In the modern world of technology, the payments industry provides merchants with various striking opportunities that can incredibly help them with payment processing. Recurring billing is one of them. This article will tell you about recurring billing, as well as how you can open a recurring credit card billing merchant account fast and easily.
What Is Recurring Credit Card Billing?
Recurring credit card billing is also called “recurring payments.” It suggests a prearranged, recurring schedule for taking payments for goods/services. For recurring billing, a one-time consent from the cardholder is required.
Thanks to this type of billing, payments can automatically be made on a monthly, weekly, daily, or even yearly basis. People are now used to paying every month for phone and Internet services, rent or mortgage, television, and utilities. Recurring billing technology allows people to set up automatic payments.
Many businesses establish recurring invoices to save time and get paid faster. These are especially great for florists who deliver weekly arrangements, as well as others such as dog walkers, fitness centers, and yoga studios, cleaning services, and subscription services.
Higher-cost businesses such as wedding planners, home repairs, and lawyers also establish recurring payments. The purpose is to split costs across multiple payments for their clients easily and conveniently.
Recurring payments offer fine benefits. Those who regularly bill clients on a certain schedule can save time, thanks to this type of payments. Also, they help you avoid creating identical invoices each and every week or month. Moreover, recurring payments help customers make payments on time, every time. So, no more late payments, lost checks, and expensive printing and invoicing.
Getting Started With Recurring Billing
Are you interested in recurring billing or recurring payments? How can you use recurring billing for your small business? What to start with?
1. Turn to the Right Recurring Billing Provider
Have you already got a credit card merchant account? It doesn’t matter. You’ll still need an interface to manage your recurring credit card billing. If you don’t have a merchant account yet, this type of software provider can also get you a merchant account.
Only, you should work with a reputable payment processor. Consider applying to eMerchantBroker.com, a respectable credit card processing company, for a recurring credit card billing merchant account. EMB is voted the #1 high risk processor in the US and carried an A+ rating with the BBB, as well as an A rating with Card Payment Options.
With EMB’s recurring credit card processing, you can automate your billing procedures to enjoy a simpler payment process and steady cash flow. The editing capabilities allow customers to update payment methods and amounts, according to their budget needs.
eMerchantBroker.com provides unmatched fraud prevention, chargeback protection services, as well as 24/7 customer support. Why avoid efficiency, security, and cost-effectiveness?
2. Inform Your Customers About the Recurring Billing Option You Offer
Let your customers know that you now offer the popular payment option – recurring credit card billing.
3. Collect Credit Card Information
One-time payments processing implies you already have the credit card information. In case you don’t, collect payment information for your recurring billing solution.
4. Get Proper Authorization From Your Customers
Get authorization from your customers. It’s not less important than collecting the payment information itself. Also, this will help your customers be sure you get the schedule they requested.
5. Set Up a Recurring Billing Schedule
After you’ve collected the payment information and got authorization form your customers, get down to setting timing, frequency, and amount.
The beauty of technology is its constant development and the power to account for major shifts in industries, including finance. Automated recurring credit card systems are immensely important for today’s merchant payment processing. They offer the convenience customers need, as well as the ease of payment processing, cut costs and increased cash merchants are interested in.