Feature Focus: What Does Recurring Billing Mean?
In the B2B space, many clients do business regularly with the same companies. While repeat customers are a strong indicator of a successful business, having to charge the same customers for the same amount every month can compound the tedium of the payment collection process. If you have a roster of clients on terms—maybe you have a subscription-based business model, for example—you can reduce the amount of time you spend on invoicing with recurring billing.
You’ve heard the term, but what does recurring billing mean? It’s a feature offered by some payment integrations that allows businesses to automate billing by scheduling invoices and charging repeat customers automatically at a set time each month. By eliminating the need to manually enter the same customer details and payment information, you can reduce your workload and free up the time you would normally spend making phone calls or sending emails to request payment.
Once a customer’s payment information is stored in your ERP system, you can schedule that customer to be charged on a specific day for a set amount. The payment requires no action on the customer’s part. You can also elect to automatically email receipts to your recurring customers after their transactions have cleared.
Make invoicing a snap
With recurring billing, you don’t have to worry about remembering to manually charge your repeat customers on time each month, and you don’t have to spend hours making reminder phone calls or sending follow-up emails. You can set your recurring payments on autopilot and put that time to better use. And if you use a payment solution like EBizCharge, which integrates with your ERP software for seamless payment processing, those recurring invoices will be marked as paid and your accounts receivable and general ledger will be balanced automatically.
EBizCharge also utilizes a PCI-compliant, multi-layer security system that tokenizes sensitive credit card information and stores it in a secure, cloud-based vault to protect it from hackers. The payment integration is backed by an easily accessible in-house support team that works with you to solve any issue. Each integration is powerful and entirely functional on its own, but they’re also designed to work in conjunction with the EBizCharge payment gateway, which features unlimited batch history and over 40 different search criteria so you can easily find any transaction. Keep your data safe from the wrong people, but make it convenient to access for the right ones.
Not only does recurring billing offer benefits for you in terms of efficiency and time savings, it also benefits your customers. You can focus on building real relationships with them rather than only interacting when you need payment. When billing doesn’t take up as much of your time, you can solicit feedback and implement it to improve and expand your business, and guarantee that those repeat customers will remain loyal to your company for years to come.