Modern Recurring Billing System

Why do modern businesses look for flexible payment processing systems, even if we are talking about recurring billing solutions?   Previously, the majority of merchants used recurring billing platforms just to charge the same amount on the regular basis. But today they need some advanced features in order to meet the requirements of their clients.

A modern recurring payment system should support committed and uncommitted billing. Let’s describe them. The example of the uncommitted billing is the news website subscription. If a customer stops paying you automatically stops providing him/her with services. Things are a little bit more complicated with committed recurring billing. The customer is obligated to pay according to the contract (e.g. cell phone contracts, gym membership) and if an account becomes delinquent, the recurring billing solution you are using needs to make collection attempts so that later the past due amount can be paid and the account recovered.

What is more, different payment schedules should be supported within a recurring billing system. Two types of payment plans exist: regular (fixed/term payment plan, pay-as-you-go/unlimited plan and hybrid plan) and irregular. And sometimes you may also need the ability to modify the mentioned payment plans, for instance, to freeze, reschedule or delay payments. And these are also the tasks for your recurring billing software.

There are a lot of different systems available but if you want to see a really flexible and robust one you need to consider UniPay Payment Management Platform (you can learn more here). Additional information on recurring billing can be found at Paylosophy Blog.