Recurring Payments

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.