Maxpay

What are automatic payments? 📲

Basically, an automatic payment is a mutual arrangement between a merchant and a customer that allows a merchant to periodically take money from a customer’s bank account.

Automatic payment always obligates a merchant to obtain the customer’s official permission to collect payments automatically.

Afterward, each next payment would be taken from the customer’s bank account without a special permit until the agreement is finished or till it’s prolonged.

Benefits of automatic payments

▪ Customer retention
▪ Ensures fast payment
▪ Ensures good credit history
▪ Improves cash flow
▪ Lowers billing and collection costs
▪ Keeps records in order
▪ Saves customers time.

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