Collecting payments on time is an important part of any business, especially for small businesses that depend on cash flow. Keeping an eye on cash flow as you go in and out can be one of the most important and challenging tasks for any business – especially when resources are limited.
Fortunately, technology offers small businesses a simple solution for increasing payments to customers on a timely basis: recurring billing.
Recurring invoicing is a process whereby transactions are regularly processed by merchants of goods and services via credit cards or checking accounts, with permission granted to consumers.
You may be familiar with this service from your cable carrier, wireless carrier, or bank. You can also get more information about recurring billing software via https://www.cashicash.com/products/product-billing-payments/.
There is a simple solution that allows companies to implement and enable automatic fund transfers on a regular basis (usually monthly).
This solution helps to easily set up a payment processing plan where secondary payment methods can be selected; If the first payment is incorrect, the second method can be used. This will ensure that your business receives payments on time and that your customers don't get estimated late fees or pings on their credit reports.
Recurring billing is an excellent solution for businesses that require a membership or contract. By automating the billing process, companies not only improve cash flow, but also lower billing costs, avoid payment delays and call billing, and eliminate manual data entry so efforts can focus on core business.