The ability to accept recurring credit cards and other payment methods is available to help TransAct clients maintain cash-flow and reduce late payments by members, customers, clients and/or patients. This is ideal for salon and spa owners, home services trades, medical offices, educational and personal services businesses and online subscription services.
With TransAct, recurring payments are based on a schedule that works for your business and your customers’ preferences. You can schedule an automated payment on any day of the month, to recur once a month, twice a month, or even quarterly. There are no set restrictions in the TransAct system that limits the frequency or timeline for payment options you may want to offer.
Whether you have memberships, routine visits, classes, or programs that happen on a regular basis, creating a recurring billing program with automated payments is easy to do. You can also use this feature for creating budget-friendly billing for larger purchases for products and services.
The tools and platforms available to you as a TransAct merchant services client include the recurring billing and automated payment features as part of your merchant services account. There are no extra upfront or monthly fees associated with activating this feature.
While using the TransAct recurring billing process is simple; what is more complicated sometimes is overcoming the mindset whether or not to offer this payment option.
The main reasons to offer recurring billing and automated payment scheduling are:
- Setting up a payment plan eliminates the need to remember to bill a customer on a regular basis with manually stored data.
- Automatic payment, whether by credit card, e-check or EFT, happens on the day you schedule the payment to occur.
- Elimination of late payments – no one wants to pay or get paid late. Interest or late fees create a negative customer experience and doesn’t actually solve the issue. Get paid on time, every time.
- Helps with customer budgeting. If a customer is considering committing to a larger purchase, budget-friendly, recurring payments can help them make the decision to complete the purchase. Break down a larger balance into multiple, recurring, and automated payments.
- Customers are looking for support, appreciation, and recognition that they are valuable to you, and with friendly, easy to manage payment policies.
- Stay in Compliance with PCI by not recording and storing card numbers on a piece of paper.
- A detailed history and reporting for each account.