Recurring Payments / SaaS Billing
Recurring billing improves your profitability and cash flow by automating the payment process. Flexible recurring billing plans increase consumer satisfaction by making payments easy and convenient.
Recurring billing models can be based on time intervals such as monthly, weekly, daily or hourly. Or be based on how much a service is used.
Recurring Billing Benefits
- Stabilize cash flow and safeguard income
- Increase sales and expand lifetime value of consumers
- Recover potential lost revenue quickly and automatically
- Decrease operating expenses
- Control process flow automatically to boost productivity
- Retain customers by eliminating unnecessary opportunity to cancel service
- Increase consumer satisfaction by maintaining continuity of service
Payment Processing Security
Recurring billing uses tokens rather than card data for recurring payments. Card holder data is encrypted and a token is assigned to the transaction. Recurring payments are processed using tokens
Encrypted tokens for recurring billing keep you safe by eliminating the need to store card information on your systems. The burden of cardholder security for recurring payments passes from you to the payment processor. And helps you maintain compliance with payment processing security standards.
Automated Updates for Recurring Payments
It’s not unusual for 5-12% recurring billing transactions to be declined during each recurring payment cycle. Every declined transaction means potential lost revenue.
Technology is now available that converts up to 70% declined recurring billing transactions into authorized recurring payments. When a recurring payment is declined, the transaction is sent to the issuing banks which automatically updates the card. Updates include expiration dates, card numbers and account closures.
The recurring billing transaction is then automatically resubmitted for authorization and payment. Once the recurring payment is complete, the money for the recurring billing flows to the merchant.
Automatically updating recurring billing transactions maintains cash flow, reduces operating expenses, and increases customer satisfaction. Recurring payment revenues are protected, subscription billing periods are extended, service continuity is maintained and account reconciliation is simplified.