Description:
RecurPay is a suite of applications that enables merchants to manage the process of billing their customers on a periodic basis. This streamlines the process of billing customers on a recurring schedule and eliminates the need for merchants to incur the security risk inherent in storing credit cards at their location.
Features:
Merchants can choose one of nine different payment schedules, including:
- Weekly
- Monthly
- Bi-Weekly
- Twice-Monthly
- Every Four Weeks
- Bi-monthly
- Quarterly
- Semi-Annually
- Annually
In addition, merchants can specify a billing start date and number of recurring payments . Once the payment schedule is established, Pay-All-Easy will automatically bill the customers’ credit card on the specified schedule. An optional email can be sent to the customer and/or merchant that contains the results of every recurring transaction (e.g. approved/declined). Advanced interfaces are available that allow merchants to:
- Identify upcoming credit card expiries,
- Manage credit card declines associated with a specific recurring payment cycle,
- Search and edit future recurring payments
- Balance bank deposits
RecurPay supports both fixed dollar amount/fixed schedule payments and variable dollar amount/fixed schedule payments for maximum flexibility.
Benefits:
Some of the benefits of RecurPay include:
- Fast processing time
- Provides a convenient way of authorizing or modifying large numbers of transactions
How It's Used:
- Eliminates the need to store credit cards/eliminates credit card storage security risk
- Dramatically reduces the time required to process transactions that occur on a periodic basis
- Improves the ability to manage existing recurring payments if schedule modifications are required
- Reduces costly errors associated with keying payment data multiple times
- Increases customer service through accurate and timely customer payments
- Increases cash flow due to faster processing of regular payments
Uses:
RecurPay can be used in any business where regular payments are required for the purchase of products or services. A small sample of these include:
- Subscription payments (e.g. newspapers, magazines)
- Fees and dues
- Insurance premium payments
- Loan payments
- Multiple installment payments
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