Recurring Payment, also called recurring payment, is an automated transaction. It is often also referred to as AutoPay. Customers give a company permission to collect cyclical payments for goods or services from their own bank account or to charge their credit card. Recurring payments of this kind are ideal for efficiently processing recurring monthly customer payments for software products, for example. The company works with payment service providers (PSPs) who take care of everything from the payment request to the recurring payment. Specialized PSPs complete the process right through to invoicing. In return, the company pays a transaction fee to the PSP. The rates vary depending on the provider.