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PayPal’s new ERP Enhanced Recurring Payments bridges the gap between PayPal Standard & PayPal Pro

Here is some information regarding a new service available from PayPal called Enhanced Recurring Payments (ERP). (Sometimes incorrectly referred to as ERB or Enhanced Recurring Billing).

ERP seems to fill the gap between their free PayPal Standard (Website Payments Standard) and their full-featured premium service PayPal Payments Pro (Website Payments Pro) (~$30/month).

ERP is free through the end of 2010, then PayPal will begin charging $19.99 per month for this new service.

The following information was taken directly fom the PayPal website:

PayPal – ERP Enhanced Recurring Payments

Amount: $19.99 USD per month (starts January 1, 2011)

With Enhanced Recurring Payments, you’ll get 3 powerful, flexible features — for the low monthly cost of $19.99 USD. (Other standard fees apply.)

PayPal Account Optional

With Enhanced Recurring Payments, customers won’t need a PayPal account to pay you. Use all of our payment products — including regular Subscriptions — without requiring customers to create a PayPal account.

Automatic Billing

Collect recurring payments even when the bill varies from month to month. Charge customers the exact amount owed for each billing cycle — up to a maximum you specify. Perfect for utilities, digital content, and more.

Installment Plan

Attract customers with a convenient payment plan. You’ll specify the date and amount of each payment, with up to four installments. Great for layaway and high-ticket items.