Recurring Debit Electronic Processing
1st National’s recurring payments service allows your business to electronically process any type of recurring payment including monthly service fees, payment plans, subscriptions or membership fees. Merchants can process customer payments by automatically initiating a charge to checking accounts, credit cards, or debit cards each time a payment is due.
The web-based interface controls the timing of customer payments that can be scheduled with any frequency, and in any amount, up to a year in advance. Once the customer completes a one-time automatic payment authorization form, the merchant enters their payment information into the secure online interface according to the parameters. Each day that transactions are scheduled to process, debits are automatically initiated against the customer checking or card account and the funds are then electronically transferred into the merchants bank within 2 business days.
Online monitoring and reporting provide the required tools to effectively manage accounts receivable records and the flexibility to accommodate customer needs. Customer reference fields, allow merchants to record order numbers, product numbers, or customer account numbers.
The secure web based system also provides the ability to upload your existing customer database and to store both active and inactive customers. Your customers will enjoy the ease and convenience of not having to mail payments and your business will benefit from increased cash flow, improved productivity and customer retention.
Recurring Debit Benefits
- Improves profitability by saving on costly invoice processing – paper, envelopes, postage and the manpower.
- Ensures predictable cash flow – no waiting for mailed in payments.
- Increases productivity through streamlined operations.
- Heightens customer retention and satisfaction.
- Reduces or eliminates check deposit and returned check fees.
Interested in what 1st National can do for your business? Give us a call or complete our “quick quote” request. Between our well rounded inventory, Class A Settlement Banks & Processors, and a full suite of Merchant Services, our talented agents are sure to be of value.