Recurring payments

[CarderPlanet]

The last day of payment has come, then a penalty will be charged. An energetic search for payments, a guilty call to work to take time off, a trip to the bank - a waste of time and nerve cells that, as they say, do not recover. A situation familiar to many personally or by someone else's example. Flew out of my head, with whom did not happen ...

We took care of the users of the VISA and MasterCard systems and introduced recurring payments. Recurrent is anglicism. “Recurrent payment” in the exact translation means “regular payment”. Or "recurring", which means "recurring", "periodic".

It is these tasks that he solves: automatically debits money from the card to pay for monthly services - a transaction for cellular communications, the Internet, commercial television, utilities, subscription to any service.

Important. Make out only what you really need, because auto payments do not require confirmation. They are called - acceptance-free.

Entrepreneurs also appreciated the comfort of the service. Nike has launched a subscription that helps parents forget about the problem of choosing sneakers for their child. Children grow up quickly; they have to change more than one pair of shoes a year. Nike Adventure Club offered to connect the delivery service from 4 to 12 pairs per year, while taking away old sneakers for recycling.

This is one example from thousands of offers on the web.

Why recurring payments are useful​

Benefits of recurring payment on the surface:

• Regular cash transactions do not require personal participation, which saves time on processing and making payments on a monthly basis.
• You don't have to keep in mind a dozen dates when you need to make the next payment. A reminder note on the refrigerator door does not guarantee anything: after a couple of days, having become familiar, it will become invisible. With auto payments, you don't have to worry about the fact that, due to forgetfulness, the bank will begin to charge a penalty, or the Internet will disappear at the most inopportune moment.
• If you run out of money on your phone on the way, this can be a problem. Periodic payment for the services of a mobile operator will help you to always be in touch.
• Many services offer discounts on services if you enable automatic payment.

Healthy. You can set up monthly money transfers to parents or friends.

Business benefits:

• Internet entrepreneurs make their lives easier by breaking the billing routine. Email mailing, payment for domain and hosting, access to the paid sections of the desired site, payment of a fixed salary ...
• Online stores of goods that people use all the time increase the number of repeat purchases. To unsubscribe from the service, the client must do this on purpose, but if he is satisfied with the service, why do this?
• A subscription allows an entrepreneur to plan expenses and decide where to redirect financial streams.

Conveniently. Any consistently recurring payment can become recurring.

How to set up recurring payments​

Turning a one-time payment into a recurring one is not at all difficult. To set up recurring payments using Internet banking, you must enter the necessary information yourself: set the payment period, the payment amount and indicate the recipient's account number.

There are two ways to set up automatic payments:

1. Specify a specific day. Convenient for paying for the Internet, hosting, domains, that is, services with a monthly fee.
2. Set the limit for the account balance. For example, pay for the services of a mobile operator, messenger, online games. Funds are debited when the phone or service account runs out of money.

Integration on the site​

In an online store or a website with the desired service, this is done as follows: when making a payment, allow me to remember the card details and agree to regular debiting of funds.

After each payment, the user will receive an SMS notification about the operation being carried out and an email.

Important. You can turn off auto payment in your personal account on the website. In the same place, in the section with financial information, you will find data on planned payments.

How to keep yourself safe​

Thinking about safety will not be superfluous, especially when it comes to money. Let's not take into account the frankly fraudulent sites, no one is immune from them. Scammers try to squeeze into places where people keep wallets, so you need to clearly understand what you are consenting to. When setting up auto payment, there is a danger of unplanned lightening of the wallet, even on legal resources.

There won't be any financial surprises if it's a bank or reputable online store.

There are frequent cases with commercial sites, the owners of which act like crooks in the 90s: the price in the offer is favorable, but the inscription in small print on an unreadable background says that this will only happen if certain additional conditions are met. The law has no claims against them, the money cannot be returned after the write-off. Carefully read the text of the agreement on the new sites.

7 Tips for Safe Recurring Payments​

1. Use the services of proven services. Search the Web for reviews of the new online store. Please note: positive reviews can be bought and negative ones left by competitors. A couple of sites with reviews can not be a guarantee of honesty or, conversely, dishonesty of the seller - dig deeper. If a resource provides a reliable provider of payment services (processing center), this speaks in its favor, despite the negative comments.
2. User agreement, small inscriptions at the bottom of the page - read carefully. It may turn out that you activate one service, but you will automatically subscribe to additional unnecessary services: this was warned about in the Agreement or in the postscript in small print.
3. Use a virtual card on suspicious sites. A few rubles in commission is a small fee for security guarantees.
4. Apply for a second card for online payments with established limits for financial transactions.
5. Unblock the card only when making a payment; at other times, leave it blocked. To do this, you need to connect a mobile bank, so you will be aware of all transactions on the account.
6. Save the bank number in your phone - if necessary, you can quickly block the card.
7. When the auto payment service is no longer needed, turn it off. Information on recurring payments can be obtained from the bank or the personal account of the payment service you use.

Payment information is encrypted and divided into two parts, then stored in different places: in the payment system provider's database and in the bank's database. Only at the time of the financial transaction is the data collected together. Half of the payment information is useless for any card activity.

Mindfulness is the main thing that will protect you from scammers or mistakes. Then recurring payments really make life easier and free up time for a more enjoyable pastime than an annuity.