Recurring Payment Manager

Module Category: Logic Module

Smart Contract Name: LM_PC_RecurringPayments_v1

Introduction

The Recurring Payment Manager module facilitates the creation, management, and execution of scheduled recurring payments. This module operates within a workflow, allowing organizations to set up systematic and timed financial commitments or subscriptions with ease.

Module Purpose

• Schedule Recurring Payments: Define payment schedules based on specific periods known as epochs.

• Manage Payments: Add, remove, and update recurring payments for different recipients.

• Automate Payments: Automatically trigger payments at the start of each new epoch.

• Flexible Payment Periods: Set epoch lengths between one week to one year, ensuring flexibility in payment timing.

Module Interactions

• For Administrators:

  • Set Up Payment: Define the recipient address, amount, and start epoch for recurring payments.

  • Remove Payment: Remove an existing recurring payment by specifying the payment ID.

  • Trigger Payments: Manually trigger payments if needed, ensuring all due payments are processed.

  • Adjust Epoch Length: Set the length of epochs during initialization to suit the organization's payment cycle.

• For Recipients:

  • Receive Payments: Automatically receive payments at the end of each epoch, based on the defined schedule.