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Start Hiring For FreeSetting up recurring payments can be a tedious manual process for businesses.
Luckily, Bill.com offers a way to easily automate recurring transactions so you can save time and effort.
In this post, we'll walk through how to activate and configure Bill.com's recurring payments feature. You'll learn how to craft customizable invoice templates, schedule fixed or adjustable payment timelines, set payment methods and transaction limits, and more to streamline your regular billing.
Bill.com's recurring payments feature allows businesses to easily set up and manage automatic billing and payments on a custom schedule. This eliminates the need for manual invoicing and payments for regular transactions.
The recurring payments tool lets you create template invoices that automatically generate and send on a set recurrence, such as weekly, monthly, quarterly, or annually. These recurring invoices will charge customers and make payments automatically based on the schedule you set.
Automating billing and payments with Bill.com recurring invoices provides several key benefits:
Below is a brief overview of the main steps to start using recurring payments:
With just a few clicks, your entire recurring billing and payments process can be fully automated in Bill.com. This saves your accounting team significant time while ensuring regular cash flow.
To set up automatic recurring payments in Bill.com, follow these steps:
Setting up recurring payments this way allows you to easily automate transactions with customers on regular subscription plans or installment purchases. It saves administrative time while ensuring reliable cash flow.
You can set up recurring payments in Bill.com to automatically pay bills on a schedule you define. This saves you time from having to manually make payments each month.
To set up recurring payments:
Now the bill will be paid automatically based on the schedule you set. You'll receive email notifications as the payments are processed so you can review them.
Setting up recurring payments ensures you never miss a payment deadline. It also reduces the effort of manually paying the same bills every month. Bill.com makes the process very simple through their intuitive interface.
The main difference between autopay and recurring payments is who initiates the transaction.
With autopay (also called Direct Pay), the payment is automatically initiated by your bank according to instructions you have provided them for paying a particular bill or invoice. You authorize your bank to pay a set amount to a payee on a regular schedule.
In contrast, with recurring payments, the payment is initiated by the payee or billing company. You provide authorization for the payee to regularly charge your card or withdraw funds from your account on a set schedule.
So in a nutshell, AutoPay/DirectPay is initiated by the bank per payee instructions; Recurring Payments is initiated by the payee, which the bank honors.
Both options allow you to set up regular automatic payments so you don't have to manually make payments each billing cycle. The key difference lies in who pulls the payment - your bank (autopay) or the billing company/payee (recurring payments).
When setting up payments in Bill.com, you would use the recurring payments feature. This allows Bill.com to automatically charge your card or bank account at regular intervals per your instructions. Using recurring payments ensures your Bill.com invoices are paid on time without any extra effort on your part.
Recurring payments on Bill.com can be set up for the following payment types:
This refers to a recurring payment that's done by providing credit card or debit card details to Bill.com. This allows regular charges to be made to the card at a defined frequency without needing to re-enter card details each time.
This allows Bill.com to pull funds directly from a customer's bank account on a scheduled basis. The customer would need to provide their account details to Bill.com to enable this.
ACH payments involve money transferred electronically from one bank account to another. On Bill.com, businesses can set up scheduled ACH payments to pay invoices or charge clients on a recurring timeline.
Overall, Bill.com supports setting up automated recurring payments using credit/debit cards, bank account direct debits, or ACH transfers. This eliminates the need to manually make payments each billing cycle.
This section covers how to turn on recurring payments in your Bill.com account and use templates to quickly generate recurring invoices.
To start using Bill.com's automated recurring payments and invoicing feature, first log into your Bill.com account and go to Account Settings > Company Settings. Under the Invoices & Payments section, check the box next to "Automatically generate recurring invoices and payments". This will activate the recurring payments functionality.
You can then create reusable invoice templates that make it easy to regularly bill clients for ongoing services, subscriptions, retainers, and more. Here are the steps to create a recurring invoice template in Bill.com:
Now each month the template will automatically generate a new invoice with the chosen products/services for any client you assign it to.
When making a recurring invoice template in Bill.com, you want to optimize it to save time and effort each billing cycle.
Here are some tips:
With a polished branded template containing all necessary billing details, you can quickly generate monthly recurring invoices for each client in just a few clicks.
Before creating recurring invoice templates, it helps to first import your list of billable products and services into Bill.com. This makes them available to select as line items when generating recurring invoices.
Here is how to import your billing items catalog into Bill.com:
Now when you create a recurring invoice template, your full range of billable items will be available to choose from to set up as recurring line items. This helps accurately and efficiently reflect your offerings each billing cycle.
Automating recurring payments for ongoing client work can save massive administrative time and effort compared to manually generating invoices month after month. By taking advantage of reusable templates and integrating your billing catalog, Bill.com makes it easy to scale your recurring revenue.
This section explains how to schedule recurring invoices and payments on fixed schedules or custom calendars in Bill.com.
You can set up recurring payments in Bill.com to process automatically on a fixed daily, weekly, monthly or annual schedule. This ensures regular transactions with vendors, clients, contractors etc. are handled seamlessly without manual effort each period.
To enable fixed recurring payments:
Key benefits include:
Be sure to align the payment frequency with the billing cycle and needs of the client or vendor. Monthly and annual schedules are best for predictable ongoing services while weekly or daily may suit short-term contracts.
For irregular transaction schedules that don't fit daily, weekly or monthly frequencies, Bill.com offers a "Custom" recurrence option. This allows you to import iCalendar (.ics) files with custom calendars.
For example, to automate commissions that are paid twice a month or annual bonuses on irregular dates, you can:
This enables fully customized automation of payments on any irregular schedule required for your financial workflows.
When planning automated recurring payments, consider key elements like:
Proactively planning schedules and workflows is vital for smooth operations of automated payments.
This section covers how to customize default settings for automated payments including payment types, reminders, limits and more.
You can save your preferred payment methods like check, card, or ACH to use by default for automated payments in Bill.com. Here are the steps:
Now whenever you set up a new recurring bill, your default payment method will automatically populate. You can still override this on a per-bill basis.
Some key tips:
Bill.com allows you to configure custom email reminder notifications to be sent at fixed intervals before any scheduled recurring payment. This gives you a chance to review bills and make any required changes.
To set up reminders:
Now you'll get automatic email alerts before payments are processed so you can review bills, account balances, and make any needed updates.
Some key tips for reminders:
To limit risk exposure from automated payments in Bill.com, you can set amount limits or caps that trigger a manual review checkpoint before any bills over that threshold are paid automatically.
Here is how to set transaction limits:
Now any transactions over the amount you set will require manual approval before being processed, adding oversight for higher-risk bills.
Some tips around transaction limits:
Adding checkpoints through limits and reminders helps strike the right balance between payment automation and oversight. Be sure to routinely review all notifications and pending approvals in Bill.com.
Bill.com's recurring payments feature allows businesses to automate billing and simplify payment collection. Key benefits include:
By leveraging Bill.com to automate transactions, businesses can embrace efficiency gains across their finance and accounting operations.
To learn more about optimizing Bill.com for efficiency, check out these additional resources:
By tapping into these resources, finance teams can continue optimizing their use of Bill.com's payment automation capabilities.
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