JetPay’s Recurring Payments service puts regular payments, like membership fees, on a card. It’s good for your customers (easy to use and easy to budget). And for you too (cutting your costs, retaining customers and increasing spending).
What if you could have a simple and reliable tool that improved customer loyalty, extended their buying power and increased your profits? Try our Recurring Payments service. We process hundreds of thousands of recurring transactions every day – and that’s rising. People like monthly payments or regular subscription or membership fees: they make life simpler and easier to budget for. And that is good for business.
With recurring payments (or Continuous Payment Authorities), your customers give you a debit or credit card number and permission to take regular payments. You get the money; they don’t get stung with checks or late payment fees. If they decide to cancel, they tell you and their bank or credit card issuer, and it’s done.
Cancellation is in fact less likely with Recurring Payments. We make them so easy, secure and reliable, especially on update, that businesses find they boost customer loyalty, with up to 24% boost in sales / reduction in attrition rates.
Customers whose bills are paid automatically by card make fewer calls to Customer Services. Chargebacks and exception-processing expenses are reduced.
By allowing people to spread the cost over the year or pay by instalment, Recurring Payments make it easier for people to buy what they need or want.
By reducing the number of checks, late payments and accounts in collections, Recurring Payments will help you to operate more efficiently, saving time and money.
As long as you can send us the data over a secure FTP, we can build a flexible programme around your needs, with products that not only manage Recurring Payments, but measurably improve your cashflow. Here’s how:
Transaction recycling minimises the risk of failure of recurring payments that are ‘soft declined’ on their usual date because of declines that may be a temporary situation like insufficient funds or late payment. Most providers return the decline to you and that’s it. At JetPay we work the declined transaction for up to 12 days, to turn it from a decline to an approval.
Account Updater will slash losses from declined recurring payments as well as reduce your membership cancellation. Account Updater gets new expiry dates and new replacement card numbers directly from the card issuer without you having to contact customers. Most companies have a 24% cancellation rate when calling the client and requesting a new form of payment. If you don’t contact them they won’t cancel.
Card identification minimises losses from cards that are likely to default or cause you higher Interchange fees. When our systems spot pre-paid payment cards, corporate cards or cards registered in high-risk areas, they block them.
Secure tokenisation, where card data is held on our secured systems not yours, not only encourages customers to feel comfortable giving you their card details, but saves on compliance fees.
International processing could dramatically boost sales by allowing you to offer recurring payments in multiple currencies. So, if you trade in other countries, you can offer them monthly payments or annual subscriptions too.
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