Recurring Payment

Recurring payments are any goods or services you pay for on a typically regular or scheduled basis (e.g., weekly, monthly, or annually) and work similar to standing orders in the UK.

These payments often require you (as customers) to set them up from your account, which then automates the payment process based on the settings you configure, including the frequency, amount, and duration. 

Examples of recurring payments

You may already be making recurring payments today. Examples include utility bills, gym memberships, streaming subscriptions (e.g., Netflix or Disney Plus), phone data bills, and so on. Recurring payments save you time from making one-time payments every time your bill comes, enabling you to focus on more critical tasks of the day.

How to set up recurring payments as a business?

As a merchant or business, recurring billing enables you to automatically charge your customers (with their consent) for your goods and/or services on a pre-set schedule. This would require you (as the merchant) to obtain your customers’ relevant information and, of course, permission to bill them regularly (or irregularly) for the goods or services you provide.

From here, you won’t need to repeat the process of setting up the customer’s recurring payment as it is a one-time setup process.