Benefits Offered by Online Payment and Recurring Customer Billing
Like other businesses, your revenue may depend on payments from customers that are scheduled on a monthly, quarterly or semi-annually basis. Nowadays, more businesses are offering recurring billing options for their goods and services, which makes it more convenient for both the customers and the business. Most businesses, together with other establishments – such as banks and financial firms – normally require their customers to mail a check, call to give their credit card information or to pay their bills at any of their locations. Going for any of these options can use up most of your customers’ time, as well as bring about problems with regards to late or non-payments.
Are you thinking of including online payments in your line of services? Consider the following benefits that an online payment solution could provide for your business and customers:
A lot of customers are happy paying online since they can do it from any location, any time of the day. This sees to it that there will be no late payments due to a slow delivery of mail or processing. Also, customers do not have to waste their time on the phone or falling in line. Customers can pay their bills online and instantly receive an email that confirms the receipt of payment, approval and a reference number for their record.
An online payments solution uses many security measures to protect you and your customers. Most online payment platforms use different types of encryption to protect confidential information from being accessed by an unauthorized party. As an example, since Visa cards are the credit cards that are most widely used worldwide and accepted in more than 150 countries, they have their own security measures – such as the 3-digit security codes found at the back of every card. Customers are usually asked to input this number to avoid fraudulent transactions from pushing through. Aside from the protective measures provided by Visa, Mastercard and Amex, online payment solutions let your business post payments without having any access to confidential credit card information. The moment a customer inputs his/her credit card details online, this is stored safely in their account information.
It can be very frustrating for customers to find out that their payments were not received on time. Most businesses charge late fees, so it is natural for customers to get mad when they have nothing to do with the delayed payment. Fortunately, you can have recurring billing options, so your customers can make their payments immediately via an automated system. This not only eliminates a task from your customers, but also allows the payments to be made on time.
When you offer your customers the option to make their bill payments online in a secure and well-timed manner, you make it more convenient for them. When you present them with options to meet their needs, they tend to have a more favorable view of a business. To keep the customers satisfied, provide them with convenient yet secure solutions to fit the modern-day consumer’s lifestyle.