What is a recurring payment and what are important considerations?
When it comes to selecting the right payment option for you, there may be a lot of choices. You need to choose the best that suits your needs and requirements. It requires a lot of care and focuses when you are selecting a payment option. There is as much that may lead you to get wrong. In this article, I shall provide an insight into recurring payments. There is a lot of do, s, and don, ts that you need to look for. It is a fact due to e-commerce development and different payment options, and you have a lot of facilities. But you must be careful as a customer to follow the right payment option. Recurring payments are the brainchild of the modern online store from where you regularly shop and hire services.
What is Recurring Payment?
What are recurring payments, and what is recurring payment meaning? This question has importance for you if you are a new e-commerce business owner or a customer who is opting for online payment to e-commerce stores. We may call recurring payments as Auto pay also. In recurring payments, you allow permission to your retailer or merchant to deduct payment for service each month from your bank account or your credit card. You may allow him to charge automatically from your credit card the required amount each month without seeking permission every time. In this payment method, the merchant gets your consent one time upfront. He charges the money automatically to avoid late fees. It continues until the consumer takes back this permission.