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In this tutorial, we are going to learn how to configure an annual fee, which is a type of the recurring fee withdrawn on a yearly basis. The fee can be collected right away after setting or there can be set a delay period, which indicates the exact time for the fee to be withdrawn. The annual fee can be configured at two levels - portfolio or merchant. To set annual fees at the merchant level, desired annual fee months are required to be configured as an annual fee policy. This is done at the portfolio level. After that, annual fee collection months will be available from modification at the merchant level.
We will configure an annual fee that will be withdrawn from the merchant in March, in a year after joining the software platform.
We will use the following parameters:
For a portfolio:
Annual fee policy: February, March, April, May
For a merchant:
Annual fee month: March
Delay period: 1 year
