What are recurring payments?

The basic concept of recurring payments is where a customer authorizes a business to repeatedly charge then. Recurring payments can occur every month, quarterly and sometimes annually. Recurring payments are used for subscription based services such as magazines or gym memberships. They also include online platforms such as Netflix, XBOX and many others. There are also SaaS products such as Shopify, DropBox and Instant Accept that all taking advantage of the ease of use with recurring payments. The payments continue until the customer cancels or the subscription expires. this is different from recurring billing.

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