If your company deals with a large client base that are charged the same amount for your service each month, there must be an easier way to take payments than manually debiting their accounts each time. Recurring billing software will allow businesses to set up repeat payments each month that will charge the correct amount to the correct credit card, depositing the money into your merchant account. One of the best things about recurring billing software is that it can work in a completely automated manner, taking payments without the need for you to do anything. These systems can also be set up to generate reports of whose money was taken at which time and keep track of any declined payments or other such issues that may arise. Many recurring billing systems can integrate directly into your current auditing set up, allowing for seamless accounting and a clear audit trail.
In addition to the convenience of the payments being taken automatically each month, the use of recurring billing can bring wider efficiency savings to your business. With payment details only needed to be taken once, valuable company hours can be used on generating new business rather than chasing payments.
It seems there are greater benefits to using recurring billing solutions than just the above mentioned ease and convenience of use for the business. In these difficult financial times, many of your customers will be working with a very tight budget with perhaps only a few dollars wiggle room each month. If as many of the monthly outgoings as possible are fixed to a certain date and time, it will give your customers a clearer idea of their monthly spend, thus allowing them to budget more accurately. Nobody likes nasty surprises at the end of the month and recurring billing can help you to limit any that are received by your customers. Indeed, considering the efficiency that recurring billing can bring to companies it may work out that customers who take advantage of signing up to your system can be rewarded by lower prices or more favorable rates and terms.
Data security is also enhanced by the use of recurring billing systems as the payment data will only need to be taken once by your company. This data will be stored and encrypted by the software used, meaning that your customers? sensitive data is not on your computer systems.
The nuts and bolts of operating a recurring billing system could not be more straightforward. The customer?s account details, payment figure, frequency of payments and length of contract must be entered into the supplied software. Once all of the required data is input, the payments will be requested and deposited into your merchant account. Any exceptions, including missed or declined payments will usually generate an automatic response at the business end, allowing you to chase these clients and take their payments manually.