What are recurring payments and why are they gaining popularity? These are two questions many business owners are interested in. Let’s try to give answers to them and to point out the practical pieces of advice on how to choose recurring billing software to meet the requirements of your clients.
Recurring billing is a specific type of payments when merchants charge cardholders the predefined amount of money for good or services they provide on the regular basis. Now it is obvious why recurring payments have become so popular among consumers mostly because they allow people to save time. And if you want your business to be successful you need to be able to accept and process them.
Nowadays there are a lot of recurring billing systems available at the market, but you need to find the one which will be the most suitable for your business. The word ‘recurring’ presupposes something stable and unchangeable but today even a recurring billing solution needs to be flexible. The features which it should possess are listed below.
Recurring billing software should support the ability: to pause payments for some period of time; to change payment plans if needed (to change the billing date and the billing amount); to cancel subscriptions; to pay before the recurring payment is charged automatically; to notify customers on updates; to write off cancelled account automatically, etc.
Of course, the list of the recurring billing solution features is not complete, but these are considered to be the most important and common ones. If you are interested in the more detailed explanation of this issue read the publication at #UniPayGateway.