Regular payments, recurring payments, recurring payments, automatic payments – the term “recurring payment” has different translations. However, the essence of the service remains the same. Recurring payments are convenient and in demand. To use financial services successfully, you need to have at least a basic understanding of how they work and how they work. So today let’s talk about recurring payments.
Autopayments are convenient for situations where you need to pay periodically for certain services. Most often, these are monthly mobile top-ups, payments for subscriptions, utilities, credit payments, money transfers to relatives, and so on. Any transaction that has a constant and periodic nature can be made recurring.
How to connect?
Turning any payment into an automatic payment is not difficult, but the process is slightly different, depending on whether you are using online banking or, say, an online store that is connected to the service by a provider.
With online banking, you will need to configure all the parameters of the regular payment yourself: specify the account to which the money will be transferred, the amount, and the frequency of payments. On the website of the online store (or provider of the services you need) after registration, you will need to enter your card data (the same as for one-time purchase), and after payment, you will need to confirm your consent to receive goods or services regularly, and, respectively, automatic payments.
As a result, the bank card will be linked to your account, and you’ll receive notification of payment by email or SMS. Information about upcoming and conducted payments will be displayed in your account in the financial information section. You can turn off recurring payments at any time.
When setting up payments through online banking, you specify a fixed amount. And on the website of the provider of goods and services you have the opportunity to subscribe to certain services and goods without specifying an exact amount, because their cost may vary depending on the volume of services received the current promotions, etc. In other words, you’re signing up for the service you want, not the amount. And the amount debited from the card will be adjusted each time by the volume of services or goods received.
What are the real benefits?
Automatic regular payments not only save time – you do not have to go to the website and make transfers every time – but also save you from possible inconveniences and problems due to late payment for certain services. For example, if you forget to pay for a subscription, you will lose access to the information you need. If you don’t pay your Internet provider, you will lose your connection. And delaying a credit payment or utility bill can lead to fines and penalties.
Advantages of regular payments
Thus there are several undeniable advantages of recurring payments:
– Saving time – in today’s world, time is a crucial and irreplaceable resource. Spending it standing in line at the post office, or even visiting the site and filling out payment information is inadmissible. And regular payments will relieve you of this necessity;
– Assurance of timely payment – you don’t risk forgetting about the necessary payment. This means that you will not receive penalties for non-payment and simply avoid any inconvenience associated with delayed payment.
Automatic payments are convenient for both consumers and service providers. Customers will not forget to pay – you will receive a steady income. It’s that simple! For more information, please contact us via the feedback form.