How Recurring Payments Can Help Drive Your Business Forward

Digitize Your Business Strategy with Recurring Payments

One of the most significant pain points for a business is the ability of its customers to make payments. This applies to industries ranging from medical/healthcare to education. There will always be a need to break down large sum transactions and space them out over a period of time.

Research has shown that the more convenient you make it for someone to pay, the more likely they will. It’s just that simple. That’s why BillingTree offers a comprehensive way for your customers or patients to set up and manage recurring payments through our integrated online portal.

What are Recurring Payments?

A recurring payment is a payment model that allows companies to invoice their customers based on a regular schedule, specified by the company (usually once a month). What used to be a painstaking process, full of endless paperwork and spreadsheets, can now be handled automatically.

A simple example would be making student loan payments each month until you’ve paid off the full amount. While a company might handle the customer service side, many organizations use integrated payment processors, like us, to manage the technology and compliance side.

Why Do Recurring Payments help?

According to the International Data Corporation, “by 2022, 53% of all software revenue will be generated from a subscription model.” When you think about it, subscriptions and installment plans are just easier for everyone. You’re alleviating the stress on your staff and making the experience more straightforward for your audience, saving them time and your business money.

Automation Meets Customization 

We’d be a little remiss if we didn’t mention that BillingTree’s Payrazr Portal Plus solution allows you to create recurring payments that include a payment schedule, the billing amount, and the customer’s payment information.

Even if you need to bill a different amount, Payrazr Portal Plus offers your business that flexibility. It’s easy to set up, and once you’re finished, you can always adjust the information later (if needed). The process is so simple that your customers can set up their recurring payments, saving you additional time and resources.

Stay in the Loop

Our recurring billing solution does a great job of keeping you up to speed on essential details like upcoming subscription and credit card expirations. Payrazr Portal Plus features an Account Updater integration that automatically updates expired or replaced cards, so you never lose out on a sale.

We offer custom reporting so you can create charts that show you the most vital information in one clear and concise location!

Takeaways

The main reasons to have a recurring payment system for your business are reducing costs, making your business more efficient, saving time, and having a way to scale for growth.

If you’ve been searching for a way to manage recurring billing smoothly and effectively, then BillingTree’s Payrazr Portal Plus solution is perfect for you!

We make getting started simple, and our 24/7 customer support team is always standing by to help you. To get hands-on experience, click the button below to sign up for a free demo.