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Table of Contents

Lead Story

Getting a jump on the holiday season

News

Industry Update

PCI SSC releases new encryption requirements

Data security an ongoing concern

Google Wallet rollout generates questions

PayPal staking claim in mobile payments sphere

Trade Association News

Features

Seven steps to merchant success in recurring payments

Research Rundown

Meet The Expert: Andrew Altschuler

Selling Prepaid

Prepaid in brief

Nexon expands game card concept with Karma

Western Union enhances options at the POS

Views

Kick complacency out the door

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
The ABCs of SAQs

Bill Pirtle
MPCT Publishing Co.

Reinvigorating the merchant club

Steve Norell
US Merchant Services Inc.

Trust in transparency

Jeff Fortney
Clearent LLC

Inspiration for women in payments

Peggy Bekavac Olson
Strategic Marketing

U.S. EMV implementation

Tim Cranny
Panoptic Security Inc.

Company Profile

First Annapolis Consulting Inc.

New Products

Look, Mom and Pop, no paperwork

CB App Express
Merchant Warehouse

An automation tool for walk-in payments

PayItFast
US Dataworks Inc.

Inspiration

Claim the podium

Miscellaneous

2011 Calendar of events

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

October 10, 2011  •  Issue 11:10:01

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Seven steps to merchant success in recurring payments

Editor's Note: This article was published in the July/August issue of Connection, a Chase Paymentech Solutions client newsletter; reprinted with permission. Chase Card Services. All rights reserved.

When businesses accept recurring payments, customer relationships last well beyond a single transaction. For these merchants and billers, it's critical to utilize payment tools that can minimize billing disruptions and maintain service continuity. This can reduce processing costs, maximize revenues and strengthen customer satisfaction.

The merchant advantages are clear: predictable cash flow, lower costs and improved customer retention. The consumer comes out ahead, too: less time and effort spent on bill payments and no service disruptions resulting from past due payments.

Electronic bill payments have multiplied over the past several years, and that growth is predicted to continue. Aite Group LLC has forecast that over 5.6 billion bills will be paid online this year, growing to over 6.3 billion in 2013. Currently, over half of all bills are paid electronically, with fewer and fewer check and cash payments occurring every year.

Merchants can take advantage of this trend by not only offering online payments, but by adding a recurring payments program. Those that already offer a recurring option should look for ways to enhance and improve their program.

Realizing the benefits of recurring payments requires careful planning and execution. Following are common steps merchants can take to optimize their program.

Working with the right payments partner is critical. Merchants should seek out a provider that not only offers expertise in recurring payments, but also has the necessary tools, technology and resources to create the best possible solution.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services