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Oct 28

Automatic Recurring Billing Service | Oceanpayment

Oceanpayment recurring billing service is a mechanism of receiving ongoing payments by taking card information of the customers for once.

Subscription-based recurring billing services have been significantly accelerated due to the pandemic-induced digital transformation. The whole world is catching the trend and using recurring bill payments to support their business.

How Do Recurring Billing Services Work?

Once a customer has subscribed to your service or product, recurring billing services help you process recurring bill payments from them. Businesses use payment gateways to process payments securely. Once a transaction is processed and authorized successfully, it will be routed to reporting and account to get accurate revenue recognition.

Recurring Billing Services Work With Different Pricing Models

There are various kinds of SaaS pricing strategies that you can use according to your business model. However, some of the common use cases of recurring bill payments can be seen in these pricing models:

User-based Recurring Bill Payments

Larger teams mostly use SaaS software can use user-based recurring billing services. They will need to bill a customer regularly according to the number of subscriptions.

Usage-based Recurring Bill Payments

In this recurring bill payments mode, businesses charge their customers according to their service or product usage. Here customers will be charged according to a pre-determined schedule with the help of recurring billing services.

Tiered Bill Payments

Different services or products come at different prices. When customers choose a new bundle of features or surpass a particular volume of features, they need to upgrade and buy a higher pricing tier.

If your business follows any of the above, recurring billing services need to facilitate and eliminate unnecessary complexity.

Recurring Bill Payments Pros:

Predictable Revenue

Recurring billing services help businesses to get more predictability regarding the cash flow. Recurring bill payments help to mitigate any unpredictable instability in the market. It is helpful for businesses to scale with the help of better forecasting to lead an efficient capital allocation and increased ROI.

Convenience and Personalization with Recurring Bill Payments

Recurring bill payments ensure that customers don’t get pursued to get repeated payments. It is helpful to save money and time and offers a great customer experience, like custom-made subscriptions boxes.

Revenue Expansion Opportunities with Recurring Billing Services

For SaaS businesses that follow tiered pricing plans, it is a great chance to increase their revenue with the help of upselling and cross-selling add-ons and higher-value plans to current customers.

Recurring Billing Services for Your Subscription Business

If you are running a subscription or SaaS business or looking forward to starting one, the most important thing you need to deal with is the pricing strategy. However, if you have set up the right pricing and offer valuable services, your customers will surely grow.

If you are not using recurring billing services to support your pricing model, then it will be helpful to give your business a significant boost. The recurring bill payments needs of a growing business are increasing at an incredible pace. There are different recurring billing services, and you should find the best one that will surely help your business grow better. A good payment gateway like Oceanpayment can be helpful to streamline your recurring bill payments and grow your business.

Why Recurring Billing Services Should Be Your Priority

Some of the most successful subscription businesses globally have surpassed their competition simply because they were developed to scale. Your recurring bill payments solutions need to be scaled as gracefully as you do, irrespective of the growth you have achieved in a month or year.

Traditional accounting software doesn’t offer the flexibility to suit your business needs. Scalable and efficient recurring billing services like Oceanpayment help automate recurring bill payments and act as a perfect growth partner by scaling with you. Oceanpayment is an all-in-one payment gateway that integrates seamlessly with the current system and streamlines the recurring bill payments operations. Know how Oceanpaymentcan help scale your recurring bill payments. Oceanpayment offers one of the best and most efficient recurring billing services to help businesses grow more.

A recurring billing service system is a type of software system which involves all billing services. Oceanpayment has increasing automatic recurring payments which generate invoices, collect payments, and take care of approvals and provisioning. We are providing scheduled recurring payment services to our customers with a powerful tool of recurring billing. It is automated with no manual entry of transactions at each billing. Our basic agenda is to provide streamlined and translucent billing services to our clients with greater competence and efficiency.

AUTOMATIC BILLING SOFTWARE

Oceanpayment recurring billing process is a payment model in which we provide services to business owners to charge their clients after specific or predetermined intervals for the products or services they are buying. When a customer subscribes to a service, he has to provide his payment information and make consent on deducting the specific amount from their accounts intermittently.

BUSINESSES SUITED FOR RECURRING BILLING PAYMENT SYSTEM

Oceanpayment recurring bill payments can be used by any business which is providing its services repeatedly. Following are a few examples of businesses that can be connected with Oceanpayment:

  • Telecom business with metered billing
  • Newspaper and magazine payments
  • Gym association
  • Google apps, Dropbox, Slack

TYPES OF AUTOMATIC RECURRING PAYMENTS

Oceanpayment recurring billing is classified into two groups:

  • Fixed or regular recurring billing
  • Variable or irregular recurring billing

FIXED BILLING:

Fixed billing is used for businesses that are providing services at fixed prices. In this type of recurring payment method, the amount is deducted from the customer’s account on a periodical or predetermined time or cycle. Newspaper and magazine subscriptions or gym associations are examples of fixed billing. Some features of our fixed billing are listed below:

  • Guarantee and stable incomes
  • Continuous revenues
  • Excellent prospects for upselling

VARIABLE BILLING:

In this type of recurring payment method, the amount collected from the customer’s account may vary in a periodic cycle. The customer’s product usage tracking is used to create a dynamic billing cycle for the client. It is further divided into the following categories:

  • Metered billing
  • Quantity-based billing
METERED BILLING:

It is the type of variable billing, customers are charged based on the usage of the product or service. It is also called usage-based billing. It uses a base plan and customers are charged extra if they go beyond the coverage of the base plan. Internet services and utility billing are examples of metered billing.

QUANTITY-BASED BILLING

In this type of variable billing, customers are charged based on the quantity they use for a service. It is already planned in the service and an agreement is made when they purchase it.

WHY CHOOSE RECURRING BILL PAYMENTS WITH OCEANPAYMENT?

Oceanpayment is providing you with safe and secure recurring billing services. Our best-automated recurring billing system will make your life easier. We are providing a one-stop-shop for recurring billing collection with comprehensive, efficient, and flexible methods with the accounting process. Our billing system matches all GAAP principles and meets with the specific revenues of your company. Compliance is the key to our billing process for your business. Following are the reasons to choose Oceanpayment for recurring bill payments.

  • Custom billing capabilities
  • Real-time payment processing
  • Automated alerts sent for late payments
  • Financial report generation
  • Automatic alerts for expired or declined payment methods
  • Confidential data encryption
  • Secure user access

HOW DOES THE OCEANPAYMENT RECURRING BILLING METHOD PAYBACKS TO YOUR BUSINESS?

There are bundles of features that our system is providing to prosper your business. Oceanpayment assists you with the following benefits listed below:

RELIABILITY:

 Oceanpayment billing service generates bills and invoices appropriately and submits them to our clients timely. This inspires timely payments in turn by our clients. This makes a strong bonding between us and our clients.

EFFICIENCY:

Typically, business invoices are done manually which takes a lot of time but it is not true in our case. We are providing digitalized recurring payment system that turns to be efficient, timeless, and paperless. This ensures the quality of the services to our clients by saving time and making swift ways to payment methods.

DUNNING:

Oceanpayment dunning feature notifies our customers about declined or expired cards. Prompts are sent automatically to our clients that save plenty of their time on checking valid payment details.

PRECISION:

Manual recurring methods increase the risk of errors. We have cleared the risk of human error by using an automated recurring payment system. It generates reports free of error and incorrect billing information.

DATA ADMINISTRATION:

We have a secure data management base system that keeps all your information in one place holding it in your account. Our automatic recurring payment system manages customers, accounts, billing, data storage, and usage in a central location.

ACQUIESCENCE:

Oceanpayment billing software complies with the Generally Accepted Accounting Principles (GAAP) for revenue recognition and billing services.

ADVANTAGES OF RECURRING BILLING WITH OCEANPAYMENT

  • TRANSLUCENT CASH FLOW:

Oceanpayment recurring billing system provides a translucent and reliable cash flow for your business. It will help you to trace your business revenues in a precise time frame.

  • TIME-SAVING SERVICES:

With Oceanpayment recurring bill payments, customers just have to sign up and provide their payment information once. This is a set it and forget it, a mechanism for customers which provides relieves to them. They are charged automatically in each cycle which is indicated by a prompt. Hence our services reduce the chance of delayed payments and save time.

  • AUTOMATED SYSTEM:

In our recurring payment system, the process of charging customers is fully automated. Invoices are generated with the payment cycle by linking customers’ information. They are billed and charged without manual interference.

Conclusion:

Oceanpayment recurring billing service is a mechanism of receiving ongoing payments by taking card information of the customers for once. For many businesses, recurring billing is the only way to make powerful and consistent revenue streams. Our recurring revenue models, create a predictable income flow that increases the lifetime service to customers and lowers the expenses of customer acquisition. Recurring payment solutions optimizes your business approvals; minimize attrition with the streamlined revenues flow. Oceanpayment helps the merchants to recover declined cards on file with automatic account updating and authorization recycling services. Our intelligent recurring payment processing generates fewer declines, reduces time dealing with problems, and helps your business keep more of what it earns.