Q: What is something many small businesses and service providers have in common that would be helpful to simplify and streamline?
A: Collecting regularly scheduled payments from their customers for a recurring service.
Recurring Payments is included with all Clover service plans and is free to use for all Clover merchants. Recurring Payments is a convenient and reliable way for merchants to get paid faster and on-time by automatically charging a customer’s card at predetermined intervals (weekly, bi-weekly, monthly, bi-weekly, quarterly, every 4 months, semi-annually or yearly). Along with Recurring Payments, we have also released a new, easy-to-use Invoice Manager to help merchants track the status of all invoices, making it easier than ever to track which invoices have been paid and which ones are still pending.
A recurring payment enables a merchant to set up a regular payments schedule and automatically charge their customers’ cards on file at an agreed-upon interval. A merchant can setup payments weekly, bi-weekly, monthly, bi-weekly, quarterly, every 4 months, semi-annually or yearly. Customers are provided a receipt each time a charge is made, giving them peace of mind that they can continue to enjoy your product or service without interruption.
The process to set up recurring payments with Clover is easy. Login to the Clover Dashboard and click on the Recurring Payment menu item on the left navigation to create a new recurring payment plan with a payments schedule. Then, you need to add your customers to the plan by searching for them in the customer database or adding a new customer. As long as the customer has a card-on-file, you’re good to go! Set the start date, and payment will automatically be charged per the schedule. Customers will receive an email receipt each time the charge goes through.
Recurring payments are a win-win for many business owners and their customers.
For businesses, recurring payments cut down on the time and effort spent manually sending out invoices each month, quarter, year, or whatever recurring time period you provide your services. Setting up a recurring payments plan reduces the risk of late payments and helps business owners get paid faster and better manage cash flow. The reliability and predictability of recurring payments helps merchants plan ahead for seasonal peaks and dips, impacting everything from staff scheduling to inventory management.
Customers, too, like the convenience of recurring payments. They no longer need to worry about late payments, which typically incur fees, penalties, and other unwanted charges. And, they will no longer receive recurring reminders that payment is due. Recurring payments are seen as more secure than paper bills, giving customers peace-of-mind that their personal information are not at risk.
Recurring payments are better for the planet, too. When you account for the fuel, water, and emissions also caused by transporting paper bills, the decision to rely on recurring payments gets even easier.
Along with Recurring Payments, we have also released a new, easy-to-use Invoice Manager to help merchants track the status of all invoices, making it easier than ever to track which invoices have been paid and which ones are still pending.
Invoice Manager aims to make accounting and bookkeeping easier. We know these activities can be burdensome: nearly half of Canadian small business owners surveyed said bookkeeping was their least favourite task, with general banking and handling finances also being among the least popular. We’re making it easier to track and manage invoices by separating them from other orders, providing better clarity for merchants to follow up on outstanding payments as needed.
Activate Recurring Payments by logging into your Clover Web Dashboard and go to Account & Settings > Virtual Terminal. Recurring Payments and Invoice Manager can be accessed from the left navigation menu on Clover Web Dashboard.
To learn more about Recurring Payments, visit our help site at Use Recurring Payments, and to find out more about Invoice Manager visit View and Manage Invoices on our help site.
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