Recurring bills are today’s trend, both for business purposes, and for personal finances. If you regularly pay monthly charges for rent, internet, TV, utilities and phone services, then you must be tired of visiting post offices or using checkbooks. The good thing is you can sort these bills by setting up an automatic payment system with the help of the recurring billing technology. Below are five tips to getting started.
1 – Find a software provider that offers recurring billing services
Your credit card merchant account is not enough; you need an interface that will manage your recurring credit card billing. With that, you can carry out one-time payments, manage your buyer database, invoice, and establish a recurring billing plan from one interface for a flat monthly fee. Also, your software provider can help you create a merchant account.
2 – Introduce the alternative billing method to your clients
Though most customers are conversant with the use of Recurring Credit Card Processing, having it as a billing option won’t work to your advantage unless you make it known to them. This news will come as a great relief, you will have simplified their billing process, and most clients will be willing to sign up.
3 – Collect consumer payment data or use previously collected data
You will need to collect customer data for your recurring credit card billing solution. Apart from other advantages, by doing this, you can get to manage your client contact data and company info. Alternatively, you may use the credit card data you collected earlier for your one-time payments processing.
4 – Obtain Authorization of the data received from your clients
Receiving approval from your consumer data is equally as significant as assembling their payment data. Also, data approval brings you and your customers to an agreement by ensuring correct scheduling as requested by the client. Authorization can come in different forms e.g. through emails or voice.
5 – Set the timing, rate of recurrence and amount of billing
Once you have gone through data collection and authorization, you can establish the recurring billing schedule. Depending on your provider, you can set up the following;
• Start date
• Frequency of Billing
• First payment fee
• Subsequent payment fee
• End-date (useful when using recurring billing to establish a finite payment plan)
Make work easier for your clients! Consumers have proved that they need recurring billing as a payment option. Also, there are many other ways recurring credit card billing can help you growing your small business, find out.