BANKING AFFAIRS

Detailed explanation-1: -Recurring payment is a payment model where the customers authorize the merchant to pull funds from their accounts automatically at regular intervals for the goods and services provided to them on an ongoing basis.

Detailed explanation-2: -An automatic bill payment occurs when money is automatically transferred on a scheduled date to pay a recurring bill, such as a mortgage, credit card, or utility bill. Individuals can set up an automatic bill payment through their online checking account, brokerage, or mutual fund to pay their monthly bills.

Detailed explanation-3: -Direct Debit-also known as ACH Debit or bank debit-is the simplest, safest and most convenient way to make regular or recurring payments. That’s why it’s often used for things like utility bills.

Detailed explanation-4: -In recurring bill-pay, you give permission to your bank or credit union to send the payments to the company. With automatic debits, you give your permission to the company to take the payments from your bank account.