Recurring payments is a plan offered by PayPal to businesses that allow them to collect payment for a particular product or service on a regular basis. It allows those businesses to debit their customers on a regular interval via Paypal. Recurring payments are usually set up for subscription-based services.
This article will show how to cancel PayPal subscriptions for businesses that have them set-up on their websites. It will also show you how to save money on payments and in different currencies using TransferWise for business
PayPal recurring payment allows you to set up payments for subscriptions on your PayPal account, and can even be linked to your website. The robust reach that PayPal has means that you can receive subscription payments and recurring payments from customers all over the world.
However, there are multiple reasons why you might need to cancel a recurring payment for your business. You could be discontinuing a particular subscription product or service, and as such, no longer need to charge recurring payments from your customers or subscribers.
When cancelling a recurring payment service on PayPal, it is important to cancel before a new billing cycle commences, so that your subscribers do not get charged for a service that they aren’t going to use.
As a business on PayPal, if you want to cancel recurring payments, here’s what you have to do.¹
- Log into your PayPal business account
- Go to the Manage Subscriptions page
- Click the Subscriptions tab on the left side of the page to see all your active subscription plans.
- Click the subscription plan you want to cancel and look for the cancel subscription button
- Click proceed on the confirmation page that shows up, and finish.¹
PayPal allows scheduled automated payments for personal PayPal accounts such that you can pay for your subscriptions directly to a merchant. The merchant, in this case, is the business that you are subscribing for their products. A merchant could be your gym, and you could use PayPal to pay for your gym membership.
However, in the event that you no longer wish to maintain that subscription, you can easily cancel it from your PayPal account. Ensure that you cancel your subscriptions before the next billing cycle starts to ensure that you don’t get charged for a service that you aren’t going to use.
Here are the steps to cancel a subscription to a merchant.
- Log in to your PayPal account via a browser
- Click the cog icon in the top right corner to go to the Settings page
- Select the Payments tab.
- Scroll to the Automatic Payments section and Click Manage automatic payments
- From the list of merchants provided, click the merchants whose subscription you want to cancel, and then click Cancel under Status.
- You’ll be directed to a confirmation page, click Cancel Automatic Payments to ensure that you stop payments to that specific merchant.
- On the verification page that follows, click Done.
- And that’s all, the subscription to that merchant has been cancelled.
If you have funds that are in another currency, your choice of payment platform determines just how much you spend on fees and commissions. This is where TransferWise for business shines.
TransferWise provides a multi-currency account that allows you, the user, to receive & hold money in various currencies for free. You can also convert between currencies at the real exchange rate with no mark-up for a small and transparent fee that is 14x cheaper than PayPal.
By withdrawing your money to TransferWise Multi-currency account, you avoid having to use PayPal's conversion rates and fees. Instead, you take advantage of a fair conversion at the real exchange rate at all times with TransferWise.
There are many other ways that Transferwise helps you save money.
- The TransferWise multicurrency account means that you can open virtual accounts and hold money in over 28 different currencies.
- Transferwise also gives you a debit card that you can use anywhere while enjoying the real exchange rates and transfer fees without a mark-up.
- If you have suppliers overseas or payments in a different currency, you can take advantage of TransferWise real exchange rates at a low cost.
- Link your transactions to Quickbooks or Xero for easier tax reconciliation.
- PayPal help article
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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