Glossary

Recurring Transaction

RT is a kind of transaction when the cardholder is charged a certain sum of money either for a current subscription, membership, or the recurring delivery of items. The recurring is usually arranged when the customer subscribes to the particular product which the user wants to obtain in predetermined intervals (mostly monthly).

The cardholder will be charged a particular sum of money every money to pay for the subscriptions. RT will go on until the client decides to cancel the service. The transactions can also be applied while entering monthly wage payments, rents, hire, or any other automated payments.     

The RT is set up automatically so an agreed-upon sum will be withdrawn from the cardholder’s credit/debit card or through another payment system. For instance, when the website visitor subscribes for an online magazine or for a grammar checker he/she may have RT in order to pay for it. This process can last for an unlimited period of time starting from weeks until years. The client has the privilege to remove the subscription, and, as a result, the recurring will also be called off automatically.