In this highly digitized world, the payment for goods and services has long changed from the old-fashioned trade by barter to a more modern form where we make payments on our laptops or smart devices and immediately receive them at the other end. As creatures of habit, there are things we often do and need to pay money for, such as watching movies, eating, hitting the gym, playing games, etc.
In most cases, the payment amount is often fixed and payable at the end of a certain time frame—monthly, bimonthly, annually, or however the service providers want. In times gone by, these recurrent expenses used to be limited to utilities like rent, gas, water, or electricity.
But with more goods and services considered essential to modern humans, the range of services requiring recurrent payments has also increased. This is because we are getting more comfortable authorizing recurrent payments, which cuts down on the laborious processing of payments and increases our satisfaction as consumers.
As a service provider or business owner, this has helped provide a steady income stream for your business as you no longer have to bill your customers manually each period. But with the rise in chargebacks, thefts of customers' payment information, and the rising cost of transactions, many businesses are pivoting to cryptocurrency for its security, ease of use, and transaction speed.
Unfortunately, many business owners who accept payments in crypto do not know how to create automatic recurring invoices for their crypto payments, leaving their customers dissatisfied. If you are in that category, this article will explain how to set up recurring invoices for payments you receive in crypto.
How Recurring Payments Work With Crypto Payments
Recurring payments are transactions that your customers have already authorized. As the company providing the service, this allows you to charge them for utilizing your products or services regularly, assuring you a steady cash flow. This mode of payment allows for automated withdrawals from their bank account or wallet into yours, depending on the time and amount previously agreed upon by both of you.
This mode of payment is very simple to set up. It begins with the first payment from their account to yours and consents from the customer, permitting you to routinely transfer a set amount from their account. This process of enabling recurring payments can be implemented on their card, via direct bank transfers, or, in this case, through cryptocurrency.
Once that has been set up, the system transfers the required amount from their account to your business or merchant account at the time that you set. Depending on the conditions of the agreement, these transfers could be scheduled to happen every week, every month, or every year.
Why Recurring Payments Are Helpful For Merchants
Making recurrent payments for you and your customers has a couple of advantages.
- Reliable Budgeting: With recurring payments, you have an idea of your finances and can structure your budget. The same also goes for your consumers, as with an idea of the number and amount of payments they are making, they can accurately figure out their balance on a monthly or quarterly basis.
- Ease of Use: Having to manually pay the same amount of money at a given interval can be a burden on your customers, but with recurrent payments, that gets out of the way, and as a business, it helps with consumer retention as the ease of doing business improves the experience your customer has.
- Efficiency: Using recurrent payment systems is efficient for your business. Using a reliable payment processor, your payments can be created as a recurring invoice, and at the set date, the payment is received. This reduces the likelihood of an error from you or your consumer while saving time.
As a business offering services to consumers and providing the option of making payments in crypto, it is important to work with a reliable payment processor with a low service charge and a stress-free operation like CCPayment.
Using CCPayment To Create Automatic Recurring Invoices
CCPayment is a modern payment platform utilizing cryptocurrencies to reinvent payment processing by offering a smooth, secure, and highly efficient transaction experience. It distinguishes itself by handling the needs of today's digitized world, making it a vital addition.
Visit CCPayment to sign up; locate Invoice at the left navigation bar after logging in to your CCPayment account. To create a new invoice, click the 'Create Invoice' button at the top-right corner of the screen. When you enter the Invoice Dashboard, it lets you view all your invoice details and track your order status.
After clicking on the Create Invoice, the relevant information would be requested, such as the 'Payer Info', your customer's name and email, the 'Merchant Info', your business or brand name, and your business email.
Invoice Title: This title will be displayed on the invoice and checkout pages; you can add a description for your invoice here. In the 'Currency' section, you choose the currency in which the payment will be denominated and enter details for the goods or services. The total payment amount will be calculated in fiat currency based on your entered item details.
At the 'Invoice Token', you select the type of cryptocurrency that can be used for payment; you may select one, multiple, or all of them in the dropdown list, and according to your invoice type, you will select recurring invoice.
You set the frequency, the first sending date, and the number of invoices you want to issue. Whether the recurring invoice is sent or not, you can view the invoice schedule in recurring invoice management for each sent invoice. Check the box to switch to a standing invoice, so you will not need to set up the end date and time, and you can end it at any time.
Depending on your preferred notification mode, you can also choose how you would like to receive notifications of transaction results and details through emails or webhooks. After filling in the required information, click 'Publish' to create your invoice. When this is done, your invoice will be automatically sent when it meets the deadline.
Recurring payments changed the game, simplifying transactions while enhancing your company's stability and development. As the economic environment shifts, embracing new solutions like CCPayment, a safe and efficient cryptocurrency payment platform, could assist your company in staying ahead of the competition.
CCPayment also has dashboard capabilities that allow you to monitor transactions in real time and keep track of recurring payments, allowing you to have a healthy cash flow and accurate financial records.
Are you prepared to upgrade your payment processing? Discover the opportunities with CCPayment today to take your organization to the next level!