So you have heard about recurring billing, but think it's only for big enterprise level businesses. Did you know that you can apply recurring billing to your SMME to enhance your cash-flow and give your clients a truly hassle-free method to pay? Before we look at how subscription billing will benefit your business, let me walk you through a basic definition of what subscription billing actually is:
Recurring billing is when you give a merchant or bank permission to debit your bank account or credit card at regular intervals for the purchase of goods or services. The recurrence can be on any term e.g. weekly, fortnightly, monthly, or annually. The subscription amount charged is usually the same on each recurrence, but can differ. For example a weekly fee of $10.00 for your subscription to an online service.
We know what it is now, but what can recurring billing do for you and your business?
Keeping your cash-flow healthy
Recurring billing is not just for big corporate or enterprise type businesses. You as a small business owner or freelancer can also implement recurring billing procedures in your business at a surprising low cost. Recurring billing for the SMME really does pay off.
Debiting payment via subscription billing means increased cash-flow for small businesses. When billing only via wire transfer or direct deposit only you are haphazardly receiving small, unscheduled payments that each incur bank changes to you and your customer. These once off payments can be sporadic so you are never sure when or even if your customers will pay you.
This means you are unsure of your cash-flow. This in turn leads to you not being able to plan ahead. Not being able to project what your income will look like over the next few months will hinder you from being able to schedule your own debits and plan the growth of your business.
Get paid now, ask us how
Subscription billing means timely payment. Customers can't forget to pay because now payment collection is automated. You don't have to wait around anymore for late payment or have to deal with customers claiming they forgot about making payment. You get your money when you need it - hassle-free. Clients still have the freedom however to select their own debit dates according to invoice due date, so everyone's glad.
Decrease administration
Payment gateways that facilitate recurring payments usually offer automatic account recon or provide bulk reconciliation files that allow simple and accurate resolution of client payments. This in turn translates to massive savings in time and money on your side. No need to employ many staff members to collect payment and control reconciliation, save money. Your clients will also thank you for this because they save time. They don't have to worry about going through to the bank to make manual payment, recurring billing automatically takes care of their payment when it's due.
Sounds awesome! Sign me up! Find the best resources for recurring billing systems online or ask fellow business owners for suggestions. We suggest signing up with a gateway that automates subscription billing and a payment facilitator that enables automatic account recon.
Recurring billing is when you give a merchant or bank permission to debit your bank account or credit card at regular intervals for the purchase of goods or services. The recurrence can be on any term e.g. weekly, fortnightly, monthly, or annually. The subscription amount charged is usually the same on each recurrence, but can differ. For example a weekly fee of $10.00 for your subscription to an online service.
We know what it is now, but what can recurring billing do for you and your business?
Keeping your cash-flow healthy
Recurring billing is not just for big corporate or enterprise type businesses. You as a small business owner or freelancer can also implement recurring billing procedures in your business at a surprising low cost. Recurring billing for the SMME really does pay off.
Debiting payment via subscription billing means increased cash-flow for small businesses. When billing only via wire transfer or direct deposit only you are haphazardly receiving small, unscheduled payments that each incur bank changes to you and your customer. These once off payments can be sporadic so you are never sure when or even if your customers will pay you.
This means you are unsure of your cash-flow. This in turn leads to you not being able to plan ahead. Not being able to project what your income will look like over the next few months will hinder you from being able to schedule your own debits and plan the growth of your business.
Get paid now, ask us how
Subscription billing means timely payment. Customers can't forget to pay because now payment collection is automated. You don't have to wait around anymore for late payment or have to deal with customers claiming they forgot about making payment. You get your money when you need it - hassle-free. Clients still have the freedom however to select their own debit dates according to invoice due date, so everyone's glad.
Decrease administration
Payment gateways that facilitate recurring payments usually offer automatic account recon or provide bulk reconciliation files that allow simple and accurate resolution of client payments. This in turn translates to massive savings in time and money on your side. No need to employ many staff members to collect payment and control reconciliation, save money. Your clients will also thank you for this because they save time. They don't have to worry about going through to the bank to make manual payment, recurring billing automatically takes care of their payment when it's due.
Sounds awesome! Sign me up! Find the best resources for recurring billing systems online or ask fellow business owners for suggestions. We suggest signing up with a gateway that automates subscription billing and a payment facilitator that enables automatic account recon.
About the Author:
Susan Bapsnill is an expert at business billing. She recommends subscription billing to automate your billing procedures. Click here to try a subscription billing system for free.
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