payments, therefore reducing bank fees associated with dishonored payments.
Adjustable billing: Recurring billing allows you to select the intervals between billing; by days, weeks, months or years. These intervals can be changed during the course of a recurring billing arrangement, allowing for trial promotions, new incentives and changed subscriptions.
Income tracking: Recurring billing provides information to your company regarding the quantity of money arriving on particular days. This, along with comprehensive reporting allows your business to know in advance, and keep records of all incoming money.
Reduced fraud and human error: By using recurring billing, the propensity for fraud and human error are drastically reduced. The recurring payments will already be coming from a verified, safe payment source, via automatic processing.