If your business has repeat customers, you know that sending them bills again and again can be time-consuming and monotonous. Scheduled payments help you streamline this process and get paid faster. Improve your billing efficiency and eliminate the hassle of manually entering billing or payment details with every transaction. To get started, find a provider that offers scheduled payment software.
What are scheduled payments?
Scheduled payment software, such as EBizCharge, allows you to automate scheduled payments in your accounting software, which means you don’t have to manually invoice your recurring customers every single month. Your customers will automatically be charged, and you’ll have more time to focus on gaining new business.
If you have customers on terms, scheduled payments can free up time for your business by streamlining the billing process. For example, if you bill 50 customers each month, then automating your payments removes 50 invoices from your workload.
With scheduled payments, customers are invoiced on a set schedule. Instead of having to manually input credit card information every time a customer makes a payment, you can program your accounting software to charge a customer’s credit card at specific times.
Plus, you no longer need to call customers to receive payments. Instead, customers are automatically billed behind the scenes without any action on their part. Once a payment is made, you can automatically send email receipts to your customers.
Get advanced payment security
When billing customers on a schedule, credit card information needs to be protected. To maximize security, look for scheduled payment software that offers these four important security features.
- PCI-compliant payment gateway: A PCI-compliant payment gateway, such as EBizCharge, helps your business stay compliant with mandatory regulations set by the Payment Card Industry Security Standards Council.
- Off-site data storage: Storing credit card numbers on your own computer puts both you and your customers at risk. If your system were to be compromised, sensitive credit card data could be stolen. Your customer would likely report the incident to their credit card provider, which could prompt an investigation from the Payment Card Industry. With off-site data storage, credit card data is saved on your payment gateway’s system instead of your own. This lowers your liability in the event of a data breach.
- Tokenization technology: A secure tokenization system converts sensitive credit card information into tokens of information that have no real value to any hacker. Therefore, no valuable data is kept on the system. The real information is stored in a secure, cloud-based vault. If the merchant’s system is hacked, thieves will only find valueless tokens they cannot use.
- Fraud prevention modules: Online credit card transactions come with a greater risk of fraud because merchants must trust that the actual cardholder is authorizing the transactions. For enhanced payment security, find a scheduled payment software that is built on a module stock design. Each module controls a different aspect of security so that merchants can choose which modules to include in their fraud control stack. Some examples of modules include: duplicate transaction control, block by country, block by IP address, and many more. Fraud prevention modules help stop thieves from stealing sensitive card data. A full suite of fraud prevention modules will help detect fraud faster and protect your business.
Lower processing rates
Great scheduled payment software will also provide affordable payment processing solutions. Look for a provider that offers flat rate pricing and guarantees a low fixed rate, so you’ll know exactly what your processing fees will be in advance. With flat rate pricing, you’ll receive one simple statement each month with a predictable rate.
Scheduled payment software can also help lower your interchange rates by passing more information through the point of sale. Line-item details and invoice information already stored in your accounting software are automatically sent with every transaction. This process qualifies your cards at reduced interchange rates and lowers your overall credit card fees.
24/7 in-house customer support
Around-the-clock support is essential in credit card processing. You never know when you might run into an issue that impacts your ability to do business. That’s why it’s important to find a provider that offers 24/7 in-house customer support. You can’t afford to spend hours on hold while you wait for support to solve your problem. You need answers, fast.
Get paid faster with scheduled payments
Scheduled payments help build long-lasting relationships and generate greater revenue than one-time payments or casual customers. However, manually charging repeat customers can be time-consuming and hard to remember. Scheduled payments simplify this process and allow you to automatically bill customers on terms. No more checking the calendar, scrambling to send out charges, or reminding customers to pay. Scheduled payments take the guesswork out of billing for both you and your customers.