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Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.
More Details
Auto payment, also known as automatic billing or automatic payment, is a feature that allows a person to set up regular payments for bills or other expenses. With auto payment, a person can specify the amount and frequency of the payment, and the payment will be automatically debited from their bank account or charged to their credit card on the specified date.
Example
Instead of signing into a credit account to manually add payment information and submit payment each month, you could set up auto payment so the payment amount is deducted from your bank account each month, leaving your credit card in good standing.
Related Terms
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.
Billing Error
A mistake on a billing statement or invoice. This could include incorrect charges, duplicate charges, or charges for services not provided.
Available Balance
The amount of money that is currently accessible in an account and can be used for transactions.