Recurring Billing Payment Services
Do you accept regular monthly or quarterly payments from your customers? If so, Recurring Billing is an ideal service for you. It will:
- Increase On-Time Payments from your Customers
Convenient for your customers, they provide you with the payment information and have no need to worry about mailing incremental payment.
- Simplify your Bookkeeping
Eliminate the need for storing cardholder data and manually billing transactions each month, thus eliminating the risk of compromising cardholder data and manual transaction errors.
- Reduce Collection Headaches and Costs
By using the Recurring Billing feature through the VerePay Payment Gateway you enter the billing information and we securely store it for you on our PCI compliant servers. Then, we bill the cardholder at the time that you have pre-determined.
By using the Recurring Billing feature through the VerePay Payment Gateway you enter the billing information and we securely store it for you on our PCI compliant servers and bill the cardholder at the time that you have pre-determined.
VerePay Payment Gateway allows you to create different plans within the recurring billing and track customers by sales agent if necessary. This gives you the ability to track effectiveness of different plans and sales agents’ performance.
Recurring Billing is a great solution for:
- Fitness Centers
- Monthly Bills
- Lease Payments
- Insurance Premiums
- Lawn & Pool Services
- Products that Ship Monthly
- Magazine Subscriptions
- Book Clubs
- Video/DVD Clubs
- Phone Services
- Cable Services
- Satellite Services
If you would like more information about simplifying your monthly billing and increase your customer satisfaction contact the sales department at BankCard Central today, 800-331-8882 or firstname.lastname@example.org.
What equipment is needed for Recurring Billing Program & how much does it cost?
There are two choices for equipment.
Installation of the processing software in an existing computer . The computer becomes the terminal and uses the modem to connect for the card authorization. COST is $39.95/mo. x 36 mos. leased, or $499.00 retail purchase.
Installation of a Virtual Terminal on a computer with an ISP [Internet Service Provider]. The ISP needs to be one other than aol.com. The transactions are done on a secured internet payment link. COST is $399.00 set up fee and a $15.00 monthly network access fee.
Can this system be used for a One-time payment as well?
Yes! The computer accepts the swiped card and processes the transaction the same as a stand-alone terminal on a counter top. It requires a “card reader” – the gizmo that accepts the card swipe. COST range is $29.95/mo. to $49.95/mo. X 48 mos. leased. Retail purchase range is $399.00 to $800.00.
How much does it cost to process payments through recurring billing services?
The regular merchant processing rates apply.
The discount range 2.25 to 2.75 + 30 ¢ per transaction.
$385 monthly payment x 200 participants = $77,000 recurring payment monthly.
$385 x 0.0225 +30 ¢ [discount rate+transaction fee] = $8.97 x 200 = $1794 monthly discount fee.
The processing fees may be taken as a business expense at the end of the tax year.
What is the procedure to process the payment with the recurring billing service?
The merchant selects one of 2 payment alternatives to process the transactions and obtain the Authorization codes and create the list of individuals participating in the Recurring Payment program.
Use the merchant’s existing bookkeeping/accounting software [such as Quicken, QuickBooks, Rent-right, Rent Pro, etc.] to export the list of cards to be billed into the electronic payment software to create a billing transaction. The software ships the list of payees and their card information for authorization.
Use the processing software , the list of individuals participating in Recurring Payment Program is created. The processing software then sends the list of payees, the transaction amount and their card information for authorization. The merchant enters the payment as received into their bookkeeping / accounting software after receiving the Authorization number.
Use the Virtual Teminal on the Internet, the merchant builds a “profile” for each participant in Recurring Payment program [i.e., card number, amount to bill against the Cardholder’s specific credit card account, frequency / dates of future payments, end date of payment program, etc.]. VIRTUAL TERMINAL obtains the authorization and captures this information on the profile.
The Virtual Terminal maintains the history of these payments, batch reports, declined cards, statements, and the “profile” administration list for easy access and management.
One time payments may also be made with all 3 of these options.
Authorization codes are sent to the merchant. Deposits are made to the merchant’s bank account in the normal 24 to 48 hour time frame.
What happens when a card is declined authorization?
The merchant may wait a period of time, such as 24 hours, and select the declined card for re-submission for authorization. Should card receive a decline again, the merchant can request another form of electronic payment a different bankcard or debit card] or proceed with their normal collection / late payment procedure.
For More Information on Recurring Billing Service Contact Us Today.