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How can I change the term used to describe renewals?

When a subscription product is using a Subscription Schedule the term used for the subscription frequency is changed to “renewal” (singular) and “renewals” (plural).

To change this term to one that fits your renewal you can use this code snippet:

/**
* Change the word shown for subscription period renewal
* @param $term
* @return string
*/
function sp_update_term( $term ){
return 'cycle';
}
add_filter( 'sp_period_name_single', 'sp_update_term', 10 );

The above code snippet would display like this:

Updated Subscription Frequency/Period Term