All Reap payments can be scheduled as a one-time or recurring payment for full automation. This schedule is based on the arrival date, payment frequency, and last payment due date.
Arrival date - When your recipient (eg. landlord, employee or supplier) expects to receive your payment. Your card will typically be charged 3 days before this time (known as the processing date).
Payment frequency - Labelled on the dashboard as “This payment repeats”, you can select how often you’d like this payment to repeat. The choices are one-time, weekly, monthly or yearly. For example, rent and employee salaries are generally paid every month, so you would set this to monthly.
Last payment due date - You can set an end date to when your recipient expects to receive the last payment. This date is also when your payment schedule ends.
In the example above, your landlord expects a rent payment to be made monthly on the 5th of every month so you’ve created a monthly recurring schedule between 5 April, 2019 to 5 December, 2019. The scheduled payment would end on 5 December, 2019 and your card would be charged on the 2nd of every month in order for the funds to arrive by the 5th of every month.
What are scheduled payments?
You can schedule recurring payment in Reap. You can decide the frequency of the payment. You can pay recurring payment conveniently.
Written by Kevin Kang. Updated over a week ago
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