The recurring payment process is the backbone that helps in maintaining the flow of the regular revenue stream. When recurring payments are receive on time, the flow of the revenue stream remains maintain. However, just like any other business, the amounts in the recurring billing business are not receive timely. And the worst-case scenario is when your subscription management system enlists those customers in late payers who want to pay but could not because of any reason. In this article, you are going to read some practical ways to get online recurring payments on time.
Easy Recurring Payments Methods
There are many payment methods that subscription businesses offer their customers as per their business needs. The payment method that you provide to your customers should be easy to use for customer. Only then can you expect to get the recurring payments on time. For instance, young subscribers always prefer to pay recurring charges through digital cards and wallets because these are easy to use and quickly deliver bills. Also, you would need ACH compliance to ensure data security while transactions are processed.
Benefits for In-time Payers
It would help if you also offer incentives to those subscribers who pay recurring charges in time. These incentives are more like encouragement for those who continually deliver in time. So, they will keep paying timely, and your regular revenue stream remains maintain. Also, it is for those subscribers who get late in paying their charges. When they know that they can get specific attractive incentives for paying their bills in time, they will be motivate to pay their recurring costs in time. Use your best recurring payment system to offer your customers pay recurring charges.
One of the leading causes of involuntary churn is the late payment of recurring charges. Some subscription billing and payment systems are designed so that they do not allow subscribers to try to repay their recurring charges. Instead, they enlist these customers who are late in paying the recurring bills among the late payers. Some customers cannot pay because of technical issues, e.g., the payment gateway does not function. They are the victim of this process. They are annoyed, for they are on the verge of getting subscriptions canceled. At this time, nothing can help you more than communicating with the customers. You can even use the recurring billing and payment processing platform to communicate with these customers and tell them how to repay their recurring charges.
In Time Invoice Generation
If you expect to receive recurring payments in time, you need to generate invoices in time. Also, deliver these invoices to recurring customers. Sometimes, customers are involved in friendly frauds. They file for chargebacks and give this pretext that they did not receive the invoice in time. So, in time invoice generation is not only for the sake of receiving recurring payments in time, but it is also essential to avoid any attempt of friendly frauds.
Payment Recovery System
No matter how much you try, there will be subscribers who will fail to pay recurring charges on time. And you can leave these recurring charges. The best way to receive these charges is to opt for the payment recovery system—dunning management. Subscription management platforms are integrated with dunning management platforms. Dunning is an apt way to communicate with the customers in case of payment failure. If your recurring billing and payment system offers smart dunning, then the chances of payment recovery are high. You can also increase customer retention rate even if payments get failed.
Handling Customer Excuses
As it has been mentioned that many customers are involved in friendly frauds. They try to file complaints to get chargebacks and propose pretexts. Also claim that they did not receive the invoice in time. They tried to pay, but there were technical problems at the retailer’s side, or they lost the credit card. There can be many other excuses that some customers try to tell you. However, you need to have an effective policy to deal with these excuses. To some extent, friendly frauds are the cause of revenue leakage. And the best thing that you can try to avoid this revenue leak and customer excuses, you need to communicate with customers so that you can send bills and receive payments in time, and such customers do not get the chance to try such fraudulent tricks.
If you want a recurring billing solution that you can use to receive your regular payments in time, you can contact SubscriptionFlow. They have a team of experts to help you. You can use this platform to generate invoices timely. Also, you will get your payments in time.