Repeat payments are payments that a merchant takes from a customer on a regular schedule. For example, a merchant may offer a monthly product such as a magazine subscription or a merchant may allow customers to split large payments into smaller regular payments. The two types of repeat payments that we support are:
Recurring payment: A repeat payment that has no known end date. Examples of recurring payments include:
A customer joins a merchant’s gym and the merchant takes $40 each month until the customer cancels their membership.
A customer subscribes to a weekly magazine and the merchant takes $5 each week until the customer cancels their subscription.
Installment payment: A single large transaction that a customer pays over a fixed period. Examples of installment payments include:
A customer buys a television for $1200 and the merchant takes $100 each month for a year.
A customer books a holiday that costs $2000 and the merchant takes $250 each month for eight months.
To set up and manage repeat payments, you can either:
Use your own software to manage payments, and our gateway to process them.