Recurring payment are transactions that occur on a repetitious basis, such as a subscription service where payments are charged to the same payment method for a pre-determined duration of time.
How Does Recurring Payment Work?
In a recurring payment, a customer will purchase a product, item or service. Instead of charging one price, the merchant will establish a set interval of time in which the costumer will be charged an agreed-upon sum. This payment will continue until the customer either cancels the service or, if the charge applies to one lump amount is paid off.
Adding Product for Recurring Subscription
Now, here are the steps on how to setup the product for recurring subscription. Basically you must create the Product first. Once the Product in the list, you may proceed on setting up the recurring payment for selected product.
1. Go to “Product” click “Create New.”
2. You will see 3 sections there. On the top section, insert all related information about your product.
3. Second section is the “Payment Frequency Setting”. Choose “Recurring Subscription”.
4. Choose the preferred details for recurring subscription payment option. “Payment Frequency” options are Monthly, Yearly, Quarterly and Biannually.
5. Next, choose “Billing Day” for the product.
6. Next, click on “Do not display address or item is self pickup”.
7. Finally, click “Create Product” when your product is ready to enter the system.
8. Your product for recurring subscription is now in the system.
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