What You Need To Know About Automatic Renewals

We live in the age of "Have it fast! Have it now! Have it without hassle!" At the same time customers are demanding ease in online transactions, businesses are naturally seeking to meet consumer demand while reducing administrative costs. In the digital push toward the automatic renewal of everything from the purchase of goods and services to memberships and subscriptions, businesses offering automatic renewal must be cognizant of the often overlooked regulations that may apply.

The Maze to Traverse

While an automatic renewal may seem simple enough, there is a complex regulatory scheme that governs it - including federal, state, and even merchant card agreement requirements with - which each business must ensure compliance, particularly when the automatic renewal occurs in an online transaction.