Recurring transaction Clause Samples
A recurring transaction clause defines the terms under which payments or charges are automatically repeated at regular intervals. This clause typically applies to subscription services, memberships, or ongoing supply agreements, specifying the frequency, amount, and method of payment, as well as any conditions for modifying or canceling the arrangement. Its core function is to provide predictability and convenience for both parties by automating payments, while also clarifying the obligations and rights related to ongoing financial commitments.
Recurring transaction. You can, at any time, authorise a Merchant to process recurring transactions on your Account by providing your Card Details. BSP is not able to cancel a recurring transaction you set up with a Merchant unless you cancel the authority with the Merchant and the Merchant agrees to the cancellation. To cancel such an authority, you must notify the Merchant in writing at least 15 days before the next transaction is due to be processed. If the Merchant does not comply with your request to cancel the authority, you must: • send BSP a copy of your correspondence to enable BSP to dispute the relevant Transaction; or; • request for card to be cancelled by contacting our Customer Care Team or visiting any BSP Branch.
Recurring transaction. 10.5.1. You can use recurring transactions if the merchant offers such an option. However, the conditions of such transactions are determined and governed by the merchant, not us, and we are not the party to the agreement of such transactions (including providing sufficient funds in your account). As a result, we may not cancel or modify such transactions, and you should notice your request to change or cancel recurring transactions directly to a particular merchant.
Recurring transaction. If you authorize a merchant to charge your Account for repeat transactions without your Card, you must notify the merchant when you want to discontinue the repeat transactions or if your Account is closed, or a new Account is issued by us.