Recurring billing

What happens when a card is charged by recurring billing? 

After a successful charge, Brokermint automatically creates an invoice and a payment, applies the payment to the invoice, and notifies the agent by email. 

Will I be notified If a recurring billing charge fails? 

Yes, we notify both the recurring billing owner and the agent about all the failed charges by email.

If you’re adding a new recurring billing entry and your immediate charge fails, you won’t see a failed charge message. 

Does Brokermint try charging again if a charge fails? 

No, Brokermint does not retry to charge an agent credit card in case of a failed charge. 

How do I add a recurring billing entry? 

To add a recurring billing entry, go to Users > Billing > add recurring billingRecurring billing automatically charges the agent's default credit card. If the payment fails, it will be reflected in the ledger.

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Can I add a recurring billing entry for an inactive agent? 

No, you can’t create a recurring billing entry for an inactive agent. 

Can I select a past date for a recurring billing entry? 

No, you can’t select a past date for a recurring billing entry. However, when updating a recurring billing entry, you can select a past date if it was the entry’s original start date. 

What frequency options do I have for recurring billing? 

Your recurring billing options are monthly, quarterly, or yearly.

What if the current month has fewer days than the start date? 

In this case, Brokermint uses the last month’s day for a recurring charge.
Example: Jan 30 -> Feb 28 -> Mar 30

What is the exact time of a credit card charge?

Depending on what you choose when adding a recurring billing entry, the credit card is charged either by the end of the day or around 7 AM (EST) on the selected date. The credit card is charged by the end of the day If the first charge date is today. 

How do I update or delete a recurring billing entry? 

To delete a recurring billing entry, go to Users > Billing > Recurring billing tab, select the needed recurring billing, and click Delete recurring billing.

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Here’s a short video explaining how to update and delete a recurring billing entry: 

Can I update a recurring billing entry for an inactive payer? 

No, you can’t update a recurring billing entry for an inactive payer. In this case, the form is read-only and you can see the appropriate message on the form. 

Does Brokermint create activity events for recurring billing? 

Yes, Brokermint creates activity events when a recurring billing entry is added, updated, or deleted.

  • Learn more about agent billing here
  • Learn more money collection automation here
  • Learn more agent ledgers here

 

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