MOLPay Recurring Payment is primarily created for merchants and buyers to automate charges or payments in reducing the risk of making late payments. This method will help to ensure payments are made on time and prevent any time-sensitive issues to occur to business or consumer. By adopting MOLPay Recurring Payment, credit card details of the consumers will be saved in a tokenized system and the charge will automatically be applied when the charging period is met.
Here are some important benefits of using MOLPay Recurring Payment:
1. Lower the risk of late payment
The late payments from buyers is one of the reasons why merchants could not close any related accounts in a specific time period, either credit or debit. Automated payment system will help merchants to charge the buyers for any payments which require automatic deduction in a monthly basis or any time period specified by merchants. This system will help merchants to reduce the stress of handling a business in which they don’t have to remind the customers to pay again and again. The buyers will also feel at ease when they don’t have to think of the payments that may lead to any service termination if they forget or have yet to pay.
2. Build Customer Loyalty and Retention
Being systematic is the proof that a business is well-managed and reliable. When the payment is made on time, merchants and buyers will feel happy to serve each other. These factors don’t only influence the customers to feel comfortable with the system but they will definitely feel interested to wait for more services or products that come from the same merchants. It doesn’t matter if it takes months or years, if they trust, they won’t be reluctant to be loyal to the business.
3. Rely less on manual payment schedule
No one wants to be slow these days. There are many automatic things in the market which urge us to move faster; automatic cars, gate and etc. Sometimes, there are a lot of things that might get out of control if we don’t manage it well.
Therefore, when an automatic system like this exists, it’s much easier when we let the system to control it. More efficient and less mistakes, especially if a business is getting bigger. No more time to check one by one for who has paid or who hasn’t paid in a manual payment schedule.
4. Enhances business cash flow and forecasting
Last but not least, it can improve business forecasting and cash flow. This is unexpectedly related to the automated payment system since the account closing is important for a business to predict what will happen for next month or year based on profits, expenditures and etc.
By having MOLPay recurring payments, merchants can do forecasting for their business and can improve their cash flow.
MOLPay recurring payments is the best solution for merchants and buyers who care about a flexible system in accepting payment. By using this system, the merchants and buyers can maintain a good relationship with each other.To find out more about recurring payment for your business, contact MOLPay. We are very happy to assist you.