Customer owns bank account, which owns mandate, which owns payment. Subscription automatically creates payments on a mandate, according to a schedule. Plans create mandates, or subscriptions with mandates. Settlement pays out payments.
1. Customer owns bank account. Bank account owns mandate. Mandate owns payment.
2. Subscription creates payments on a mandate, according to a predetermined schedule. The amount, frequency and start date must be known.
3. Plan is a template for creating mandates (known as independent mandates), or subscriptions with mandates (known as subscription mandates).
4. Settlement is the bulk pay-out from LotusPay to you of all payments received in a day.