MANILA, PHILIPPINES – For online businesses, receiving payments on time is as equally important as closing a sale. When customers fail to make payments punctually, a merchant’s cash flow is negatively affected. Aside from hurting the profitability of the business, it also puts a dent on the relationship between the merchant and the consumer.
Late payments, usually called delinquent payments, occur when businesses rely heavily on “one-time” payments for credit and debit cards. As the term implies, “one-time” means that customers are required to pay the entire amount of the transaction in one lump sum. This doesn’t only make it harder for customers to pay but it also makes payment processing quite tedious and time-consuming for merchants.
“Not every customer is familiar with making online payments, more so, on a timely manner. In today’s e-commerce landscape, businesses must learn how to simplify the invoicing and billing process for their customers,” says Mr. Mau San Andres, AsiaPay Philippines’ Senior Manager, Sales and Marketing. “People are more likely to do business with you when it is easier to pay,” he added.
Thanks to the advancements in payment technologies, automated billing solutions are now available. By automating the collection of payments, merchants are able receive money directly into their accounts without the need to actively create and send out invoices to their customers every billing cycle.
Streamlining the Payment Process
As the leading online payment gateway in the Philippines, PesoPay offers businesses a payment solution called SchedulePay which grants any merchant the capability to provide and accept recurring payments from their customers.
Recurring payments, sometimes known as scheduled payments, refer to multiple transactions that customers have pledged to pay at predetermined intervals until the agreement is cancelled. Making use of recurring payments removes the hassles and costs of manually processing payments. It also ensures that customers can make full and timely payments, thereby improving the merchant’s ability to manage their cash flow more effectively.
Merchants who primarily offer membership, digital goods and subscription-based services are the perfect candidates for this type payment solution. As a matter of fact, utilizing recurring payments have more potential in driving revenue than one-time payments since it provides businesses with an ongoing stream of revenue from a single customer.
Getting Started with SchedulePay
Setting up recurring payments is a breeze. Once PesoPay merchants have availed SchedulePay, no further integration is required. A new set of parameters to configure payments as recurring will immediately appear on the merchant’s dashboard or admin tool.
SchedulePay’s intuitive interface give merchants the option set any individual transaction as a recurring payment. They can also set up the start and end date of the payments, amount that will be paid and even the frequency of the payments, whether daily, monthly or semi-annually. Additionally, merchants may modify or cancel any scheduled payments at any time depending on their agreement with the customer.
“With SchedulePay, we believe that merchants will be able to focus on what really matters, selling more,” says Mr. San Andres.
To learn how we can help your business grow through recurring payments, visit www.pesopay.com or call 887-2288 / 887-0088