With the increasing developments in the various forms of life — be it in the form of lifestyle, there has been a slight change in the form of payments too. For instance, when it came to getting one’s daughter married people used to ask for a loan from jeweler or money lender. However, today with the increasing demands and the change of lifestyle — plus the stress of maintaining one, there has been a need of one getting the needed services or goods along with it the ease of payment. The ease does not only imply to the online payments but additionally the option of “pay later” or rather pay in installments. Therefore, the credit cards and EMI card options have started to take a roll in routine life. With such demands increasing and I order to fulfill these demands, the service providers and financial agents have come with the concept of recurring billing.
What is Recurring Billing?
When a merchant starts to automatically charge a cardholder on a pre-arranged scheduled for particularly specified services or rather goods, it is a recurring billing. Now it isn’t that the merchant automatically on his will starts the recurring billing, no! The merchant asks the cardholder his permission one-time with regards to the recurring charges when confirmed the merchant continues to schedule the charges, until and unless the cardholder has either completed his tenure or the customer has asked to cancel the permission.
Any of the goods or services that have been purchased by the customers on a regular basis are ought to be the best for the recurring billing. These could include the electricity bills, phone bills, memberships for gym, magazines and other related subscriptions.
What are the benefits of Recurring Deposits for Small Business?
Being the owner of the small business, especially in India acquiring and implementing any process or rather any new idea is a risk on its own. Definitely there are certain limitations with regards to recurring billing, however, we shall discuss it later in the article. But when it comes to merchant profits and benefits, the following are some to entice you and pointers that will benefit you in your small business:
1. Customer Retention
When it comes to starting a business, in the first place all that you look forward is to build your customer database. Any businessman wants his customers to stay along with the numbers to increase. Well, there are a lot of services that only allow their customers to sign up if and only if they agree to recurring billing. One of the best examples for such service is credit monitoring services. They often require the customers to be charged for the services opted by them on a monthly basis. Of course, until the customer settles to cancel the subscription or the services. Now, this way if you to have recurring billing, this will help you as a merchant to retain your customers.
2. Prompt Payment:
Any business that has a smooth cash flow is the one running smoothly. Well, this can only happen once the company receives prompt payment from the customers. With the help of recurring billing software, the payment is regular and the collection becomes easy. Not just that additionally the paper bills are eliminated and the company receives the payment instantly in the account. This is not just helpful for the company but the customer as well. They too would not have to worry about making the payment every month, however, it gets deducted from their account at the scheduled time.
3. One Time Management:
This is a Yureka-process. How? Well, all you will require is to manage the account with the customer just once. All the paperwork or any data that needs to be entered can be done in the beginning. Along with it is just on a single platform that you need to do it, and all the billings will happen smoothly. Additionally, customer management becomes an easy task to perform.
Wasn’t this an easy check to perform? Well, if you were wondering until now, how can one get such service incorporated in your small business, well, deAzzle is the FREE solution for you.
How will deAzzle help you in recurring billing?
deAzzle is your go-to recurring billing software, built to handle your entire customer subscription life cycle. Automate billing, oversee customer subscriptions, analyze your business, and get paid on time, every time with deAzzle.
Register with us today and get a one-stop solution for your small businesses to grow, manage and scale by automating key business processes and providing a secure payment gateway.