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Triggered Payments allow a merchant to
store credit card information securely encrypted in SecurePay's
database, then "trigger" the payment any time it
is necessary.
Using Triggered Payments, a merchant can
keep an account for each of its customers. The customer might
pay $50 towards their account when they join. The merchant
may debit the customer's account for $1 every time it provides
a service to its customer. When a customer's account gets
down to $5, the merchant may "trigger" the stored
payment to take another $50 from the customer's credit card
to top up their account.
If a merchant charges a customer a small
amount each time it provides a service, sometimes the transaction
fees charged by banks and credit card companies can be very
high. Triggered Payments allow merchants to take a large initial
payment, and only charge the customer again when their credit
is depleted.
This way, the customer need not worry
about manually paying to top up their account, and the merchant
receives a batch payment, reducing transaction fees and interest
charges.
As with Periodic Payments, the merchant's
name and details appear on the customer's credit card statement.
Also, it is necessary for a merchant to have a signed agreement
with a customer before setting up triggered payments from
their credit card.
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