Managing Recurring Payments

Managing Recurring Payments and Subscriptions

Using your virtual card for subscription services and recurring payments provides a convenient way to automate payments for services like streaming platforms, software licenses, or memberships. However, managing these recurring charges effectively requires understanding how to monitor, update, and cancel subscriptions. It’s important to note that our platform cannot cancel subscriptions from the issuing bank’s side. You must manage and cancel subscriptions directly with the merchant.

Setting Up Recurring Payments with Your Virtual Card

When using your virtual card for subscriptions, the merchant will automatically charge your card according to their billing cycle (e.g., monthly or annually). Here’s how to manage recurring payments:

Set Up the Subscription:

• When subscribing to a service, provide your virtual card details, including the card number, expiration date, and CVV code.

• Confirm the subscription with the merchant. The subscription service will now automatically charge your virtual card for each billing period.

Ensure Sufficient Funds:

• Recurring payments will continue until you cancel the subscription, so it’s essential to keep enough funds on your card to cover these charges.

• You can check your card balance and top up as needed from your platform wallet to ensure your recurring payments are processed without interruption.

Monitoring Recurring Payments

To stay on top of your recurring payments, follow these tips:

Check Transaction History Regularly:

• Log in to your account and navigate to the Transaction History section to monitor all recurring payments made with your virtual card. You can filter transactions by merchant or date to track specific subscription payments.

Set Up Alerts:

• Enable email notifications for transactions. This way, you’ll be notified whenever a subscription payment is charged to your card. Alerts help you stay informed and detect any unauthorized charges or changes in subscription fees.

Updating Payment Information for Subscriptions

If your virtual card details change, or if you need to switch to a different card for a subscription service, you’ll need to update your payment information with the merchant directly:

Log In to the Merchant Account:

• Go to the subscription service’s website and log in to your account.

Navigate to the Billing or Payment Section:

• Find the section where you can manage your payment methods.

Update Your Card Information:

• Enter the updated virtual card details, including the new card number, expiration date, and CVV code.

Save Changes:

• Confirm and save the new payment information to ensure that future subscription payments are processed correctly.

How to Cancel a Subscription

It’s important to understand that subscriptions cannot be canceled through our platform or the issuing bank. You must manually cancel any recurring payments directly with the merchant. Here’s how:

Log In to the Merchant’s Website:

• Access the subscription service’s account page where you manage your billing information.

Navigate to the Subscription or Billing Settings:

• Look for the section that lists your active subscriptions and payment methods. Most merchants offer an option to cancel or turn off auto-renewal.

Cancel the Subscription:

• Select the option to Cancel Subscription or Turn Off Auto-Renewal. Follow any additional prompts or confirmations to complete the cancellation.

Verify the Cancellation:

• After cancellation, you should receive an email confirmation from the merchant stating that the subscription has been successfully canceled. Keep this for your records.

Check Your Card for Future Charges:

• Even after canceling, monitor your virtual card to ensure no further payments are processed. If a charge still occurs, contact the merchant for assistance.

Why You Must Cancel Directly with the Merchant

Since our platform only facilitates the payment process, we do not have the ability to stop or manage recurring charges initiated by merchants. Subscription services have their own billing systems, and it is your responsibility to manually cancel any subscriptions you no longer wish to continue.

Important Note: Canceling a card or deactivating it on our platform does not cancel the subscription itself. If you no longer need the service, you must go to the merchant’s website and cancel the subscription there. Failure to do so may result in continuous charges or unresolved payment issues.

Handling Unauthorized or Unwanted Charges

If you notice unauthorized or unwanted recurring charges after attempting to cancel a subscription:

Contact the Merchant First:

• Reach out to the merchant’s customer support team to clarify any outstanding charges and ensure the subscription is canceled. Provide any cancellation confirmation emails you received as proof.

Dispute the Charge with Support:

• If the issue persists, contact our platform’s support team for assistance. Be prepared to provide details of the recurring charge, including the merchant name, date, and amount of the transaction. We will investigate the charge and help you resolve the issue.

Frequently Asked Questions (FAQs)

Can I cancel a subscription from my platform account?

• No, our platform cannot cancel subscriptions or recurring payments. You must manually cancel subscriptions by logging in to the merchant’s website.

What happens if I cancel my card without canceling the subscription?

• Canceling or deactivating your virtual card will not stop the subscription from being active. The merchant may still attempt to charge the card or contact you for updated payment details. You must cancel the subscription directly with the merchant.

How do I stop recurring charges from a merchant?

• To stop recurring charges, you need to log in to the merchant’s website, navigate to your account settings, and cancel the subscription. This ensures the merchant will no longer charge your virtual card.

By following these steps, you can effectively manage your recurring payments and subscriptions, ensuring you’re in control of your finances and avoiding unwanted charges.