How can a recurring billing program save you time and effort?
For starters you will be able to automate certain administrative tasks when it comes to billing your customers. This is especially effective if you charge your customers the same amount each and every month.
Let’s review some of the benefits of a recurring billing program for your business.
Benefits of Recurring Billing
In it’s simplest form, a recurring billing system automatically charges your customer’s credit card each and every month.
Meaning, once you enter your customer’s information into the system, it will automatically bill their credit card for you. Automatically.
The system will even let you know when your customer’s credit cards are nearing their expiration date.
This will allow you to be proactive in securing updated credit card information from your clients, saving you the hassle of rejected transactions and rebilling your customers.
Additionally, a recurring billing system will provide you with flexibility, allowing for a number of choices when setting up the billing parameters, such as:
- Billing customers every 30 days from the date of the first transaction, OR
- Billing customers on a particular day of the month
- How many times you will charge your customer (i.e. indefinitely or for a fixed term)
- The amount to charge each customer, based on defined plans you set up in the system
- Switching customers seamlessly between different payment plans
That sure beats keying in your customer’s credit card numbers into a credit card terminal each and every month.
Just think of the time and effort you will save.
So How Does a Recurring Billing System Work?
Probably the best part of the system is the fact that it’s virtual. Meaning, there is…
- no software to buy
- no database to backup or maintain
- no computer crashes or lost data to worry about
- and no credit card security issues to deal with (the system is PCI compliant)
Quite simply, your recurring billing system is a function of using a “virtual terminal.”
This means that you process transactions by logging onto a secure website to:
- charge your customers
- monitor your customers on recurring billing
- and track monthly transaction data.
And since the system is virtual, you can still track your business billing even when on the road, or on vacation. As long as you have an internet connection, you remain in control of your billing cycle.
Choosing a Merchant Account Provider
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