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5 Reasons Why Your Business Needs Recurring Bill Payments

December 4, 2018
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The world is changing fast. Offline businesses are shifting to online platforms and payment processing has taken a new turn altogether. Gone are the days when making and receiving payment processes were slow, and running on ground businesses were a pain. Today, with so many options available online to ease your life, you don’t have to actually suffer the pain of delayed payments.

Having said that, most industries rely on invoicing and have massive number of bill payments to be made and received which needs to be organized well. The advanced payment options has opened gateways for the option of recurrent billing to businesses for streamlining their frequent payments and manage credits. As a business man, it is very difficult to manage countless transactions at once. And that’s where recurring billing mode of payment come in the picture as your savior.

Here are 5 amazing reasons why your business needs recurring bill payment solutions for longer stay in your respective industries:

 

Decrease Bounced Check Rates & Late Payments

Delayed payments are a major problem and can severely affect the cash flow of any running business organization. Many businesses charge a late fee payment upon the balance due if the payer delays in making the payments. And you may even get to encounter bounced checks in case the payer has insufficient funds in his account. This problem is highly reduced with recurrent billing since you get to schedule timely payment and verify payer’s account to check for sufficient balance for your payments.

 

Store Payment Information Safely

With the recurring bill payment facility, users not only get to reduce the chances of late payments and bounced check rates, but also the opportunity to save customer information in a smarter and safer manner. The middlemen gets reduced with recurring billing and allows both the payer and the payee a chance to make and receive payments in a highly flexible environment.

 

Decreases the Legwork

With the recurrent billing payment option, your legwork gets minimized to a great extent. This is because all you have to do is set the payment schedule once you subscribe to the recurrent billing service. And beyond that, the payment system would do the needful while you can site and see the payment coming in! The mechanism uses the customers pre-determined billing dates and deposits the due amount in your account from the customer’s account without involving any middlemen.

 

Decreases Costs and Waste

Surveys have revealed that online payment systems have helped businesses to save up to 40-50% on every bill paid and received. Not just company’s benefit, the removal of paper bills also leads to a share in environmental health since paper is wasted less leading to reduced emission of greenhouse gases along with reduction in wastewater. Recurrent bill payment option serves businesses a two-way benefit!

 

Strengthen Customer Relationships

Late payment conversations are chucked out with recurring bill payments thanks to the pre-scheduling of bills to be paid and received. Both the parties get the benefit to reduce their time and energy in making & receiving payments on time with this online payment option. The requirement for stamps and envelopes along with other physical parameters are eliminated and replaced by complete control on the payment draft by the user to schedule payments before time.

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