Recurring Billing

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

To set this up, a merchant is required to get their customer’s permission upfront to run their card one time, store their information, and then continue to withdraw a specified payment on an on-going schedule. If you have a customer that purchases something for your business on a frequent basis, offering recurring billing might be a great solution for them.

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?

Along with many great benefits for your business, there are also ways recurring billing benefits your customers. These benefits include:

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.

Ready to get set up with recurring billing or just need credit card processing with Gravity Payments in general? Sign up with us below! We’ll help reduce the costs and headaches of accepting credit card payments by providing simple, fair, and seamless solutions for your business.

Source: manufacturer website