If You’re Paying or Chasing Customers Manually for Payment, You’re Already Behind
Getting paid month after month shouldn’t feel like a full-time job! Whether you have a gym, a nonprofit organization, have a tutoring program, or are a membership-based business, setting the project for recurring payments is one of the smartest moves you will ever make.
Recurring payments eliminate having to follow-up, reduce human error, and stabilize cash flow. Plus, the best part is they will create a better member experience so you can grow your business.
What Are Recurring Payments?
Recurring payments are automatic/scheduled transactions where a customer is charged at a predetermined schedule (weekly, monthly, annually, etc….) Once the payment information is collected and initial payment is approved for future charges, you do not have to do anything, just sit back and enjoy your automatic payment.
Recurring payments are automatic, scheduled transactions here a customer is charged at regular intervals (weekly, monthly, annually, etc….) Once the initial payment information is collected and approved, all future charges are processed without manual input.
You can see these commonly in:
- Subscription Services
- Member-based business services
- Loan and Tuition Payments
- Utility Billing
- Donor programs for nonprofits
And they work across multiple payment types: credit, debit, and ACH.
Why Recurring Payments Are a Game-Changer
Companies that depend on manual billing find themselves perpetually hunting down payments. That means cash flow holes, lost revenue and then stressful collections. Automatic payments change all of this from day one.
Recurring payment offers a predictable stream of income, and as such, allows you to forecast financials with greater accuracy. Neither of your clients don’t have to remember to pay, nor do you feel obligated to send awkward reminders. It also automates your billing processes with fewer spreadsheets, human error and time wasted on collections. Payments that are automatic also mean customers are less likely to forget or delay paying.
What To Look For in a Recurring Payments Solution
Establishing a recurring billing structure is simple – if you have the right system. Not all systems allow you to have the flexibility and control that your business requires.
Features such as custom billing schedules, support for ACH and credit cards, smart retry rules for failed payments, and informative dashboards are features you should be looking for. You will also want to ensure that the system is PCI compliant and offers fraud detection tools, as well as integration with your CRM or a current accounting platform.
Your invoicing systems should fit your business – your business shouldn’t have to fit around your business.
5 Reasons to Start Recurring Payments Today
1. Save Time on Admin
Eliminate the need to send invoices, wait for checks to arrive, or track down payments each cycle.
2. Establish Permanent Customer Bonds
Recurring payments build momentum. After a customer commits, they have more chances to stay permanently.
3. Eliminate Revenue Gaps
No more eligibility, waiting on when you are going to get paid, scheduled dates equate to automatic pay and the wheels of your business keep turning.
4. Scale Faster
Recurring billing enables you to serve additional customers without any added work.
5. Look More Professional
Consistent, automated billing shows clients you’re serious and it builds trust with every transaction.
How Recurring Payments Prevent Chargebacks and Disputes
Chargebacks are one of the most irritating pieces of running a business and arise from issues related to confusing bills, non-existent payments, etc….. But recurring payments, when utilized alongside the right resources, can minimize these risks.
Your systems should alert customers when they have a charge, or they have to renew. Your system should also allow them to refresh an expiring card, review their billing history, and request a receipt in seconds to limit conflicts and create transparency.
If a chargeback occurs, having all of your billing records in your system would enhance our ability to respond quickly and resolve any consequences in a timely manner.
Why Gulf Management Systems Is the Best Partner for Recurring Payments
If you’re ready to make things simpler for how you get paid, Gulf Management Systems (GMS) is the recurring payments partner you need to start growing securely.
GMS has flexible recurring billing tools for credit, debit and ACH payments with rates as low as 0.50% on an ACH transaction. Their platform allows you to create customized billing schedules, automatically send receipts, view failed payments, and see live dashboards on all of your transactions.
GMS does not just stand out on features, but it is their personal support. You will have a real team of people to help you with setup, integration, and optimization. From non-profits, gyms, and professional services, businesses of all sizes trust GMS to simplify getting paid.
And with PCI compliance, fraud protection, and chargeback support built in- you’re not just getting paid – you’re getting peace of mind!
So, if you are tired of chasing payments, missing revenue, or wasting time, recurring payments with GMS will be your next business move.
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