How To Setup And Accept Recurring Payments?
In this era, every customer prefers to pay using digital payment methods. If a business merchant still relies on cash-only payments, then this might be not easy to survive the competitive market.
Recurring billing is one of the most popular methods to transfer funds. There are several types of products and services in which customers always prefer to pay using a recurring billing method. In order to accept recurring payments for the business, the merchant must have an echeck merchant account. Quadrapay is one of the best merchant account and payment processing service providers.
What Are The Advantages For A Business To Accept Recurring Payments?
Some of the benefits of electronic check merchant account are:
- Low- Processing Charges: There are a lot of different payment processing solution providers in the market. But we at Quadrapay provide you with the best and affordable payment processing solution. This allows you to save a lot in terms of payment processing charges. It also helps you to gain more revenue out of your business.
- Recurring-Based Payments: This is one of the significant benefits that attract a lot of people. Recurring billing service allows a customer to pay for the products and services more efficiently and straightforward. If a business accepts recurring payments, the funds get directly debited from the customer’s bank account and get transferred to the merchant business account.
Some Of The Frequently Asked Questions To Accept Recurring Payments
Q. What Makes Recurring Billing So Popular?
One of the significant factors that make every business merchant accept recurring payments is the ease of payment. There are a lot of customers that can’t pay the lump-sum amount for the product or services. Here a subscription-based or recurring payment helps them to settle quickly in small payments for a fixed tenure. The business merchant does not have to worry about payments because the funds get debited automatically from the customer’s bank account and then gets credited in the business merchant acquiring bank account.
Q. Recurring Billing Uses Which Network To Get Payment Processed?
The Electronic Check payment processing uses the ACH (Automated Clearing House) network. This ACH network is governed and regulated by NACHA. This is also known to be as Reg E rules. This National Automated Clearing House Association manages and controls all the transactions going on in the ACH network.
Q. Is it possible To Void Echeck Payments?
Yes, online electronic check payments are prone to be voided as well. But this should be done before the final settlement of funds. If the funds are already settled, then this can not be voided. A business merchant can stop the electronic check payment before the transaction is initiated and processed with the ACH network. If the merchant can’t void the transaction, then the amount will get processed and settled in the payee’s bank account.
Q. What Are The Methods To Accept Recurring Payments?
The business merchant can easily retrieve recurring payments. This can be done either online, telephonic conversation or In-person payment request. The customer has to provide some vital information like bank account details and routing number to the business merchant. After getting all the required details, the merchant will forward all the information to the payment processor through the virtual terminal.
If you still have any problem to accept recurring payments, connect with us at [email protected].