Powercash21 provides recurring billing solutions that allow for flexible automated payments for merchants operating in the e-commerce industry or offering online membership packages, Software as a Service (SaaS) products, and more. Online recurring billing has never been easier to set up with frequency and date variables able to be applied per card to enable merchants to maximize their subscription business.
Services pertaining to recurring billing are provided by online payment processors to support the billing model strategy of their merchant clients. Such recurring billing solutions involve setting up payments to be deducted automatically from the customer’s credit and bank accounts at agreed-upon schedules (daily, monthly, etc.).
Recurring payments are highly useful for a wide range of businesses. The payment methods where online subscription billing solutions are most useful include those where subscriptions have been undertaken. These include online utility providers, travel technology software, online courses, membership packages and many more.
Recurring billing solutions are popular as they offer benefits for both the merchant and the consumer. Some of these advantages are outlined below:
Reduces late payments – automated billing is the best option to receive payments on time without worrying that your customers might miss the payment date of their subscription plan.
Improves customer relations – by offering subscription billing solutions you build a stronger and longer-lasting relationship with your customers as they will be purchasing your product (or service) constantly and not simply as a one-off purchase.
Can save time and money – accounting tasks (e.g. invoicing) become easier with Digitalization.
Saves time – your customers will be charged at specific times. For example, once a month, in order to keep receiving your services without the need to manually initiate a payment.
Eliminates late fees – Recurring billing functionality assures your customers that the possibility of charging them late fees is extremely low. This is because the payment will be automatically generated from their credit or debit card so they don’t have to worry about late charges if they forget to pay on time.
Flexibility – offer your clientele the flexibility to change or cancel their subscription plan anytime they want, giving them a feeling of control.
At Powercash21 we understand the importance of streamlined recurring billing functionality. Revenue can be lost due to cards, registered on recurring billing plans, expiring or being reissued. With our card updater capabilities, we can ensure that we receive real-time account updates during authorization. Recurring billing merchants can improve their approval rates by making use of automatic billing card updater services.
When a subscription customer changes their card details, due to card expiry or ‘card reported Lost’ scenarios, and they receive a new card with new details from their Issuer, the information is also automatically transmitted to us via the card scheme. This ensures that the next recurring billing attempt will not be declined due to ‘out of date’ card details.
When it comes to recurring billing solutions you can rely on Powercash21 to deliver upgraded capabilities. Contact us today for more information on how you can accept recurring payments!