Recurring Billing and Invoicing in Instant Accept
How Can It Benefit You
Recurring billing and invoices can be useful in several scenarios that occur regularly in many types of businesses. In this blog we will explore two ways a business would use recurring invoicing and receive recurring payments for their products and services.
In the first scenario a business creates one large invoice for their product or service and then takes periodic payments against it until the invoice is paid. An example would be a business that sells a product, service or membership and records the full sale as income at the time of the sale.
However, to make it easier for customers to afford, they give the customer the opportunity to pay it off over a specific time period. The merchant might even offer a discount if the customer is able to pay the entire amount at the time of purchase.
Instant Accept’s integration into QuickBooks allows for the payments to be charged automatically at a preset interval (weekly, monthly, quarterly etc.). Assuming the payment is successful, the QuickBooks invoice is updated in real-time. Here is a link to a short video on recurring billing that shows how Instant Accept is setup to handle this type of transaction.
Options for Using Recurring Invoices within QuickBooks®
In the second scenario a business sells a product or service on a SaaS (Software as a Service) model. Obviously, as the name implies this is immensely popular with software companies but is becoming increasingly more popular in other industries as well.
An example of this type of business would be a Point of Sale (POS) company that bundles the hardware, software, and support all into one monthly payment. In this case, the customer would most likely be required to agree to a two- or three-year contract. Thus, allowing the business to recoup the initial expense of the system. The business records the payments as monthly revenue as opposed to one big sale as in the first scenario.
QuickBooks has the functionality to auto-create monthly invoices that are a copy of an original invoice. In the example above the business is going to charge a certain amount each month at a minimum. They may update the copied invoice with extra charges in any given month, but the basic invoice remains the same.
Here is a short video of recurring invoices in QuickBooks demonstrating how this is best addressed in Instant Accept.
Start Increasing Profits With Recurring Billing and Invoices by Joining Instant Accept Today!
In the videos, Instant Accept is very versatile with how we can take payments and update QuickBooks®. Millions of different businesses use QuickBooks® for their accounting package. Instant Accept can be a money saver for many of them. For more information or to schedule a demonstration please contact us or call 855-220-2840.