SkipJack Financial Services
Recurring Payments
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.
Key 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. 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:
- Identify upcoming credit card expires,
- Manage credit card declines associated with a specific recurring payment cycle,
- Search and edit future recurring payments
- Balance bank deposits
Benefits:
- Fast processing time
- Provides a convenient way of authorizing or modifying large numbers of transactions
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 or Multiple installment payments
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