Offering your customers the option to set up recurrent payments with your business can help you increase your customer retention rate and maintain a stable cash flow for your business. Online bill pay is a direct payment service offered by enterprise payment platforms to allow businesses to accept recurring payments from customers. Your business can also take advantage of the bill pay service to set up automatic billing for your own utilities or vendor subscriptions, clearing up your time to focus on other aspects of your business.
Here’s more information on how to set up bill pay capabilities for your business.
How Does an Online Bill Pay Service Work?
Online bill pay service involves direct payments made via automated electronic transfer from a customer’s bank to your merchant bank. With an automatic bill pay service, customers can set up a schedule for making payments to your business. On the select dates, a debit is made from your customer’s bank, while the funds are deposited into your merchant account. With this automated direct payment system, you can also send a recurring invoice for each payment to be made.
If your business provides goods or services on a recurrent basis to the same set of clients, having an online billing service can simplify your invoicing and settlement process. With a recurring direct payment schedule, you can be assured of regular payments from your customers.
Benefits of Automated Direct Payments for Your Business
There are many great reasons to consider equipping your business with an automated online bill pay capability. Here are the five top benefits for your business:
- Eliminates delayed payments and ensures steady cash flow for your business
- Gives greater payment flexibility and convenience to your customers
- Supports customer retention and loyalty efforts
- Online billing offers greater security to customers, by eliminating the need to pay in-person using checks or physical payment cards.
- Bill pay systems can also be useful to pay your own business bills
How to Set up Bill Pay Capabilities For Your Business Using Tingg
If you’re interested in setting up an online billing system for your business, here are a few steps to take:
- Research available online bill pay portals or service providers
- Reach out to your most preferred and follow the provided instructions for account setup
- Provide your merchant bank details for funds deposits
- Import customer data for invoice generation
- Start sending invoices to customers and receiving payments
Accept Automated Direct Payments With Tingg
Tingg is a payment platform that makes it incredibly easy to set up online bill pay capabilities for your business. With Tingg, you can set up automated invoicing that provides your customers access with a link to a single payment page where they can see the current invoice and complete payments using their preferred payment methods.
Tingg also allows you to schedule recurring payouts to your vendors, suppliers and partners. Tingg does not require you to have a website to take advantage of its online bill pay solution, as it can be used by any type of business whether you operate online or offline. It is currently available to businesses in Nigeria and Kenya.
To learn more about how to set up an online bill pay system using Tingg, visit tingg.africa/
