Tuesday, June 12, 2012

Take Advantage of Auto-Recurring Billing

Auto-recurring billing is a system by which you receive payments from your customers on a regular basis. It not only greatly reduces the amount of time and money spent on billing and collections, it also provides your customers a convenient  way to pay you on time, every time.

The process is easy, and all you need is an internet gateway. Once you have written permission from your customer to begin an auto billing program, you simply upload their information into your gateway. (You only do this once, reducing the opportunity for data entry errors). You set your customers up to pay you an agreed upon amount at regular intervals, and after that their payments flow in with no effort on your part.
Most gateways are can be customized with different billing periods, and flexible if your customer needs to change her payment date or amount.

Once set up, you get your money on time, every time. Cash flow variances are reduced, and you have a determined amount of money coming in on a regular basis. The time and money associated with printing and mailing invoices is eliminated, and past due accounts and their accompanying collection calls are a thing of the past.

Your customers will appreciate that auto billing makes doing business with you simple. They will be able to pay you automatically without the hassle of receiving an invoice, writing out a check, and finding time to get it out in the mail.

Although anyone can use auto-recurring billing, it works best for two types of businesses. The first type is service providers who charge the same amount every month such as daycare providers, contractors who pro-rate their billing out over time, attorneys, fitness centers, storage facilities, etc. The other type are businesses who generally carry accounts for their customers- doctors, dentists, bars, hospitals, etc.

As we hurtle onward toward a cashless society the businesses that succeed are going to the ones that offer flexible payment options- auto-recurring billing is a great way to do just that.

Thursday, June 7, 2012

Visa Warns Merchants of Email Phishing Scams

Visa USA has detected an increase in email "phishing" scams directed at merchants. These scams use fake emails that appear to originate from legitimate financial institutions, processors or other businesses that often conduct business with merchants.

Through these fake emails criminals attempt to convince merchants to  provide sensitive information such as account information, passwords, logins, or other payment information, which then can be used fraudulently.

In most of these phishing emails the merchant is asked to click on an internet hyperlink embedded in the fake email. This link connects to a fraudulent website or server and may lead to the installation of  'malicious software' (malware) on the merchant's computer.

Visa has posted several examples of phishing emails as well as a list of signs that the email you are looking at may be fraudulent at Visa.com.

They ask that you remember that neither Visa nor it's personnel will ever ask you for  personally identifiable information by email or by telephone. Any merchant the receives a suspected or actual phishing message should contact their financial institution and Visa. To notify Visa send an email to phishing@visa.com with the phishing email attached.