Sa stiff competition occurs between payment processors continue inventing service features to meet the needs of its customers. Repeatedly billing is one of these services, which is an extremely useful tool in the treatment of collections and payments. Below is a detailed explanation about the role and how.
Definition
Repeated billing is an additional feature used for the payment gateways that allows the account automatically billing customers according to the desired time. This is a special department for customer convenience.
How it works
A customer profile containing the customer name, account status, the amount due, payment schedule, load frequency, and duration of payment was created. When you signed this service, whenever you want, your monthly payment is automatically charged to your credit card or the amount can be deducted from your debit card.
When appropriate
This service is ideal for transactions that require regular charge used in a way that deadlines, gym membership fees, subscription fees for cable, and wishes. It gives consumers the ability to control their funds according to availability of funds.
How to use this service
Because not all providers offer this type of function, research is needed before applying them. However, if it is part of their service, just fill out the online application form with necessary information. Using your username and password merchant account, the application is just for coming. Customers will be notified by email after each transaction.
What are the
Apart from the basic service charge, a recurring billing additional cost is added on top of regular fees, which vary from one service provider to another. The charges include monthly payments and reserves from the fees mentioned above.
Advantage
This feature benefits both customers and merchants as follows:
Customers
The emergence of function, it gives its customers the convenience of handling their accounts. No need to manually allocate the funds, which means fewer problems with their side. You can select your billing bi-weekly, monthly or quarterly, which is a flexible method of collecting. There will be a lower cost compared to manual billing in default of payment transaction. Customers also receive regular updates end card, the failure of the transaction and transfer of funds. Above all, customer funds are insured because there is no need to store sensitive information. Benefits so many, it will increase the chance of forgiveness for customer satisfaction. The beauty of this product that some vendors offer a trial period to give customers enough time to decide whether to continue the service.
Dealers
Cash flow is monitored through regular email notifications. You can track their business since the update and report timely cancellation, the consumer sales, and more are included. Full control of finance is another advantage of this service because it knows early when funds are available.
To maximize the payment gateway, make sure you use your regular billing services. This gives flexibility to manage your account.
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