Pandle HQ are all about making your user experience more enjoyable. That’s why we’re in the process of updating the system with the latest features, and we’ve recently added recurring transactions to the list. But what are they? And how can they help you in Pandle? We’ve put together some info about recurring transactions that Pandle users might find helpful. When you’re creating invoices for customers in Pandle (or any bookkeeping software) there’s bound to be times when you’re generating the same transaction for the same customer, as part a regular service. Recurring transactions is a feature that allows you to create an invoice automatically, rather than manually creating the same transaction over and over. Recurring transactions are a great feature for everyone, but are
particularly useful for those who regularly invoice the same customers for identical amounts. The feature will save you oodles of time, and will make your bookkeeping more efficient. We’ve made recurring transactions even better by enabling the user to control when transactions should occur. This means it isn’t limited to just one period of time; you can stop and start then transactions as and when you need. Setting up
recurring transactions on your Pandle account couldn’t be easier. Once logged into your Pandle account, simply select the option ‘Categories’ in the menu at the top of the page. On the next page, press the green plus symbol and click on the ‘Recurring Transactions’ button from the drop down menu. A new page will appear. Here you should again select the green plus symbol.  Clicking this will open a pop up, which will ask you to fill in the following pieces of information about the recurring transaction: Start date: Here, enter the date you would like to start invoices to be automatically created from. Type: This asks what type of transaction you would like to create, the options being ‘customer’ or ‘supplier’ invoice. Repeat every: You will then be asked to enter the number of times you would like this transaction to be repeated within the period you select, be it days, weeks or years. Status: The status feature determines whether this recurring transaction is ‘active’ or ‘paused’. This means you don’t have to delete a transaction and recreate it, simply pause it with the option to begin it again at any time. Et voila! You’ve created your first transaction and are on your way to making bookkeeping easier than ever. Having trouble setting up your recurring transactions? Leave us a comment below or send an email to the Pandle team at . Skip to content
Hi! Matt here. I hope you enjoy this blog post. If you want to save big on payment processing costs, get pricing here. Home/What is a Recurring Transaction, and How Can it Benefit my Business? What is a Recurring Transaction, and How Can it Benefit my Business?A recurring transaction is a payment that occurs on a regular basis. Many of us are familiar with recurring payments from the consumer side, since so many companies follow a subscription model these days. For example, if you’re subscribed to a service like Netflix or Spotify, then you pay the same amount each month, and the company automatically bills your credit card without any work on your part. That’s a recurring transaction. Many recurring transactions happen each month, but they can also occur quarterly, annually, or on another custom schedule. Recurring payments are growing more and more popular, especially in the software and IT industries. In response to the global pandemic and the sudden surge in working from home, many businesses have migrated to cloud-based and subscription-based business tools. In fact, the International Data Corporation has predicted that by 2022, 53% of all software revenue will come from a subscription model. Buying habits are changing, and not just in the software sector. As more and more consumers adopt recurring and subscription-based products and services across every conceivable industry, customers are coming to expect recurring transactions as the norm. Is your business ready to provide that option to customers? Recurring transactions offer a number of benefits to both merchants and customers. Customers get a much more convenient, seamless sales experience, while merchants save time and money on payment collections. Better customer experienceCustomers appreciate recurring transactions because they let them enjoy uninterrupted service without worrying about making payments each month, quarter, or year. Customers can easily manage their payment preferences as needed, but for the most part, it’s a hands-off process, so they don’t have to think about actively making a payment. Increased customer retentionRecurring transactions help increase customer retention. When customers are automatically billed, they become used to the service and are less likely to cancel. Instead of making an active choice to pay each month, they become accustomed to the status quo. This retention can also lead to increased customer loyalty and better customer relationships. Heightened securityWith recurring transactions, customers only have to enter their payment details once. They’re not repeatedly sending payment information online or over the phone. Instead, the credit card information is securely tokenized on the merchant’s system. Tokenization is a process where sensitive information is swapped out for a valueless token, so in the event of a data breach, no information is exposed. And with the protection of PCI compliance, encryption, and other advanced security methods, customers can rest easy knowing their payment information is safe. Predictable incomeFor many merchants, recurring payments represent a steady source of reliable income. When merchants know in advance that a certain number of customers will be billed that month, it gives them space to breathe. Businesses with several different payment models, products, or services—for example, one-off purchases in addition to a subscription service—especially benefit from the peace of mind that recurring transactions bring. Recurring payments can keep businesses going strong by providing them with a predictable revenue stream. Improved cash flowRecurring transactions also boost merchants’ cash flow. Recurring payments are billed automatically, so merchants can collect payment right away. They don’t have to reach out to customers or follow up—they simply get the payment in their bank account and keep moving. Fewer late paymentsRecurring payments significantly reduce late payments from customers, which removes the burden of collections from the merchant. And because merchants don’t have to chase down payments, they can focus instead on building positive relationships with customers. Less time spent on accountingBecause they’re automatic, recurring transactions reduce the amount of time and money your team will spend on the accounting process. In addition, automation reduces the chance of human error, saving your team time on fixing mistakes. Instead of spending time on data entry or other rote tasks, the accounting team can focus on more important projects. ConclusionRecurring payments are becoming more and more popular across a wide number of industries. As consumer habits change, and customers become accustomed to subscription-based models, businesses will have to step up and provide their customers with convenient options. If you’re searching for a way to enable recurring transactions, use a payment application like EBizCharge, which integrates with your accounting/ERP software and provides easy-to-use recurring billing options for you and your customers. Share This Article!Who are we? We’re EBizCharge. We’ve simplified payment processing for over 200,000 businesses. Will yours be next?
McRoskey Mattress Firewire Surfboards Auburn Manufacturing Which 2 of these options are benefits of using the recurring transactions features in QuickBooks Online?Recurring transactions is a feature in QuickBooks Online that allows you to save time and reduce mistakes. By using recurring transactions, you can automate repetitive journal entries, set invoices to generate automatically for subscription-type customers, or automate writing of a check or entering a bill.
What are 2 ways to begin setting up a recurring transaction in QuickBooks Online?Open an existing transaction. In the footer of the form, select Make recurring to create a template (or Enable Recurring Payments). If you opened an invoice, instead select Automation, then Recurring invoice.
What are two reasons for creating and using recurring transactions?Recurring billing is advantageous for business providers because it reduces account receivable risks. For customers, recurring billing can save them time, too; they only need to sign up and provide their payment information one time.
Which 2 transactions can't be used in a recurring transactions template?Recurring Transactions can be created for any first-stage transaction including Estimates, Sales Receipts, Invoices, or Expenses. Note that you can't use Recurring Transactions for Invoice Payments or Bill Payments, because they are second stage.
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Which 2 of these options are benefits of using the recurring transactions feature
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