Creating a consistent and reliable payment structure for your client is a great business practice. Growth Suite allows you and your clients to manage payment methods directly from the dashboard or the Client Portal.
After a client accepts a pending subscription’s invoice, the client’s payment method on file will be automatically billed on that due date for as long as the subscription remains active.
Both you and your client have the ability to update payment methods on file. Once a payment method is set up it can be automatically charged for recurring revenue.
You or your clients have the ability to denote a payment method on file as a default payment method. The default payment method will be auto-filled for all future payments and will not be applied to any active subscriptions.
You set up your client’s monthly subscription a year ago, and thus far everything has gone swimmingly. The charges successfully go through each month, and you get paid on time!
But what happens when a payment doesn’t go through? Growth Suite has an automated workflow in place to get you paid.
In this case, emails are sent to both you and the client notifying you of the failure, and the invoice is put into an Unpaid status.
Then, Stripe goes into Smart Retries mode. Here’s how Smart Retries mode works:
We will update the payment method and automatically try to collect payment on the past due amount. Whether the payment fails or succeeds, you and your client will receive an email notification.
In the event that your client has more than 1 unpaid invoice, we will attempt the charge on all invoices upon upload of the new payment method. If the payment method is accepted, then all invoices will go into Paid status. If the payment method is not accepted, Smart Retries will continue.
When you send an invoice to a client in Growth Suite, they can either submit payment to you via credit/debit card or the Automated Clearing House (ACH) Network – commonly referred to as a bank transfer or ACH transfer.
There are some clear benefits when your clients use ACH transfers, let’s dive in below.
ACH transfers are a way to move money between accounts. ACH transfers are electronic, bank-to-bank money transfers processed through the ACH Network. They are a cost-effective and simple payment solution that reduces potential barriers for your customers to pay via credit card.
Learn more from Stripe’s ACH guide.
The biggest benefit of your clients paying you via ACH over credit/debit card is that the fees are .8% capped at $5 (as opposed to payments via credit/debit are 2.9% with no cap). Learn more about the benefits of ACH (including tips on how to get your clients to pay via ACH).
Once you create and send off an invoice (either recurring or one-time), your client will be prompted to create a client portal account. Once created and logged in, they will be able to review the pending invoice details. At this point, they will be able to add a payment method on file (and in turn, pay the pending invoice).
NoteACH payments take up to 5 business days to receive acknowledgment of their success or failure. Because of this, your Stripe balance takes up to 7 business days to reflect ACH payments in your available Stripe balance.
If you have any questions get in touch with your Account Manager or reach out to Flywheel’s support team, we’d love to help!
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