Let’s consider a scenario: You’re an office manager and it’s the end of the month. You have 80 monthly subscribers you need to bill for your services, which means 80 authorization forms to mail out, 80 checks to look for in the mail and 80 deposits to your business’s bank account. For those who are late making their payments, you have to follow up and impose painful late fees. This process could take a good week or two, and will start all over again in a few short weeks when the next month’s payments are due.
This process is costly and inefficient, not to mention inconvenient and unpleasant for customers who have to mail you a check monthly, stop by your business to pay in person or pay a late fee that could incentivize them to seek another provider.
However, this doesn’t have to be the case for your business. PayJunction’s Virtual Terminal offers recurring billing so you never have to wait on a mailed check again. Streamlining your recurring payments just got a lot easier.
Setting up recurring billing is simple and flexible. Want to get paid weekly, monthly or on a custom schedule? Not a problem. Payment schedules can be customized to your needs.
Set your preferred payment schedule and obtain your customer’s payment information one time. Credit card or ACH payments are both acceptable. Then simply sit back and watch the money roll in.
Customers authorize their payments one time, without the inconvenience of invoices or authorization forms. The funds are simply debited from their accounts on the agreed-upon schedule, resulting in reliable cash flow.
If payment information changes, you’ll be notified so you can update the card or ACH account on file. For ACH payments, this saves you the cost of recurring notification of change (NOC) codes. PayJunction only bills customers for the first NOC, as opposed to all subsequent attempts (as most other providers do). You’ll be notified of any delinquent payments, as well.
Some Virtual Terminals, like ours, store cardholder information through tokenization, encrypting the card or account number so even you can’t see it. Don’t fret over your liability: We store all data on our servers as opposed to yours, meaning you benefit from our PCI DSS compliance.
Furthermore, when a customer does come into your store to make a purchase, you can simply look him up in the Virtual Terminal and charge the payment method on file. Cards on file make transactions fast and convenient, elevating your customers’ perception of your business. After all, reducing payment friction is one of the best ways to guarantee repeat business.
Would recurring billing help your office manage membership or subscription dues? What is your biggest frustration with your current system? We’d love to hear from you!