Recurring Payments are transactions that occur on a preset schedule, and are typically used for subscription services or any other type of ongoing payment. These can be set up through a variety of payment methods, including credit or debit cards and bank transfers.
Recurring payments can be an essential part of business models that rely on subscription or service contracts. They provide a convenient way for customers to pay for goods or services regularly without having to initiate a new payment each time.
For businesses, recurring payments help to ensure a steady and predictable cash flow. However, managing recurring payments can also come with challenges, such as the need to update payment information when a customer’s card expires or is replaced, and dealing with failed payments or chargebacks.
Payment processors and other service providers in the payment industry often offer specialized tools and features to help businesses manage recurring payments efficiently and securely.