Recurring Payments

Description:

RecurPay is a suite of applications that enables merchants to manage the process of billing their customers on a periodic basis. This streamlines the process of billing customers on a recurring schedule and eliminates the need for merchants to incur the security risk inherent in storing credit cards at their location.

 Click here to download our Recurring Payments Data Sheet  (PDF)

Features:

Merchants can choose one of nine different payment schedules, including:

• Weekly
• Monthly
• Bi-Weekly
• Twice-Monthly
• Every Four Weeks
• Bi-monthly
• Quarterly
• Semi-Annually
• Annually

In addition, merchants can specify a billing start date and number of recurring payments . Once the payment schedule is established, Skipjack will automatically bill the customers’ credit card on the specified schedule. An optional email can be sent to the customer and/or merchant that contains the results of every recurring transaction (e.g. approved/declined). Advanced interfaces are available that allow merchants to:

1. Identify upcoming credit card expiries,
2. Manage credit card declines associated with a specific recurring payment cycle,
3. Search and edit future recurring payments
4. Balance bank deposits

RecurPay supports both fixed dollar amount/fixed schedule payments and variable dollar amount/fixed schedule payments for maximum flexibility.

Benefits:

Some of the benefits of RecurPay include:

• Fast processing time
• Provides a convenient way of authorizing or modifying large numbers of transactions

How It's Used:

• Eliminates the need to store credit cards/eliminates credit card storage security risk
• Dramatically reduces the time required to process transactions that occur on a periodic basis
• Improves the ability to manage existing recurring payments if schedule modifications are required
• Reduces costly errors associated with keying payment data multiple times
• Increases customer service through accurate and timely customer payments
• Increases cash flow due to faster processing of regular payments

Uses:

RecurPay can be used in any business where regular payments are required for the purchase of products or services. A small sample of these include:

• Subscription payments (e.g. newspapers, magazines)
• Fees and dues
• Insurance premium payments
• Loan payments
• Multiple installment payments