Recurring Billing Payment procedure is now trending in Digital Marketing. For a startup or a small business time and money are two important resources.
To launch your product with quick and trendy payment Recurring Billing is the best process to adopt. Here I am stating some key facts that why Recurring Billing is a preferred payment method now a day.
Automatic Money Transfer
Automatic Recurring billing allows you to set up an initial amount of payment and schedule it periodically if there are changes and update in the amount. The major benefit is that you don’t have to chase after customers to receive the payments. Your mind will be at ease when the payment money is automatically transferred into your bank account.
Timely Payments
Business cash flow is badly affected by late payments. This delay in anticipated payment persuades the company to add hefty charges for such customers which damage a healthy relationship with the clients. This type of automated Billing payment saves businesses from this fuss and allows the timely payment from each client.
Reduce Messy Paper Work
In manual methods, there is a need to remember calendar dates and amounts and a lot of paperwork and the wreck of mailing through postal services. This automated billing procedure saves both times and eliminates this paperwork, stamps, and envelopes. Customers prefer recurring billing as it saves their time and energy as well.
Cost Saving
An electronic payment association NACHA did a survey on electronic billing methods and found out that this mode of payment saves up to 40% to 50% extra cost of a company dedicated for billing purpose. A business that uses Recurring billing payment procedures are saving a noticeable amount than those who are still using manual payment methods.
Secured
The most important thing both companies and customers look for is the secured transaction of their money. Recurring billing system ensures you a greater peace of mind. These systems put security at the top priority and stay compliant.
Promotions and Trials
An automated recurring billing procedure allows you to integrate your promotional campaign for marketing purpose especially for the business promoting subscription based services. You can enjoy the flexibility of implementing volume discounts, trial periods, upgrade plans and much more.
Real-Time Access
A fascinating benefit of recurring billing is allowing immediate and real-time access to key metrics i.e. daily and monthly profits, signup numbers and model trends.
Easy Integration
These Automated billing Systems are designed with flexibility to be integrated or plugin along with a number of software platforms and payment gateways. For example, if you are using ERP GOLD you can easily combine information for one dashboard enlisting all of your required financials.
To learn more about recurring billing and the challenges for implementing recurring billing system Read This Article.