I am thinking about charging customers $0.10 per day, but bill them on a yearly or 24-month basis. Is that possible?
Yes. Technically, it would be simple to charge them the 10 cents per day, though I can't see how anyone would want to do that. What you are asking is essentially the same as a $36.50 annual membership, which is easy to do. You could also break it up into a $3 monthly membership, 75 cent weekly membership, $18 semi-annual membership, etc. You can break the membership payments up into any combination of days, months or years you can imagine.
I wouldnt signup for a .10 a day product- everyday getting a payment notification, how annoying! At least do weekly, if not monthly. David