Recurring payments, a convenient way to build your customer base!
Offering your customers recurring payment options is a great way to activate a steady stream of cash flow. Providing more than one choice is also a great way to anticipate requests that your customers would make during the negotiation process, and thereby automating those steps.
You can either set up these recurring payments with a live rep using an Agent Portal or have customers set up payment plans on their own through an online payment portal that’s custom-branded to your business. Either way, you can capture and store a form of payment in a customer’s digital wallet and use it for multiple payments.
Recurring Payments Are Fully Customizable
You can process recurring payments on a specific day of the month and for a certain amount. Plus, they can run for a fixed duration or indefinitely, like a subscription. And the more recurring payment offers that are set up in your system, the more choices you give customers, and the more revenue you can count on each month.
In addition to being easy to set up for both the live agent or the customer in the online portal, you’re able to offer convenience for customers who have large balances, but who are more likely to pay over time than to pay in full.
Types of Payment Plans
There are three types of these plans, a Recurring Payment Plan that can be run indefinitely or for a defined date, an AutoPay that is driven by a statement or invoice, or an Installment Plan, which has a fixed number of payments and a balance that’s paid down over time.
Also, Custom Payment Plans can be fully configured to a customer’s needs, and this flexibility increases the likelihood that the balance will ultimately be paid in full.
Better yet, these plans include the flexibility of a Skip Payment feature that agents can use during times of hardship to forego payment for a specific period and move it to the end of the payment schedule.
Additional Features Provide Even More Value
Another perfect add on to recurring payments is the REPAY Account Updater service. Now, you’ll never miss a payment due to an expired card or one that has been changed because Account Updater automatically fixes issues before they happen.
Overall, recurring payments automate all communication, so payment notifications and confirmations are managed seamlessly in the method that the customer wants. The result is happier customers and more convenience for you and your staff.