If your business model is built around the same customers returning month after month (or year after year) to purchase the exact same product or service, you are a great candidate for recurring payments. Recurring payments automatically charge the customer’s card that you have on file when their next bill is due – no more calling and chasing them down. If you haven’t made the switch to recurring payments yet, here are four great reasons to do so today.
Time is Money – So Why Not Save Both!
The secret to scaling your business successfully is automation, automation, and more automation. The more you can have your technology do for you, the more time you can spend focusing on what really matters – serving your customers and growing your business. Recurring payments are a great example of this. Set it and forget it – your system will process the payment reliably every month while you sit back and watch the money roll in. Plus, you won’t risk forgetting to send an invoice or accidentally double-charging a customer. It’s all taken care of for you.
Get Paid Faster
Recurring payments mean money lands in your checking account faster with less work for you. Instead of trying to keep track of who has paid what amount and when, your recurring payments system sends the invoices automatically at the appropriate time. It’s easy for customers to pay and easy for your accountant or bookkeeper to review. No more waiting on payments until you have time to sit down and send out invoices!
Cash Comes In, Sighs of Relief Go Out
Setting up recurring payments will smooth out your cash flow considerably. Instead of sending out invoices haphazardly whenever you think of it, your recurring payments system will ensure that the correct amount gets processed for each customer like clockwork. You’ll see the same deposits in your checking account month after month without waiting for the customer to decide to pay their bill. Depending on how you run your business, this could also be great news for your shipping and fulfillment departments. No more waiting in limbo for invoices to be paid before purchases can be shipped.
Your Customers Will Thank You
Believe it or not, your customers prefer recurring payments, too. They’re just as busy as you are, and no one wants another bill to have to remember to pay. Recurring payments take the guesswork out of it. The payment is processed on time, the customer knows exactly when it’s coming and isn’t hit with a late fee, and you don’t get a bad rap as that business owner who keeps calling to nag about an unpaid bill. Everybody wins.
Sold? Let’s Do It!
If you’re ready to make recurring payments part of your business model, 360 Payments can help. Give us a call or drop us a line on our website. We’d love to show you how we’ve been streamlining the way our customers take payments for over seven years.
PS – WHAT?! Your business isn’t accepting credit cards yet?! Here’s why you should change that ASAP.
PPS – Should you ask for ID for a credit card sale? Read this first.