Auto Collection and Scheduled Collection are very similar in which they both automate collections on a recurring basis. The main difference between them is that Scheduled Collection provides a preview of the upcoming collections by sorting them in a queue, while Auto Collection does not.
For businesses that provide products/services that are more simple and straightforward, merchants are recommended to use Auto Collection where payment collections only recur on a particular day. Where businesses offer various products/services and involve complicated payment collections, merchants are recommended to use Scheduled Collections to better visualise collections.
Note that merchants can only choose to use either Auto Collection or Scheduled Collection, not both.
The differences between the 2 collection methods are summarised below.