Fast approvals. Competitive rates. Recurring payments are a great way to provide a regular and reliable income to your business while making convenient and affordable for customers to pay you.
Recurring payments, or auto-pay is a model that spreads the costs for your customers, keeps them coming back for more, and is profitable for your business. With this payment method, customers give your business the authority to charge their card or bank account on a regular timetable. The payments are processed on a weekly or monthly basis for example until the end of the agreement.
Auto-pay plans are perfect for businesses that offer services such as gyms and health clubs, property service, digital entertainment, and club memberships. More and more, healthcare services and dentists are even offering to spread costs in recurring plans for non-insured services. It is also a common way to pay for financial services such as loan repayments or insurance policies.
For firms selling high ticket items such as electronics or furniture, recurring billing is a proven method of winning more business. Instead of asking your customers to pay $500 in one hit, offering an auto-pay model enables them to pay $100 per month for five months for example.
This offer can help clinch a sale that would otherwise be unaffordable for your customer. It is also proven to increase customer satisfaction scores, as a level of trust is built through this flexibility.
The benefits of offering recurring billing methods to your customers are clear and tangible. You win new sales, secure cashflow, and automates payment processing. It is just as easy as receiving a one-time payment, but instead the payments are spread over an agreed period.
The benefits of recurring payments are clear. But traditional banks tend to view recurring payments as higher risk than one-off payments. The main reasons for this is because the risk of chargebacks is higher. Also, with 20% of credit cards and debit cards being replaced each year in the US, there is a certain risk associated with accepting recurring card payments.
With the advanced payment processing technology that is built into our recurring billing merchant accounts, customers’ card data is automatically updated. In practice, this means if a card payment is declined, our service connects with the customers’ bank to update the details.
This keeps payments seamless, eliminates admin for your firm, and nullifies the risk of bounced payments due to card expiry. On top of this, you have the opportunity to increase your customers’ spend with your firm, and keep their ongoing loyalty.
Another great benefit of our recurring billing merchant accounts is that they come without limits. In other words, you concentrate on winning new customers, and your account will not hold you back.
The payment plans you can offer to your customers can be customized to fit you and your business model. You can offer customers the ability to either setup their recurring plan online, or over the phone by using virtual payment terminals. Best of all, customer authority for the payments can be given online, meaning less paperwork and time to get your payments coming in.
For cashflow and business finance management, our recurring billing merchant accounts also offer cloud-based dashboards to give you visibility of your payments. With this, it is simple to plan cashflow and monthly budgets around incoming auto-pay payments from your customers.
Find out more and apply online for our recurring billing merchant accounts.
Free free to email info@NationalACH.com. Or call 866-ACH-7600 today.