Before diving in to what recurring billing means, I would like to hit the rewind button and take you back to those days where this concept was handled differently. So when a merchant had to collect money on a regular basis say it being monthly, quarterly, half yearly or yearly for the goods or services provided by him to his customers, he would have to ring a doorbell with a ledger book, a receipt book and a bag to collect his money of course!!
But now, life has changed and so is the saying from “Time is precious to Time is Money”. Isn’t it?.
Now let’s come back to the present.
In this fast paced world where technology has taken over traditional methods in almost all aspects of life it has left a great impact on the payment model too.How?Lets see. Among other other methods of payment recurring billing is the most preferred by people around the world.Because it saves effort, time and hence money.
Recurring Payment is a payment model where the customers authorize the merchant to autodebit from their account at regular intervals for the goods and services provided by them on an ongoing basis.
Or in other words I can say it is an automatic bill payment.
Well, do I need a recurring payment model? A good question to ask.
If you have customers who have subscribed to goods or services with regularly schedule payments then you are in need of a good recurring billing platform.This is where MYFUNDBOX can help you . It is a platform or tool to automate your work of collecting payments in regular intervals, sending invoices to your customers for our upcoming payments , for data crunching and much more.
What your recurring billing platform should enable you to do? Don’t you want to know before you grab one for you?.