Recurring payments are a lifesaver for freelancers and businesses handling regular transactions, such as ongoing projects or subscriptions. With Remoly Invoicing, setting up and managing these payments is seamless, saving you time and ensuring smooth financial operations. Here’s how you can efficiently handle recurring payments.
Setting Up Recurring Payments
Create a Recurring Payment Profile
Access the Recurring Payments section in the app.
Select the client or vendor from your saved contacts or add a new one.
Enter details such as the payment amount, currency, and payment purpose.
Define Payment Frequency
Choose the payment interval: weekly, bi-weekly, monthly, or custom schedules.
Specify a start and end date or keep it ongoing for long-term projects.
Automate Notifications
Enable automated reminders to notify your client or vendor before the payment due date.
Activate confirmation alerts to receive updates when payments are successfully processed.
Benefits of Recurring Payments
Time Efficiency: No need to repeatedly set up payments for the same recipient.
Accuracy: Ensures on-time payments, avoiding delays or missed transactions.
Flexibility: Tailor payment schedules to meet your specific project or subscription needs.
Tracking and Managing Recurring Payments
Keep track of your scheduled payments through these tools:
Recurring Payments Dashboard: View all active, upcoming, and completed transactions in one place.
Status Monitoring: Check the payment status (e.g., scheduled, processed, failed) to stay informed.
Modify or Cancel: Easily update the payment amount, frequency, or recipient details. If needed, cancel recurring payments with just a few clicks.
Best Practices for Recurring Payments
Clear Communication: Inform clients or vendors about the payment schedule in advance to avoid confusion.
Regular Updates: Review recurring payment profiles periodically to ensure they align with your current agreements.
Security Measures: Use strong passwords and enable two-factor authentication to protect your financial data.
Conclusion
Managing recurring payments with Remoly Invoicing simplifies your financial workflows. By automating regular transactions, you can focus more on your work and less on payment logistics.