Recurring billing is great for all sorts of business types who want to provide easy and secure ongoing payments for their customers on a periodic basis. This is a perfect solution for customers who want to automate their monthly payments and great for small business owners who will never have to worry about late payments. Examples include gym memberships, cable bills, electric bills, subscription-based services, and more.
How Recurring Billing Works
Common Questions about Recurring Billing
What are the benefits for my business?
There are many benefits your business reaps by setting up recurring billing. Those benefits include:
- More predictable cash flow allowing you to better plan for your business
- Stronger customer retention
- Increased revenue growth
- Spread out payments for your customers making bigger ticket items easier to buy
- Fewer late payments and collection issues
- Saves time and money by no longer having to process individual payments
- No paper invoices or receipts to keep track of
What are the benefits for my customers?
- No more late fees or payments
- Payments are automatic so there is no need for them to keep on top of monthly bills
- Spread out their payments if they want to buy bigger ticket items
- More control over monthly budgeting by always knowing what payments are coming out and when
- Environmentally friendly and convenient
How does recurring billing simplify credit card processing?
By automating payments, recurring billing simplifies credit card processing and steadies cash flow. Also, if a credit card number were to expire or a CVV code changes, customers have the ability to update their payment methods and amounts based on their budgeting needs. Business owners also get payments faster and on time make the process more efficient.
How does recurring billing work for non profits?
Much like recurring billing for gym memberships or cable bills, customers often want to make on-going donations to their favorite non profit organization. A non profit can set this up through a hosted payments form in order to streamline the donation process. For more information on accepting payments for non profits, click here.
Source: manufacturer website