By Nodus 13 February 2020
We are always looking for ways to make their lives more convenient. One way we do this is by reducing or cutting out tedious and repetitive tasks. When it comes to collecting payments, merchants can provide convenience to both their accounting team and their customers by simply offering automatic payments.
Why Automatic Payments
Recurring bills are usually fairly predictable in both price and occurrence, which usually means they need little attention from the customer before being paid. Therefore, recurring customers who make routine payments to a company may want to opt in to automatic payments. Customers on AutoPay often…
- Decrease their accounts payable workload.
- Avoid late fees or penalties.
- Reduce the risk of their service being turned off.
Benefits to the Merchant
Merchants can benefit from offering automatic payments to their customers as well. From the business side, automatic payments can…
- Increase the likelihood that invoices will be paid on time and in full.
- Lessen the amount of manual labor needed to process payments one-by-one.
- Create organization and structure by processing payments on the same day each cycle.
- Reduce paper invoices and physical checks.
In addition to customer and merchant convenience, automatic payments can also help with security by reducing the amount of times that the raw credit card data needs to be entered. If the customer needs to call in each month to provide payment information, the risk of that payment data being compromised increases. A well-designed payment platform with proper payment data storage can allow for a significant decrease in fraud due to the security processes integrated into the system.
Keep Payment Options Flexible
It is important to give your customers an easy way to manage or cancel their automatic payment terms. Clear contract terms can increase your AutoPay adoption rate because customers are more willing to sign up if they know they can cancel at any time. Keeping your customers satisfied with your overall service will help maintain their happiness and loyalty. Customer experience is also a top factor in B2B sales, next to both product and price.
How Nodus Can Help
Nodus’ AutoPay provides merchants with the ability to offer automatic recurring payments to their customers. This easy-to-use module allows merchants to configure templates to manage their organization’s payment preferences. Once a template is created, customers simply enter their payment information to get started.
Our AutoPay functionality uses our payment acceptance and storage hub, PayFabric, to store sensitive payment information in the cloud.
To learn more about our AutoPay functionality, or any of our solutions, contact us.