Recurring Billing and Invoices Within Instant Accept
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, and the most common use of recurring billing and invoices, is when you purchase or subscribe to a subscription. Subscriptions range from Magazines, Newspapers, Computer Security Software such as McAfee or Norton Anti-Virus, Gaming Platforms such as XBOX or PlayStation subscriptions.
Instant Accept’s integration into QuickBooks allows for the automatic creation of the invoice and payment based on the preset interval. The pre-set intervals of monthly, quarterly, or annually are just a few examples. This type of recurring billing and invoicing allows for auto-renew at the end of the subscription unless stopped by the customer.
When the pre-set time interval is reached, Instant Accept creates the invoice, submits the payment and applies the payment to the invoice. When the payment is applied to the invoice, QuickBooks is automatically updated with the payment information.
Here is a link to a short video on recurring billing that shows how Instant Accept is setup to handle this type of transaction.
Benefit from Recurring Billing and Invoices on Large Ticket Items
In another scenario merchants offer large ticket purchases. This is where a customer wants to purchase a large ticket item, but they do not have the full amount of funds available at that moment. The merchant can then offer their customer the option to choose how much they want to pay each month and choose the number of months they want to pay it off in.
This can all be easily setup directly within Instant Accept. As in the previous example, the invoice and payment process is the same.
The difference between the two scenarios is that subscriptions can auto-renew, and large ticket purchases cannot. They are set to a specific start time and period length specified by the merchant within Instant Accept.
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 on a limited time basis. 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 merchants can take payments and update QuickBooks® automatically right from within Instant Accept. With millions of different types of 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.