Recurring Billing and Payments
PrismPay Software offers a simple and easy yet robust recurring billing system that can be configured to suit the needs of your business. Recurring payments is simple and easy with PrismPay. Once your PrismPay payment gateway account is setup you can enable it to accept recurring payments within your website, IVR, customized application or you may use the PrismPay Virtual Terminal.
What is Recurring Billing?
Membership Dues and Subscription Fees are usually the main products and services setup on Recurring Billing. This means that a customer is setup to be automatically billed at specific intervals such as monthly, quarterly, 6 months or annually. Recurring billing can also be used to offer installment billing plans for products. For example, you have a product at $59.85, but you want to offer the product with three payments of $19.95 over a specified amount of time.
The Recurring Billing Manager allows you to edit, update and change all aspects of your customer recurring billing transaction with your company. If you have coded to the recurring API then your customer’s recurring information is stored in the recurring billing manager.
Recurring Billing Features:
- Multiple Billing Profiles: Merchants can configure different profiles for products and allow the consumer to select the one that fits their need. For example, your consumers can select to be billed monthly at one rate, or pick an annual fee at a different rate.
- Flexible Billing Cycles: Recurring billing can be configured to bill weekly, monthly, bimonthly, quarterly, semiannually, annually, etc.
- Different initial and recurring amounts: Different dollar amounts can be specified for the first billing and subsequent billings. For example, a separate “Signup Fee” and “Monthly Fee” and be configured. Special introductory rates can be set up, or free trial periods offered.
- Adjustable Billing Terms: The duration of billing terms can be configured from one time to unlimited.
- Automatic Rebilling: Transactions can be automatically retried if not successful. You set the retry interval and frequency — we’ll take care of the rest!
- Detailed Reporting: Detailed transaction histories of your consumers’ recurring payments are available online for your review. Also, daily summary reports keep you up to date on recurring activity: how many new subscribers, cancelled subscribers, how many were billed that day, whether a billing was successful or not.
Find out more about Membership and Subscription Billing.