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Setting up Automatic Payment System

I've noticed that a lot of smaller businesses use square or other vendors to set up automatic (monthly) payment systems, but these have pretty high fees. How do larger companies set this up to get a payment from client bank accounts monthly? Can corporate banks provide this service for companies?

Smallbusiness | 👁 258 | Posted 2018-11-17 | Share on Facebook | Twitter | Google+

| Modified: 2018-11-17 | Author:

11 Comments

deviman7 8 months ago

For our gambling business we are using Moneygrator - single payment solution for online casinos. Moneygrator includes more than 100 payment options, including the popular payment services as Skrill, Neteller, BitGo, RoyalPay, Cubits. In addition, the solution supports more than 15 cryptocurrencies: Bitcoin, Ethereum, Ripple, Monero, and others. It worth

superwormy 8 months ago

Most credit card processors have some level of recurring payment functionality. If you outgrow that, look at something like ChargeOver to more efficiently manage subscriptions (full disclosure - I'm an employee). Some ones to check out: Forte Authorize.net Stripe There are tons more. Most of these companies will offer ACH as well (ACH is direct withdrawals from people's bank accounts, as you described). ACH is generally much cheaper than credit cards. Authorize.net for example, calls it eCheck and has pretty low fees for it: https://www.authorize.net/solutions/merchantsolutions/merchantservices/echeck/

bert1589 8 months ago

It depends on what youre trying to achieve and what your banks capabilities are. Ive built systems that directly upload ACH files to banks to process transactions. Ive also used third party APIs to initiate transfers. It really depends on what youre doing and what you have access to. Doing it via the ACH system with file upload can be incredibly cheap or even free depending on your banking situations

jtr8178 8 months ago

We use BillAndPay.com. You can set to auto charge customers each month via credit card or ACH. Reasonable rates, and ties in with credit card processors. Plus it acts as a gateway for customers to view bills, pay bills, setup payments, etc... we do over 7 figures a month on it. We mainly went this way because we needed QBO integration.

MasterSplicer58 8 months ago

GOCardless best direct debit system ever

Wordless-bind 8 months ago

check out Stripe

veritas16 8 months ago

What about directly from a bank account?

RandyHoward 8 months ago

Most payment systems will let you setup recurring payments. Fees are something you aren't going to be able to avoid, shop around for the best rates and price your products/services accordingly to compensate for this expense.

theman1119 8 months ago

authorize.net, you can use them as just a virtual terminal (supports monthly subscriptions, storing credit cards) and use your own merchant account with a possible lower processing rate. They also offer their own merchant services account and change 2.9%, even lower if you do an e-check.

veritas16 8 months ago

What about for automatic payments from bank accounts?

ahruhsuh 8 months ago

You get them from the credit card processing companies. Square is expensive because of their flat rate transaction charge. Automatic payments get you even better rates since they are a much safer "swipe".


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