When you want to bill your customer for continued usage of your product or service, instead of raising a payment request each time, you can provide an option to your user to authorize automatic deduction of billed amount from his bank/Debit/Credit card as the case may be. For this user needs to give authorization to you. This arrangement is called subscription.
How do recurring payment on Credit Cards work in India?
Credit cards provided by the popular card networks MasterCard and Visa support auto-deduction of recurring payment. For this the card holder needs to authorize the payment to the specified merchant which can be done through a normal Two-Factor Authentication or 3D Secure flow.
Currently, not all banks support auto-deduction of payments. Auto-deduction for recurring payment are allowed on Mastercard and Visa network cards issued by following banks:
Kotak Mahindra Bank
Standard Chartered Bank
Similar to Credit cards, Debit card holders also need to authorize the payment to the specified merchant which can be done through a normal Two-Factor Authentication or 3D Secure flow.
Can I cancel a plan or subscription??
Yes, you can cancel a plan or subscription. However once canceled, it canít be restored, you need to create a new plan or subscription
User can add any credit cards on Mastercard and Visa network-any bank in India. Get one-time authentication.
Works for Debit cards on Mastercard and Visa network issued by ICICI Bank, Kotak Mahindra Bank, Citibank and Canara Bank. Just one-time authentication and automatically deduct charges as per the billing cycle.
Nach Mandate or E-Mandate
Enable automated recurring transactions over a bank account via e-Mandate registration through Netbanking all banks or Debit Card.
What Benfits With Recuriing Payments
1. Customer retention
With just one-time digital authentication, e-Mandate allows you to auto-debit your customerís account at the start of every billing cycle.
This process reduces the burden on the customer to authenticate a recurring payment at regular intervals and allows them to enjoy your products and services.
2. Reduction in administrative costs
Drastic reduction in the cost related to invoicing and having to keep up and chase late payments from customers.
Accounting is easier when the whole process is paperless and digital.
Our customerís data is safe, as the PCI compliance will be strictly managed by your payment solutions provider.
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