Recurring payments

Recurring payments are a game-changer for both businesses and their customers. They offer a streamlined, efficient way to manage transactions, enhancing the overall customer experience while improving business operations.

Eligibility criteria and fees apply.

Recurring payments are like having a ‘bank on file’, allowing payments to be made quickly and efficiently when needed, and without friction, whilst still providing security and control for a business's customers.

As a business, setting up recurring payments means a seamless automation process that handles customer consent right from the outset. This automates regular transactions, which means less manual work.

You can offer flexible payment options tailored to your customers' journeys, and they can still make one-off payments when necessary.

And if the customer has trouble with the payment, they can retry it on the same day to increase the chances of success once funds become available.

Seamless Automation

Enhance the customer experience with a streamlined consent setup process to enable seamless payment automation.

Enhanced Control

To ensure effective financial management, we implement balance checks prior to payment to improve payment success and ensure only successful payments are charged without penalising customers for insufficient funds.

Greater Security

No need to store sensitive bank details or customer information, helping to enhance security and reduce the risk of data breaches.

Instant Activation

Recurring payments go live as soon as activated, with merchants receiving the first payment instantly (some may take up to 2 hours).

Versatile Application

Businesses from any sector can implement recurring payments without needing an intermediary. Attended and unattended payment journeys can be supported with recurring payments.

Sweeping or “Me to Me Payments”

Variable Recurring Payment (VRP), also known as sweeping or 'Me to Me' payments, allow customers to transfer funds between their own accounts. This is particularly useful for managing finances across different banks or financial institutions.

Key Features:

Account Management: Both accounts must be held in the same name, but they can be with different banks.
Functionality: This feature enables customers to sweep funds from one financial account to another (e.g., from a checking account to a savings account).
Regulatory Requirement: Sweeping is mandatory for CMA9 banks, ensuring that customers can easily manage their finances.
Examples of Use: Customers might use 'Me to Me' payments for repaying credit cards, account top-ups, paying down overdrafts, or making loan repayments (excluding secured loans and mortgages).

Me to you Payments

Now, let's talk about the exciting next step: 'Me to You' payments.

Coming this year! This is a new phase of commercial recurring payments that will unlock new use cases and payment journeys for you and your customers, as well as offering alternatives to other types of recurring payment such as card-on-file and Direct Debit.

Interested in learning more? Contact us today.

You will need to sign up to Payit terms and conditions and you may need to hold an account with us. Your business must be based and trading in the UK with a turnover above £2m. You must be 18 years or older. Fees apply. Speak to a NatWest Relationship Manager (where relevant) for further information, or request a call back.

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What are recurring payments?

Benefits of recurring payments