<New option, separately licensed>
Now acquirers can create and store recurring payment plans on behalf of their merchants. Before this enhancement, merchants had to manage recurring payments within their own systems.
To create a recurring plan, Way4 gets the plan parameters such as transaction amount, billing frequency and closing date from the merchant within the transaction request. The billing frequency can be set up as a number of days between payments, specific execution date, or a periodicity (monthly, quarterly, half-yearly, yearly).
Way4 regularly sends payment requests to the cardholder based on that schedule. The merchant can also use a specific transaction request to close a recurring plan and stop all subsequent payments if required by the business process.
