Taking recurring payments is a great way to improve cash flow and customer service while reducing fluctuations and uncertainty around incoming receivables. Managing recurring payments of various payment methods can become a complex challenge, particularly if it has to be managed through multiple receivables silos. The real operational benefit is enjoyed when recurring payments can be managed from a single integrated receivables platform.

Benefits of Taking Recurring Payments

Your business can improve the bottom-line economics of regular customers by setting up a secure, easy and flexible way to take recurring payments for credit card, debit card, eCheck and ACH. Not only can you reduce customer churn from unnecessary card authorization declines — in turn improving loyalty — you can also improve operational efficiency and streamline accounts receivables.

Setting up Recurring Payments helps you:

  • Easily set up recurring payments on a variety of schedule choices
  • Process both fixed and variable payment amounts on a scheduled basis
  • Notify customers electronically of invoicing and presentment documents, including upcoming payment reminders and receipts
  • Increase cash flow while reducing operational costs
  • Improve reliability of your customer payment stream
  • Improve customer loyalty by offering a convenient, flexible, simplified payment process
  • Improve customer service levels by eliminating late fees and associated bad will
  • Reduce administrative costs of managing payments notifications and late payments
  • Stabilize and improve the predictability of accounts receivables
  • Reduce or eliminate collections calls and associated costs
  • Eliminate duplicate data entry
According to the Direct Response Forum (DRF), companies with recurring payments retain 40-50% of the customers that otherwise would have been lost when renewal authorization attempts failed.

recurring payments with ETran

Simple, Flexible Recurring Payments with ETran

ETran from FTNI offers an easy way to increase customer retention, improve customer satisfaction and speed cash flow while reducing operational costs. ETran lets you easily set up recurring ACH, debit, credit card and eCheck payments through its user-friendly front-end, or through a seamlessly integrated web or mobile user interface. Payments can be set up either by the merchant or by the consumer.

For your customers, recurring payments also help eliminate paper check writing, mailing bills and worrying about how late payments might affect their credit rating with 24×7 access. For your business, that means you can easily set up and manage customer profiles and recurring payments, select custom billing schedules, and customize your card authorization decline responses.

For more information on setting up and managing recurring payments for your customers, contact us today. Contact Us