Recurring billing can be a big draw for your customers. It’s not so much that cardholders don’t want to be involved in the billing process – they’re very conscious of when and how their money is being withdrawn. However, if they can avoid any unnecessary actions on their end, a regular and trusted merchant can offer recurring credit card processing for potentially significant opportunities.
Recurring billing makes sense
First things first: Why would any cardholder opt into a recurring billing arrangement? Recurring billing does provide a practical and convenient way for consumers to arrange routine payments to be made for them. By agreeing to keep card information on file, cardholders and merchants can set a billing schedule for recurring goods or services. Facilitating monthly, quarterly, or annual payments, recurring billing can be a preferred means of paying for consistent services like utilities and fixed-good deliveries or for renewing subscriptions and memberships.
Convenient for customers
For both consumer and merchant, the primary advantage of recurring payments is convenience. Rather than providing the same sensitive card information time and again, recurring billing makes the payment process automatic. Having provided the card information, cardholders relieve themselves of the now unnecessary hassle of making the same payment to the same merchant for the same commodity. Provided the bills are always correct, recurring billing saves customers time and redundant attention. This service also relieves them of the burden of making time-sensitive payments.
Timely cash flow for you
Prompt and unfailing payments are also a considerable gain for merchants. Investing in a customer base that makes payments on time is not only a courtesy to their bottom line – it creates a highly dependable bottom line. Set in the agreement of recurring billing, customers provide a near guaranteed loyalty to the billing merchant.
Set yourself up for success
Recurring credit card processing adds convenience and security to customary transactions with familiar merchants. Taking care to avoid and minimize the obstacles of recurring payments through attentiveness and communication between merchant and participating customer can return big benefits to both parties using recurring billing.