What is a recurring transaction?
A recurring transaction is when you give your debit or credit card details to a company and authorise a series of payments to be taken from your account.
These payments can be for regular or irregular amounts and frequencies and do not require the customer to provide any further consent at the time of authorisation.
Examples of recurring transaction could include a gym membership or a magazine subscription.
A recurring transaction is different to a Direct Debit and has a different cancellation process.