Recurring payment is a convenient feature for merchants dealing in goods/services that require payment collection repeatedly over a period of time. This payment arrangement is commonly used for subscription based services, membership fee or installment payment collection. It requires the merchant to get one-time transaction authorization from the customer as an approval to collect subsequent payments.
By setting up recurring payments, businesses can ensure a predictable cash flow and streamline their billing processes. It eliminates the need for customers to manually initiate each transaction, providing them with the convenience of making regular payments effortlessly.
Card tokenization is utilized to securely process recurring payments directly from the merchant's end without needing the customer to be part of its processing. More information on tokenization and its usage can be found in the Tokenization section - Link here. Tokenization
Updated about 1 month ago