eWay Recurring Payment Extension
eWay Recurring Payment Extension
Recurring payment is an option that allows the customers to make payments automatically at regular intervals. They can be used in a variety of situations; from monthly subscriptions and leasing arrangements to product purchases with installment payment plans.
Recurring payments mean that customers do not have to worry about remembering to make their payment each time it is due, while the business provide a better service, receive the payments regularly and save valuable time. It is actually an agreement between the customer and the store authorized at the side of a payment system. In the payment system, this agreement authorizes the merchant to charge the customer account again in the future according to the recurring profile settings.
A recurring profile is an accounting record that captures payments on a regular basis according to the payment schedule defined in the recurring profile. A recurring profile submits the information about the frequency of a payment being initiated to the payment system.
- Merchant sets up recurring type products.
- Customer places an order for a recurring product.
- ECSSO eWay Recurring Payment System creates a recurring profile with a payment schedule defined.
- Creates orders on getting confirmation from eWay after each payment is captured as per the schedule set by the recurring profile.
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