What is Recurring Payment | Solidgate
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Recurring Payment

 

Recurring Payment, also known as the subscription-based model, refers to a payment arrangement where a customer authorizes the automatic and periodic withdrawal of funds from their account to fulfill ongoing financial obligations. Commonly used for subscription services, memberships, and installment payments, recurring payments eliminate the need for customers to initiate individual transactions manually. Customers provide authorization initially, allowing merchants or service providers to automatically charge the agreed-upon amount at scheduled intervals.

Recurring payment systems enhance convenience for both customers and businesses, ensuring a predictable and consistent cash flow. Merchants can leverage recurring payments to offer subscription-based services, memberships, and other products or services with regular payment requirements.

Implementing secure and user-friendly recurring payment processes involves compliance with regulatory standards, such as the Payment Card Industry Data Security Standard (PCI DSS), and transparent communication with customers regarding billing cycles and payment terms.

 

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