Typical Uses: There are three typical uses for recurring PPD transactions:
Payments for the same amount on a regular schedule, such as weekly or monthly service fees (cleaning, day-care, etc.).
Payments for a different amount on a regular schedule, such as utility bills and country club greens and other usage fees.
Payment plans for discharging a large debt, such as car loan payments and layaway payments.
Have your customer sign and date a form (see templates below) that includes the bank account to be charged, how to terminate the schedule, and the information specified below for the type of recurring payment schedule:
Payments for the same amount on a regular schedule: Amount, frequency, and start date.
Payments for a different (variable) amount on a regular schedule: Frequency, start date, not to exceed amount.
Payment plans for discharging a large debt: Total due, # of payments, amount of payment, frequency, start date.
Give your customer a copy of the signed form.
Keep this form on file, stored digitally or in paper form, for two years after the last payment on the schedule.
Send a receipt via mail or email for each transaction processed as part of the schedule.
Mail or email notification to your customer at least 10 days in advance of any change to the schedule amount or frequency.
What ReceivablesPro Does For You:
When you check the “Send a receipt to the customer” checkbox in
the TRANSACTION RECEIPTS section
of the Settings-->
Configuration--> Email Preferences and Templates screen, and
also check the “Send notification to the customer" box in the RECURRING PAYMENT REMINDERS section
on the same screen, the system will automatically send all required emails
to your customers (step 4 above) for all ReceivablesPro
schedules.
ACH
Recurring Payment Authorization Form-Open
Use this form to authorize the SAME amount each time with
an OPEN end date.
ACH
Recurring Payment Authorization Form-SET
Use this form to authorize the SAME amount each time with
a SET end date.
ACH
Recurring Payment Authorization Form-Variable
Use this form to authorize a DIFFERENT amount each time,
with an OPEN end date.
ACH
Payment Plan Authorization Form
Use this form to authorize a SET number of payments of the
SAME amount each time.