When you make a subscription/recurring payment, you have the option to pay with Connect Wallet or Wallet Transfer. There is a difference between these two methods when it comes to how recurring payments are processed.
- Making recurring/subscription payments with Connect Wallet
When you make a recurring payment with Connect Wallet, you will have to sign an allowance for your payment. By signing, you give BoomFi the permission to charge the first payment and to automatically charge future payments for next installments as well.
This is a secure method with a similar experience as creditcard payments. You simply need to have sufficient funds in your wallet for the payment to succeed.
When a payment fails due to insufficient funds, you will receive a notification per email to top up your wallet balance.
- Making recurring/subscription payments with Wallet Transfer
Making recurring payments with Wallet Transfer happens manually. Once you make the first payment, the subscription/recurring payment is activated. After that, you will receive reminders to manually complete the payments for next installments.