In this article, you will learn how to set up recurring and scheduled payments to existing payees. For information on how to create new payees, click here.
Relay users can set up three types of recurring payments: ACH, wire, and check.
Sections in this article:
Setting up recurring payments:
- Once logged in, navigate to the Payments tab in your Relay account. Click on New Payment on the top right corner of the screen.
- A drop-down menu will appear. Select the type of payment (ACH, domestic wire, international wire, or check) you would like to set as a recurring payment.
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- Please note, for the purpose of this article we will be setting up a recurring ACH payment. However, the process is the same for each type of payment.
- Select the payee to whom you want to send these recurring payments.
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- If you would like to send recurring payments to a payee that is not yet available in your account, you will need to create a new payee. For more information on how to create a new payee, please see this article.
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Scroll down and select Recurring payment from the drop-down menu under Frequency.
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To set up a scheduled payment select One-time payment.
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- You will then need to set the start date for these payments. Click on the Scheduled date for transfer calendar and select the date on which you want these payments to begin.
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- For a one-time scheduled payment, select the date you want the payment sent out.
- Next, you will be asked to select the frequency of these payments. You can do so using the drop-down menus under Occurs every by clicking on the green arrows. Once you have selected your desired frequency, a list will appear with the payment dates for the first 10 instances of this recurring payment.
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- Note: Payments will occur until the specified endpoint (see step 7). You can set up recurring payments for longer than ten cycles, but the list will only show the first ten payments.
- To set an endpoint for your recurring payments, you can choose between the following options:
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- You can set up your payment to occur until otherwise noted by selecting Never Ends; OR
- You can select a specific date to end these payments under Ends after date; OR
- You can specify the total number of payment cycles under Ends after paying a certain amount of times.
- Then, enter the payment details and click Next.
- Review your payment information and click Done when you are ready to confirm the recurring payments.
- Once your recurring payment is confirmed, a new queued transaction will be created in the Payments tab under the Queued transactions section. Only one upcoming transaction from each recurring payments queue will appear at a time under this section.
FAQs (Frequently Asked Questions)
- What will happen if my account doesn’t have sufficient funds to cover these payments?
The transaction will be canceled and you will need to manually re-execute the payment once sufficient funds have been added to your account. You can do so by clicking on the transaction on your homepage and clicking Execute transaction in the side panel.
Please note: all future transactions from a recurring payment will execute as normal provided sufficient funds are available to cover each payment at the time of execution.
Things to Know
- You can edit or cancel recurring payments. Refer to this article for more information.
Questions? Get in touch with our Support Team at support@relayfi.com or 1 (888) 205-9304.