Recurring Scheduled Payments Revolutionize the World
Well, maybe not, but automatic payment options are a great way to get invoices paid on time. Plus, customers seem to enjoy the “set it and forget it” approach so they don’t miss a payment and they may be more inclined to go paperless. While the majority of our clients offer customers the standard AutoPay option, only about one-third offer Recurring Scheduled Payments, which exemplify the personalization trend by allowing customers to customize their payments.
With Recurring Scheduled Payments, launched in June 2015, the customer can specify the day for the payments to be withdrawn as well as if they want to pay in full or a partial amount. The payment can also be scheduled for the invoice due date; however, the invoice amount will be processed and not the balance due as with AutoPay. Customers can quickly set up a schedule and select their payment method in the Customer Portal and then get notified before and after the payment is processed.
Recurring Scheduled Payments could be a good choice for customers who prefer to spread out their bills through the month, coordinate payments with when they get paid, or those who desire to submit monthly payments for a quarterly bill (if applicable). Either way, this is yet one more convenience that can be extended to your customers if not already offered.
For one of our utility clients who offers both automatic payment options, there has been an overwhelming interest in Recurring Scheduled Payments. In one year of having this option, this client processed 62% of their electronic payment volume through Recurring Scheduled Payments. Another client processed 34% of their electronic payment volume through this option.
Recurring Scheduled Payments vs. AutoPay
|Recurring Scheduled Payments||AutoPay|
|Transaction Date||Selected by payer – a specific date or day of the month||Invoice due date|
|Payment Method||Credit card or e-check||Credit card or e-check|
|Payment Amount||Selected by payer – can pay full invoice amount or partial amount||Total balance due on the account|
|Email Notification||3 days before transaction processing date||3 days before transaction processing date|
|Edits or Cancellations||Must be made 24 hours before the scheduled payment date||Must be made 24 hours before the invoice due date|
For a quick guide on setting up and editing Recurring Scheduled Payments, click here.
If you don’t already have Recurring Scheduled Payments and would like to have this feature turned on, please open a ticket through your biller portal or send an email to [email protected].