How recurring invoicing will benefit your business
Recurring invoicing can bring tremendous benefits to any business and can streamline procedures to the point where business owners and employees can put their focus elsewhere.
Today, more than ever before, there are numerous solutions developed to allow this functionality, and we are going to explore everything businesses need to do to leverage these benefits. But first, let’s find out what recurring invoicing is and how it works.
- Recurring invoicing gives businesses the ability to set up different service types, such as subscription models.
- They can automate the process of tariffication plans and, as a result, have more time for other business processes.
- Anyone can automatically send recurring invoices to their customers through email, which takes just a few minutes to set up.
- NOWPayments is a leading crypto payment gateway that enables recurring invoicing as a tool to help businesses.
What is recurring invoicing?
If you are curious about what is a crypto recurring invoice, here is everything you need to know.
Recurring invoicing is a billing service that is aimed at enabling any business owner the ability to automatically send an invoice to their customers via email.
By putting a tool like automated recurring payments to work, business owners can charge or pay their customers every time as much as they want to whilst also automating their payment flow management.
NOWPayments is a crypto payment gateway that features a recurring invoicing tool, enabling anyone to set up a crypto subscription with various tariffication plans, all of which are automatic. The process of establishing recurring invoicing has never been easier.
All business owners have to do is essentially set up subscription groups and tariffication plans, which will automatically execute later.
Recurring invoicing is accessed via an efficient API tool. Moreover, merchants can withdraw their income in euros.
This can lead to an expanded customer base, as new customers will feel a lot more comfortable utilizing these products or services.
All you need to do to enable automatic recurring billings is to add users, upload them through a CSV format, and specify the payment information, after which you can generate an invoice by picking the cryptocurrency they want to use. You can set up a tariffication plan, and the email with the payment invoice can send customers the preferred plan.
How does recurring invoicing benefit your business?
There are numerous ways through which recurring invoicing can benefit any business.
Subscription model businesses
Most businesses with a business model that involves a subscription will need regular payments from their customers. As such, this feature from NOWPayments will enable these businesses to automatically send recurring invoices to their customers through email.
Improved funds flow
The recurring invoices can contribute to a much steadier stream of monthly income and improve cash flow from month to month so that there can always be enough money to cover expenses and business costs.
Speed up payments
By sending invoices in recurring intervals, business owners are encouraging clients to lock within a similar payment routine, and this will also allow them to make quick and convenient payments.
Reduce time spent chasing payments
Any business that has implemented a recurring payments system has the benefit of not having to remember to request a payment and, as a result, avoid losing funds. Their clients, subsequently, won’t have to pay additional late payment fees.
Automating the payment process
By leveraging software solutions, business owners can easily integrate these types of payments and have peace of mind knowing that software is doing all of the hard work and is not subject to human error. This means that you can enable monthly invoice automation.
More time to focus on other areas
Businesses can begin to accept recurring payments within the span of just a few clicks. The NOWPayments API tool can enable all of this by doing all of the hard work for merchants, where setting up a subscription is a streamlined process. This means that business owners and other employees will have more time to put their focus on more important business processes.
How to set up recurring invoices?
NOWPayments can provide businesses with access to recurring invoice tools that will aid them in the management of the financial flow of their accounts.
Here is everything each business needs to do, step-by-step:
- Step 1: Sign Up for a NOWPayments account by visiting the official account creation page. You will need to agree to the NOWPayments service agreement, the User Agreement, and AML and KYC Policy to continue.
- Step 2: Now, each user will need to add their crypto wallet address, and generate an API key.
- Step 3: Implement the API into your website. Visit the official API documentation to see all of the required codes involved with implementing the feature. You would need the Recurring Payments API.
- Step 4. Add user or upload a group of new users in CSV format
- Step 5. Specify payment info and generate an invoice choosing a crypto of your choice
- Step 6. Set up your tariffication plan
Hooray! Now, the email with the payment invoice will be sent to your customer with your preferred tariffication plan.
Check out all the available methods for Recurring Invoicing API:
- POST. Create plan. It helps you create a Recurring Payments plan. Note that every plan has its unique ID which is required for generating separate payments.
- PATCH. Update plan. This method allows you to add necessary changes to a created plan.
- GET. Get one plan. You can obtain information about your payment plan.
- GET. Get many plans. This one is really similar to the previous one, the only difference is that you can obtain the info about all the payment plans you’ve created.
- POST. Create an email subscription. Thanks to this method, you can send payment links to your customers via email. A day before the paid period ends, your customer will receive a new letter with a payment link.
This is an example of what creating an email subscription would look like:
curl --location --request POST 'https://api.nowpayments.io/v1/subscriptions' \
--header 'x-api-key: <enter_your_api_key>' \
- GET. Get many recurring payments. Here you’ll be able to view the entire list of recurring payments filtered by payment status and/or payment plan ID.
- GET. Get one recurring payment. With this method, you’ll gate the info about a certain payment (for example, its status)
- DEL. Delete recurring payment. Remove a particular payment from the recurring payment plan.
Once all of the integration steps have been completed, the email with the payment invoice will get sent to customers with the preferred tariffication plan.
We have gone over just about everything you need to know when setting up recurring invoicing and enabling an automatic recurring payment to all of your clients and how it can aid your business and your business processes.
By using NOWPayments, you can enable automatic recurring invoicing for your business and can do so with over 150 cryptocurrencies and with some of the lowest fees in the industry.
You will also be able to access a personal account manager and gain support 24/7, so if you run into any issue or experience a hiccup, there will always be assistance. Make sure you leverage automation opportunities to bring your business to the next level.