We already know that 27% of people will abandon their registration cart if they are asked to pay on a 3rd party site. This means that integrated payments within your registration software are not a “nice to have” but a “must have” feature if you want to up your conversion rates.
But just because you offer integrated payments doesn’t mean everyone will actually PAY on time, or in full. Many events and programs cost a lot of money, and many aren’t able to pay their full balance in one payment.
And while offering payment plans is an easy solution, how do you ensure everyone pays on their due date in accordance with their plan?
And a better question, how do you MANAGE to make sure everyone pays on their payment plan due dates?
Automatic billing, or autobilling as we call it at Regpack, is the solution. Autobilling allows applicants to pay for products they order now at set times and dates in the future.
You most likely have used it with your utility bills, insurance, mobile phone bills or any payment you have issued to a large company.
It’s a great tool in your registration and payments toolbox because it allows applicants to pay for their orders over time, instead of all at once. Automatic billing makes registration payments simple, and more importantly, automated. So instead of chasing down missing payments, you can count the cash as it flows in.
Automatic billing makes registration payments simple, and more importantly, automated. So instead of chasing down missing payments, you can count the cash as it flows in.
There are many benefits to autobilling, which I’ve outlined below.
Benefit: Flexibility
Offering payment plans, as well as autobilling, allows flexibility in your registration process. Applicants can register, pay a part of their balance now, and then the rest over time. This helps to ensure full enrollment for your event or program.
Benefit: Improves Cash Flow
Autobilling allows organizations to increase and better predict their cash flow. Autobilling automates the payment process for you and your applicants!
By collecting payments now, and then on set dates in the future, you and your team won’t waste time chasing down payments due.
You can also better predict your cash flow as registration opens and you can track when payments are due, and how much.
Benefit: Payment Plan Options
Using a great registration software with autobilling features, will also allow you to customize the payment plans offered to your applicants.
You can opt to provide users with the same payment plans, or use conditional logic to ensure specific plans show up for each applicant type.
Benefit: Accurate Reporting in Real-Time
Good quality reporting features are key to making autobilling work seamlessly! Instantly report on how many payments have been collected, and how many are expected to be collected. This is great for planning, and for predicting cash flow.
Benefit: Autobilling is a time saver!
The entire point of paying for registration software is to save you time!
Features like automatic billing, or really any feature that automates a process you once did manually, is worth the cost of a registration software for your organization.
Instead of spending time chasing down payments from applicants that are past due, let your software handle it! This will give you more time to focus on what’s really important!
Benefit: Most people hate collecting payments!
All the reasons above are great! The biggest reason of them all is pretty simple: no one likes collecting payments!
Just like I’ve said in the past, that nobody likes filling out forms. Same is true for making and requesting payments.
With payment plans and automatic billing, everyone is on the same page. Every applicant knows what payment plan they chose, and won’t be surprised to see their bills paid automatically at every due date.
Bonus: No one has to remember their payment due dates, or remind applicants that one is coming up. The system does it all for you!
Conclusion: Why your organization needs autobilling.
Automating registration for your organization is a great way to save time and money. We all have better things to do than manage the nitty gritty of registration and payments.
Choose a registration software that gives you the tools to create a professional registration process for you and your applicants.