When it comes to simplifying payments, recurring billing is a valuable payment feature partners can integrate within their software solution. Linked with a credit or debit card, recurring billing collects scheduled payments with real-time authorizations, while providing all the necessary tools in one platform. Payments can be scheduled monthly, weekly, bi-weekly or at a pre-determined interval. There are several advantages recurring billing can offer to both partners and their customers.
The first advantage of recurring billing is increased revenue for both partners and their customers. Recurring billing creates predicable incoming revenue, so partners and their customers do not have to worry about receiving their payments. Having an all-in-one payment system that seamlessly manages a variety of payment options will allow partners and their customers to get paid faster and improve cash flow, which will reduce operating costs and increased customer retention.
The second advantage is security. Partners can rest assured that their customer’s confidential payment information is securely stored and managed with our security solution, 1stPayVault™. 1stPayVault™ uses tokenization to process payments while protecting sensitive card data, giving your customers the highest level of data security. Using 1stPayVault™ helps reduce replication of secure information through online encryption and assures PCI Compliance.
1stPayVault™ offers several solutions to help you easily manage subscription plans with a recurring billing platform for credit card and ACH payments that includes:
- Securely storing unlimited credit cards
- Easy set up of scheduled payments
- Flexible recurring/installment options
- Single or Multi-location use
The third advantage recurring billing offers is improved relationships between partners and their customers as well as between merchants and their customers. A recurring payment model, like 1stPayVault™, is the perfect opportunity for payment partners to develop relationships with their customers and take advantage of the latest security features within the payments industry. In return, merchants can develop a base of loyal subscribers and increase their customer retention, making recurring billing a prime solution for business growth.
Looking to incorporate recurring billing for your business? Contact us today to learn more on the benefits of recurring billing supported by 1stPayVault™.