recurring billing
/rɪˈkɜːrɪŋ ˈbɪlɪŋ/ · re.cur.ring.bil.ing
noun
- A payment system where a customer is automatically charged for a service or product at regular intervals, such as monthly or annually. The company uses recurring billing to charge customers for their subscription to the streaming service.
- A type of billing cycle where a customer is charged for a service or product on a recurring basis, often with the option to cancel or change the frequency of payments. The company offers recurring billing for its software as a service, allowing customers to pay monthly or annually.
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Did you know? Recurring billing has become a common practice in the digital age, with many companies using it to offer flexible and convenient payment options to their customers.