What is Recurring Payment? 8 Do’s and Don’ts for Success

When it comes to payment options, there is a lot to get right, and perhaps just as much to get wrong. Take recurring payments, for example. We put together a list of eight do’s and don’ts when it comes to this concept. Let’s start with the question: What is Recurring Payment? Recurring payments, familiarly referred to as as AutoPay, means the consumer has given permission for a retailer or merchant to deduct payments for goods or services each month from the consumer’s bank account or to automatically charge his credit card in the amount due each month. The merchant must get the consumer’s permission one time up front. The merchant deducts the amount on the due date so late fees are never a problem. The automatic payments continue until the consumer retracts his permission. The Dos 1. Do: Your due diligence when shopping for a recurring payment platform You want a…

Read Full Post
Payment Tokenization Process

What is Payment Tokenization and How Does It Secure Cardholder Data?

To us, it’s clear why everyone needs to know what payment tokenization is, but you might need some convincing. So, we put together four reasons for your consideration. Read on for a few answers to questions you may have on this topic. Can you give a few examples of tokens in use today? Absolutely. You come across them more often than you might imagine because tokens are becoming quite popular in the e-commerce arena. Whenever a website “keeps your card on file” for recurring payments or subscription billing, the site uses tokens. Another example is the “one-click” express checkout (think Amazon) process for customers. Another common use in recent years has been in near-field communication (NFC) mobile wallets, like Apple Pay and Android Pay. These mobile wallets transfer your payment information from your smartphone to a nearby vendor’s terminal. The process uses radio waves that allow smartphones and other devices…

Read Full Post