Recurring payments are a streamlined and hassle-free payment option that reduces costs and strengthens consumer relationships. Often, smaller businesses shy away from offering recurring payments, however, we’re here to prove that’s no longer an issue. From Netflix to Amazon, subscription services are more popular than ever, and that’s not slowing down any time soon. By utilising Axcess’ recurring payment solution, this can not only benefit your business but help increase customer satisfaction and retention. The team at Axcess Merchant Services have outlined the numerous ways recurring payments can benefit you and your business:
Grow your revenue
The most notable benefit is increased revenue, not only do recurring payments allow you to prevent late payments, but it can also help eliminate costs associated with manual billing and postage and provides a more predictable cash flow. Whatever industry you are in, with recurring payments encourage consumers to commit to a regular fee, whether that is weekly, monthly or quarterly, which helps accelerate your revenue whilst reducing costs. With automatic billing, merchants can collect payment immediately, without having to reach out to customers.
In 2022, convenience is key, and by having recurring payments, the consumer agrees to be billed on a regular basis, which reduces the need to chase payments or reach out to customers. Additionally, with Axcess Merchant Services’ recurring payment options, you can offer your consumers an interface that allows them to:
Consumers will also be notified when the credit or debit card they use will expire before the payment date, ensuring more reliable payments. They will also be given log-in access to manage multiple billing accounts, manage funding methods and schedule payments. By offering a convenient recurring payment option, encourages customer loyalty and commitment, and helps increase revenue.
Build cost-effective consumer relationships
Recurring payments can prove beneficial when building cost-effective consumer relationships. With our user-friendly mobile and web interface, this provides a stronger, repeatable consumer touchpoint, where users can create their own profile with a username and password. Having an online portal, that accepts both card and ACH payments, this reduces call centre volume and encourages consumers to manage their own payments through their own account. Our recurring payment solution allows you use a wide range of options to best suit your business needs, which is why we offer the flexibility to choose:
When it comes to payments, accuracy is crucial. With Axcess’ recurring payment options, our system ensures the most up-to-date information is available with daily updates, including:
How can Axcess help?
At Axcess, we help merchants with recurring billing process transactions at the optimum time to ensure greater success rates and ultimately more revenue. For more information, get in touch today.