What are Variable Recurring Payments (VRP)?
Variable Recurring Payments (VRP) are an open banking payment method that allows authorised businesses to collect varying amounts from a customer's bank account at agreed intervals, combining the flexibility of card payments with the lower cost of bank transfers.
Overview
Variable Recurring Payments (VRP) are an open banking payment method that allows authorised businesses to collect varying amounts from a customer's bank account at agreed intervals, combining the flexibility of card payments with the lower cost of bank transfers.
How It Works
Variable Recurring Payments (VRP) is an important concept in modern payment processing. Understanding it helps businesses choose the right payment methods and technologies for their customers.
Relevance to Phone Payments
While variable recurring payments may primarily relate to other payment channels, businesses that accept payments across multiple channels — including phone — benefit from understanding how different payment methods complement each other.
Paytia's platform supports businesses across multiple payment channels. For phone payments specifically, Paytia's secure platform complements variable recurring payments by covering the voice channel where customers prefer to pay by phone.
Frequently Asked Questions
What is variable recurring payments?
Variable Recurring Payments (VRP) are an open banking payment method that allows authorised businesses to collect varying amounts from a customer's bank account at agreed intervals, combining the flexibility of card payments with the lower cost of bank transfers.
How does variable recurring payments work with phone payments?
While variable recurring payments primarily operates in other channels, businesses that also take phone payments can use Paytia to cover the voice channel securely.
Is variable recurring payments PCI DSS compliant?
Any payment method that handles card data must comply with PCI DSS. The specific requirements depend on how the data is captured, transmitted, and stored.
Related Terms
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