For an enterprise to maximise business revenue, it needs a few central factors to be set in place. One of these is a recurring payment platform. It is the perfect method to set up payments to deposit on time without people having to repeat efforts to collect or manual attempts to pay each time. Both client and customer are happy and don’t have to pay attention to the mode, manner, and success of payments.   

The right platform creates a strong process for consistent cash flow, reduces administrative burdens, and improves customer satisfaction. We’ll uncover how it is a game-changer for modern enterprises that leads to greater revenue growth. 

To start with, what are recurring payments and recurring payment platforms?

Recurring payments are periodic payments that can be set up to be made automatically from your customer’s account to your business account using a recurring payment platform– at a predetermined date every month, fortnight, quarter, year, or any other customized time period or date. Neither your organisation or the customer has to make or request for each payment individually. Once set in place, you will receive all your payments on schedule without any more effort from the business – as long as the customer ensures their account has the sufficient funds in their account before the payment date.   

This model of collection is used for subscription-based companies which include OTTs, utility providers, rent collectors, gyms, insurance companies etc. It gives them predictable cash flow that they don’t have to personally and repeatedly follow up on to collect. They can instead focus on increasing cash flow by getting new business, which they can again set up recurring payments for.    

Discover the benefits of a recurring payment platform

1. Predictable revenue is easier to achieve 

What your business needs the most to create a growing future is predictable revenue generation. In simple terms, you need to know what your monthly and yearly incoming cash is, in order to plan forward with confidence. A recurring payment platform empowers your business to think ahead, and think bigger. 

2. Customers stay for longer

The easier it is to make payments for your services, the more customers will stick with your enterprise’s services. A recurring payment platform makes it easier for customers to set up automated payments, which gives them the further benefit of not worrying about individually making the next payments. This will result in a more long lasting customer-organisation bond, and one more reason for them to choose your services when needed again. 

3. Free up employes to drive further innovation  

When payments are manually driven – periodic collection and setting up, they require a workforce that a recurring payment platform eliminates the need for. When technology can replace a manual function completely, the people on the team can put their mind to more innovative use. It also speeds up the process, as opposed to a manually driven payment system.     

4. Give customers better payment security

Paying customers need to know that their payments won’t go to the wrong account, and that their financial data is protected. Recurring payment platforms come inbuilt with NPCI (Government payments regulator) safeguards that ensure these two factors. With this security, they know that all their payments – however big, small, or hurried – are protected and safe.      

5. Make scaling and growth simpler

Business growth is only possible when there are financial resources and resource generation that can be relied on. A recurring payment platform gives organisations a clear idea of what their finances will be every month and, subsequently, year. This helps them understand how much they can confidently scale the organization to, and at what pace.     

What is the best recurring payment platform for your organisation?

Each organization’s needs and strengths are different. You need to select a platform that works for you. The factors you need to consider are your spending budget, immediate business goals, scalability, and your present process (to find the platform that adapts best with the least disruption). These factors vary and need to be assessed subjectively to your organization till you find the best match.  

Make sure to check for:

• Payment flexibility: Even if your payment capability is under budget, you can buy the recurring payment platform you need with flexible payments. This may need to be negotiated – but is a worthwhile effort because it gives back in terms of more customers and business. 
• Dynamic performance: Your final choice should be able to adapt to changes in the future of technology and the payment industry. This will avoid the need to look for another platform and utilise your present one instead.       
• Seamless Integration: With your new platform, you should be able to change very less, or nothing, from your present process. It should upgrade the efficiency of your process without any disruption to customers or ongoing business. 

Paycorp is a recurring payment platform that will keep your organisation ready for growth with features that make payments simple, easy, safe and quick for customers – while supporting your business goals through a single solution. 

Get the full experience with a free demo.