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Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

GoCardless Ltd., Sutton Yard, 65 Goswell Road, London, EC1V 7EN, United Kingdom

GoCardless (company registration number 07495895) is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration number 597190, for the provision of payment services. GoCardless SAS (7 rue de Madrid, 75008. Paris, France), an affiliate of GoCardless Ltd (company registration number 834 422 180, R.C.S. PARIS), is authorised by the ACPR (French Prudential Supervision and Resolution Authority), Bank Code (CIB) 17118, for the provision of payment services.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 22 February 2024 – Dyce Energy, a gas and electric provider for UK businesses, has announced today that it will be renewing its relationship with GoCardless, the bank payment company, for another three years. The new contract will see Dyce Energy continue a six-year relationship with GoCardless to collect recurring payments through Direct Debit.

Currently 96% of Dyce Energy’s customers pay their monthly energy bill through GoCardless. The automatic Direct Debit payments, which pull the funds from a customer’s bank account on the day they’re due, have helped Dyce Energy stay in control of their cash flow through the COVID-19 pandemic and global energy crisis.

The simplicity of managing recurring payments through GoCardless offers Dyce Energy greater visibility and security around cashflow, and helps their customer service and finance teams save time. Moreover, customers get a consistent and smooth payment experience.  

Carl Fisher, Managing Director at Dyce Energy, said:�  “We’re pleased to continue our partnership with GoCardless to keep providing our customers with fast and convenient Direct Debit payments. GoCardless ultimately gives us more control over when and how we get paid, and the round-the-clock support we receive from the GoCardless team has given us greater confidence in the solution. Getting the tech to do more of the work of managing and reconciling payments is vital to keeping our costs low, so we can offer competitive prices and maximise available resources to invest in growth.” 

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless said: “After a transformative few years for the energy industry, we’re proud to have helped Dyce Energy gain more control of their recurring payments, and are excited to continue this relationship. We look forward to supporting Dyce Energy’s growth by helping them not only get paid on time, but also to win and retain more customers.”

 This signing strengthens GoCardless’ footprint in the utilities industry and its position as an industry player in open banking. By offering both Direct Debit for recurring bill collection and Instant Bank Pay, its open banking-powered feature to collect instant, one-off payments, GoCardless acts as a full-service provider for any merchant that wants to take regular and ad hoc payments.

Notes to Editors  

For more information, contact:  

press@gocardless.com

  About GoCardless

GoCardless is a global leader in direct bank payments. We help more than 85,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$30 billion of payments across 30+ countries. Our acquisition of Nordigen means we’re also helping businesses make faster and more informed decisions through easy access to bank account data. We are headquartered in the UK, with additional offices in Australia, France, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.  

About Dyce Energy

Dyce Energy is a UK energy provider, supplying thousands of business customers with smart, fixed price renewable energy tariffs. Our aim is to provide our customers with the highest level of service and information to enable them to make the right decisions. From new start-ups to large scale multi-site energy users, we have a tariff to meet your needs. 

Securing over £25 million of new business energy contracts per year, Dyce Energy is a market leader in the digital energy transition. Our cutting edge energy systems and UK based contact centre gives businesses a self service energy contract, with the backup of expert support. For more information, please visit dyce-energy.co.uk

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© 2024 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Over the past decade, the insurance industry in the UK has undergone a significant transformation. This shift is driven by the realisation that superior customer experiences not only foster loyalty but also attract new clients, ultimately impacting the bottom line positively.

According to a survey conducted by the UK Customer Satisfaction Index (UKCSI), insurance companies that prioritise customer experience outperform their competitors in customer satisfaction and retention rates.

With 80% of insurance CEOs reporting that customer satisfaction metrics are embedded in their long-term strategy, it’s clear that the industry is increasingly getting switched on to the power of prioritising the customer. So in a competitive industry, prioritising the customer journey, how can you stand out?

Making payments feel good

Whether your customers pay monthly or yearly, the way they pay for your services is an important touch point across their lifecycle. It can be the difference between winning or losing a customer. In fact, research from GoCardless and YouGov found that 67% of customers would abandon their online purchase if their preferred payment method was not available.

Any efforts made to acquire a new customer can all fall down and customers may easily abandon the process at any stage.

What are your customers looking for when they get to checkout?

In the survey, we discovered that bank payments (such as Direct Debit, where money moves from one account to another) are the most trusted form of payment for consumers with 9 in 10 confirming that they trust it the most compared with Credit, Debit Card, Digital Wallet and Crypto.

The survey also looked at what factors customers consider when choosing a payment method. The top three reasons they choose one method of payment over another are:

How can you better meet customer preferences when it comes to payments? Are your current payment options taking into account these factors?

Security

The latest figures show that online fraud has no intention of waning, with unauthorised fraud levels remaining largely unchanged over the last 5 years (UK Finance).

Fraudsters are primarily targeting cards as the weakest link. Over the last year, five times more money has been lost to unauthorised card fraud than the next payment method.

Until now, businesses have had to make a choice when it comes to fraud. Do you add additional layers to checkout, putting the customer journey and conversion at risk? Or do you do nothing, maximise conversion and deal with fraud as it happens?

Open banking provides a way for you to both prioritise the customer experience whilst stopping fraud in its tracks. Open banking allows you to securely access your customers’ bank account data so that you can quickly verify who they are upfront.

Whilst setting up an instant bank payment with GoCardless, for example, customers are quickly redirected to their online banking to authorise that they are the owner of the account they’re trying to pay with. To authorise a payment through their online account, customers are often required to use Face ID or fingerprint verification. This type of authentication is very hard to copy or replicate, much harder than just using someone’s card details online.

What’s more, this process means that customers’ payment details are automatically inputted meaning they have very little to do when setting up their payments. It means that you can provide a seamless customer experience whilst protecting you and your customers from fraudulent activity.

Ease

We already established that customers will abandon their checkout process if they don’t find their preferred payment option available. However, there is another factor that can be even more of a barrier at checkout – complexity.

In our survey, we found that over two-thirds of respondents said they would stop and leave their purchase if the checkout process felt too complicated. 45% of respondents felt frustrated when manually entering payment details online.

Clearly, taking any complexity out of the payment journey is crucial. With Direct Debit, customers can take the set it and forget approach, setting up a payment schedule for the lifetime of their policy in one go.

Payments are then automatically collected directly from their account across the lifetime of the policy. Cards on the other hand can create much more complexity for you and the customer.

Card payments can fail up to 8% of the time compared with only 2.7% of the time with Direct Debit. When a payment fails, you have to chase the payment creating more complexity for the customer. What’s more, 11-15% of failed payments can result in customer churn. This means customers can lose access to your services when they are otherwise happy.

Opting for a hassle-free, reliable payment option like Direct Debit can create ease for your customers whilst reducing payment inefficiencies for you and your teams.

“ GoCardless has been instrumental in achieving an amazing collection success rate, which is running at almost 99%.”

Clare Caras-Atlas, Finance Director, Taurus Insurance

Money leaving their account right away

In our survey, customers identified that ‘money leaving account right away’ is one of the key reasons for choosing a payment method. Visibility over your finances is important for your customers in the same way it is important for your businesses. Waiting a long time for funds to clear in your account or payments to be made when you’re not expecting it can create uncertainty over your financial position. It can also create a negative experience with your brand.

Direct Debit collects payments directly from your customer’s account on the date agreed in the payment schedule. It’s the most direct way to collect payments. We know that for GoCardless Direct Debit payments, payments are collected within just 4 days of the due date. With cards on the other hand, payments can take up to 7 days to clear your account.

*GoCardless Data

Providing customers with clear notifications around payment collections can also help to improve visibility further. With GoCardless, customers can receive a notification to say that the payment will be collected in 3 days. This gives customers ample time to understand when the payment is due and avoid any bill shock.

“Customers are happier because they get better information when they query a payment. They’re used to Direct Debit and are happy as long as it works well and is transparent.”

Guy Farley, CTO and Co-Founder, ManyPets

Payments that set you apart

Payments can be a powerful tool in creating the ultimate customer experience. Payment collection is one of the main touch points with your brand across the lifetime of a customer’s policy. When creating a positive experience, it’s clear that your customers are looking for ease, security and visibility over their finances.

Direct Debit layered with the right technology, such as open banking provides the ideal solution for insurers.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 15 February, 2024 — GoCardless, the bank payment company, has renewed its commitment to be the official headline sponsorship for the annual JustGiving Awards this September. This follows a hugely successful partnership for the 2023 GoCardless JustGiving Awards which brought in nearly 20,000 votes for 12 incredible finalists.

The sponsorship builds on a two-year relationship which started when JustGiving selected GoCardless to collect recurring donations via Direct Debit. Earlier this year, GoCardless was also named the open banking payments provider for the fundraising platform, enabling the public to make instant, one-off donations through its Instant Bank Pay feature.

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless said: “We’re continuously in awe of the amazing fundraisers in the UK, from their creativity to their dedication to the extremely moving reasons why they support their causes of choice. 

�“We couldn’t be more proud to shine a light on these unsung heroes by renewing our sponsorship of the GoCardless JustGiving Awards, and to play our part in ensuring that donations are easy to make and manage. We’re particularly excited to offer open banking payments to the millions of fundraisers on the platform. Their supporters now have the option to make immediate, on-the-spot donations without the high fees associated with card transactions, ultimately helping more money go to worthy causes.”

Pascale Harvie, President and General Manager of JustGiving, said: “We’re delighted to announce GoCardless as our headline sponsor for the second year running and very much look forward to working with them again.”

This year’s GoCardless JustGiving Awards ceremony will take place at London’s iconic Roundhouse on Wednesday 18^th September 2024, bringing together some of the biggest fundraisers and celebrities in the country under one roof.

Last year, attendees included Bill Bailey, Jamie Laing, Angela Griffiths, Faye Winter, Josh Patterson and Matt Edmondson.

Notes to Editors

About GoCardless

GoCardless is a global leader in direct bank payments. We help more than 85,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$30 billion of payments across 30+ countries. Our acquisition of Nordigen means we’re also helping businesses make faster and more informed decisions through easy access to bank account data. We are headquartered in the UK, with additional offices in Australia, France, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.

About JustGiving

JustGiving is the world’s most trusted platform for online giving. We help people raise money for the charities and people they care about the most. In 2000, JustGiving.com began with one simple goal – to enable charities to receive donations online from anywhere in the world. Fast forward 23 years and over $9 billion has been raised for good causes in almost every single country in the world. JustGiving became part of Blackbaud in 2017.

© 2024 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 23 January 2023 — GoCardless, the bank payment company, and Comic Relief, the UK charity, have extended their relationship until 2026, enabling Comic Relief to continue using GoCardless for Direct Debit to easily collect recurring donations all year round. 

This will enable Comic Relief, which started working with GoCardless in 2019, to take more donations outside of its yearly Red Nose Day fundraising campaign, giving people an easier way to support the causes that matter to them. 

The announcement comes as research from GoCardless revealed that Brits still want to donate despite the ongoing cost of living crisis, with 37% of people saying they will continue to give to charity even if their finances are squeezed. 52% also indicate they would give to a charity again if donations are fast and easy.

Georgina Persson, Executive Director of Operations, Comic Relief, said: “We are delighted to be able to continue working with GoCardless to ensure making online donations to Comic Relief is as simple and seamless as possible for our generous supporters. We look forward to seeing how we can keep building on this success over the next few years as we look to grow our fundraising activities all year round.”

Pat Phelan, Managing Director of UK & Ireland and Chief Customer Officer at GoCardless, said: “We know that recurring donations are better when financial pressures increase – giving little, but often, goes a long way. For charities, implementing Direct Debit greatly improves flexibility for donors, leading to an increase in the overall donations that they receive. We’re proud to extend this long-standing relationship and power payments for good.”

 Notes to Editors  

For more information, contact press@gocardless.com.

All figures, unless otherwise stated, are from YouGov Plc. The figures cited in this release are from two surveys. Fieldwork for the first survey was undertaken between 22nd – 23rd November 2022 with a total sample size of 2021 adults. The second survey, which asked the same set of questions, was conducted in 2023 between 19th July 2023 – 20th July 2023 with sample size of 2014 adults The surveys were carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

About GoCardless  

GoCardless is a global leader in direct bank payments. We help more than 85,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$30 billion of payments across 30+ countries. Our acquisition of Nordigen means we’re also helping businesses make faster and more informed decisions through easy access to bank account data. We are headquartered in the UK, with additional offices in Australia, France, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.  

About Comic Relief 

Comic Relief is a UK charity that uses the power of entertainment and popular culture to work towards a vision of a just world free from poverty. We raise money to support organisations that are closest to the communities who can make change happen. We support work that will tackle the impact of poverty, injustice, conflict, and climate change in the UK and around the world.

Since launching in 1985, we have raised over £1.5 billion thanks to the huge generosity and kindness of the public and our partners. For more information on our work, visit www.comicrelief.com or follow @comicrelief on X (formerly Twitter), Facebook, Instagram, LinkedIn and TikTok for the latest content and news. 

Comic Relief is the operating name of Charity Projects, registered charity in England & Wales (326568) and Scotland (SC039730).

© 2024 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Last year, when marking the fifth anniversary of open banking in the UK, we shared that we were eager to see what developments would be unlocked over the course of 2023. At that time open banking had just entered into a new phase, with the Joint Regulatory Oversight Committee (JROC) reviewing the future vision for open banking in the UK and a future entity to replace Open Banking Limited. It was a time of change and we felt certain that the year ahead was going to bring exciting advancements. 

So, were we right? Did open banking evolve over the past 12 months? Did the new phase live up to expectations? Well…

2023 brought new open banking milestones

Six years on and we’re still seeing strong and consistent growth.

• The volume of open banking payments in the UK doubled in the first half of 2023 compared to the first six months of 2022 

• A significant milestone was hit in July when the UK reached 11.4 million payments made in a single month; it was later surpassed when we saw 12 million payments in November

• Open Banking Ltd reported that one in nine British consumers are now active open banking users

• A study led by Censuswide found that nearly a third (29%) of 16-24-year-olds have now made a payment via open banking on their mobile phone

Whilst not quite mainstream yet, open banking was definitely on a lot of people’s radars in 2023 and was referenced in the Chancellor’s Autumn Statement.

At the start of last year, we reported that one in five businesses across the world planned to invest in open banking by 2025. We’ve already seen many UK organisations act on this and announce that they’ve added to their offering with open banking payments. This includes Yonder, Plend and JustGiving who, last week, announced that GoCardless is now their exclusive open banking payment provider, replacing American Express. The online donation platform estimates that around 10% of their donations are already via open banking, but see the potential to grow this by utilising our Instant Bank Pay feature for instant one-off gifts and donations.

“We’re constantly looking for ways to make donations go further, and open banking payments play a pivotal role. After working with GoCardless for over a year on recurring donations, we were confident that its Instant Bank Pay feature would be perfect for one-off giving. Instant Bank Pay will not only help us to keep costs low but also provide a best-in-class fundraising experience for our customers and their donors.”

Oliver Shaw-Latimer, Senior Director, Payments and Innovation, at JustGiving

Consumers have taken an interest in open banking’s broader potential

The Bank of England interest rates may have hit a 15-year high in 2023, but interestingly we found open banking could be the lifeline that ‘Generation Rent’ needs. A survey of 2,000 consumers revealed that 72% feel that getting on the property ladder is currently unattainable, with over half (52%) of those aged 18-34 believing that lenders should embrace open banking to make the process fairer. Four in 10 (41%) say that lenders use outdated methods to assess applicants, with self-employed consumers feeling unfairly penalised by the existing process.

Overall, consumers felt it was time for lenders to update their methods, with 42% believing lenders should embrace technologies like open banking to consider more data points – such as everyday spending and rent payments – when assessing their mortgage application.

Has open banking peaked? 

Not even close! The past year has been one full of positive milestones and whilst we’re heading in the right direction, the road to reaching open banking’s full potential is a long one. To be truly mainstream, payment providers, banks and regulators all need to work together to offer a consistent, high-quality experience across all use cases. We’re invested in being on this journey and JROC, who we mentioned at the start, has done a great job in uniting the financial services sector to tackle these challenges together. 

In fact, JROC has already set up 2024 to be a year of yet more progress with a commercial Variable Recurring Payments (VRP) pilot set to launch later this year. At the moment VRPs are only publicly available for people wishing to move money between two accounts that they own. The pilot will look to expand them in specific sectors – financial services, utilities and the public sector – and if successful will represent a huge stepping stone to making open banking payments a true challenger to cards. The high costs associated with card payments are something which merchant representatives like the Federation of Small Business have highlighted as a long-standing pain point for businesses. 

We’re focused on playing our part in the various industry and regulatory working groups to make sure we stay on track to make this a reality. Because whilst 2023 was good, we believe we can help to make 2024 even better.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 9 January 2024 — GoCardless, the bank payment company, has extended its relationship with JustGiving to become the online donation platform’s exclusive open banking payment provider, replacing American Express. The move will see JustGiving use both the fintech’s Instant Bank Pay feature to collect instant, one-off gifts and its Direct Debit capabilities for recurring donations.

JustGiving estimates that 10% of its donations already go through open banking payments — a proportion that it wants to grow. JustGiving does not charge a commission fee on donations to charity customers, instead relying on optional tips that donors use to cover its costs. The cost savings with Instant Bank Pay will help to sustain JustGiving’s business model and deliver more money to good causes. 

JustGiving also cites reduced fraud as another benefit of open banking payments, as well as fewer refunds: the immediate nature of these payments means a lower number of accidental transactions and duplicate payments.

Oliver Shaw-Latimer, Senior Director, Payments and Innovation, at JustGiving, said: “We’ve built a suite of products to support amazing causes and it is a privilege to be the payments platform powering fundraising behind the scenes. Fast forward 23 years and over $9 billion has been raised for good causes in almost every single country in the world. We’re constantly looking for ways to make donations go further, and open banking payments play a pivotal role. 

After working with GoCardless for over a year on recurring donations, we were confident that its Instant Bank Pay feature would be perfect for one-off giving. Instant Bank Pay will not only help us to keep costs low but also provides a best-in-class fundraising experience for our customers and their donors.”

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, said: “As open banking approaches its sixth anniversary in the UK, we’re proud to bring this emerging technology to everyone through Instant Bank Pay on JustGiving — a household name and one of the largest fundraising platforms in the country. By using our unique combination of Direct Debit and open banking payments, JustGiving can give donors and charities more payment choice whilst lowering costs and reducing fraud. Ultimately, this means more money goes to worthy causes.”

The announcement adds to GoCardless’ list of open banking payment customers, which include credit card provider Yonder; Tembo (formerly Nude), the savings app for first time buyers; Pillar, the new fintech platform breaking down credit borders; and ethical lender Plend.

Notes to Editors

About GoCardless

GoCardless is a global leader in direct bank payments. We help more than 85,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$30 billion of payments across 30+ countries. Our acquisition of Nordigen means we’re also helping businesses make faster and more informed decisions through easy access to bank account data. We are headquartered in the UK, with additional offices in Australia, France, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.

About JustGiving

JustGiving is the world’s most trusted platform for online giving. We help people raise money for the charities and people they care about the most. In 2000, JustGiving.com began with one simple goal – to enable charities to receive donations online from anywhere in the world. Fast forward 23 years and over $9 billion has been raised for good causes in almost every single country in the world. JustGiving became part of Blackbaud in 2017.

© 2024 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 19 December 2023 — Yonder, the modern rewards credit card, has extended its relationship with GoCardless, the bank payment company, by adding Variable Recurring Payments (VRPs) alongside the Direct Debit functionality it uses already.

Thanks to GoCardless’ Instant Bank Pay, Yonder cardholders, or ‘members’, can now use VRPs to instantly pay off their credit card balance. 

The arrangement means that Yonder can access both Direct Debit and instant, recurring open banking payments through a single provider. Not only does this make it easy to offer members more payment choice and greater control — it also provides Yonder two options for collecting repayments, pairing a ubiquitous, tried-and-true payment method with cutting-edge technology.  

Tim Chong, co-founder and CEO at Yonder, said: “In these economic conditions, consumers want more control over their finances. VRPs are the perfect solution. Since we’ve introduced them, we’ve seen many members move from monthly to weekly or even daily repayments. The instant nature of VRPs means they can immediately free up their credit line and take full advantage of our rewards, or gain peace of mind that their balance is cleared. Simply put, VRPs allow our members to manage their repayments in the way that works for them.

“We’ve used GoCardless for Direct Debit for over a year and given their expertise in bank payments, it made sense to add VRPs and offer the two together. Because it’s still early days for open banking, we wanted to have a fallback payment option for our members in case their banks don’t currently offer VRPs or they encounter the odd hiccough as the tech continues to develop. Direct Debit, which has been around for decades, is a great complement.”

Pat Phelan, MD of UK&I and Chief Customer Officer at GoCardless, said: “We’re proud to expand our relationship with Yonder, providing VRPs so they can continue to create an excellent member experience. By combining Direct Debits and VRPs, Yonder can benefit from the best of bank payments, tapping into two payment methods that are fast, secure and cost-effective.”

GoCardless has been active in the VRP space since 2019, when it took the first live transaction through a sandbox developed by the OBIE. Last year it launched a ‘commercial VRP’ pilot with NatWest Group and Charity Right, and introduced its official VRP offering through its Instant Bank Pay feature. Current VRP customers include Tembo (formerly Nude), the savings app for first time buyers; Pillar, the new fintech platform breaking down credit borders; and ethical lender Plend.

Yonder is a London-based company that provides their members a modern credit experience and benefits such as paying without foreign exchange fees, and worldwide travel insurance. Earlier this year, Yonder secured £62.5m in Series A funding, boosting its market valuation nearly three times to £70m. 

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

The festive period is well and truly upon us and the ‘out-of-office’ message is ready. But before I log off for 2023, the Joint Regulatory Oversight Committee (JROC) has already delivered what was at the top of my Christmas wish list – endorsement of the commercial Variable Recurring Payments (VRP) Blueprint. 

Let’s walk through what the Blueprint is and how it will impact payment progress in 2024 (and beyond), how GoCardless has been actively involved in representing business’ interests, and the value commercial VRPs offer to payers.

What is the Blueprint and why is it exciting?

First, some background context. VRPs are powered by open banking and can be thought of as Direct Debit but with added speed and security. They were launched in the UK last year after the top nine banks were mandated to offer them for ‘sweeping’ – when money is moved between two accounts that are owned by the same person or company. Fast forward to Summer 2023 and JROC set up a dedicated VRP Working Group, with representatives from across the full breadth of the open banking ecosystem, tasked with proposing how to move commercial VRPs forward. GoCardless was a key member of the Working Group since its inception and part of my role was to work alongside the other members and represent our views. 

We didn’t waste a moment getting to work, with the Group sharing a proposed VRP Blueprint with JROC in September. Designed to act as a roadmap to broaden the use of commercial VRPs, the Blueprint prioritised three key deliverables:

1. Identifying use cases which should be included in a “Phase 1” roll-out

2. Defining the set of functional, customer protection, and commercial model requirements needed to support this roll-out

3. Recommending actions (and owners for these actions) to be taken forward to meet those requirements

This proposal is hugely exciting as it represents the next phase of payment evolution, something that is overdue with the recent ‘Future of Payments Report’ by Joe Garner emphasising the need for a genuine alternative to cards. Cards and their high processing fees continue to drain our already sensitive economy but, done right, commercial VRPs have the potential to step into that gap. 

What was GoCardless’ role in the VRP Working Group?

We don’t believe in sitting on the sidelines, so we were a member of the main Working Group, led a sub-group looking at how VRPs should function, and were part of a small, crack team drafting the Blueprint recommendations for JROC. All of our insights were shaped by GoCardless’ customer research into which industry verticals have the highest intention to adopt commercial VRPs over the next 18-24 months. Who needs a Summer holiday when you can play an instrumental role in helping commercial VRPs to realise their potential?  

What is in the commercial VRP Blueprint?

1. A commercial VRP pilot with three low-risk use cases – Financial Services, Utilities and ‘Government’ (public sector) – set to launch in Q3 2024.

2. A set of requirements to not only get the pilot underway but also a list that will address gaps that allow the product to successfully scale.

3. A list of owners for those requirements. These will sit across a number of stakeholders, including Pay.UK, Open Banking Limited and the regulator, to drive this roadmap forward.

My three key takeaways from the Working Group and creating the Blueprint

It was a privilege to be part of the process and work with so many great people, equally as passionate about payments as I am. But every experience can be learnt from, and not every conversation was an easy one.

My three key takeaways from the experience are:

Let’s avoid repeat mistakes – There are lessons to be learnt from the past, and not just from the sweeping process, which had lots of positives. There are some great learnings from the launch of faster payments and wider payment schemes that can be called on to add value to VRP.

The industry is pushing in the same direction – When it came to the functional discussions there felt a lot of cohesion from all participants. Often there feels a conflict around the industry and the banks however, from my personal experience the banks provided insightful and balanced contributions. I’m sure there will be areas of disagreement but the overall sentiment feels aligned.

We can move faster – This experience felt like a whirlwind but it also demonstrated an ability to move at speed. VRPs have the opportunity to be a real alternative to the status quo. However, unless we maintain a velocity then it also has the potential to become another ‘what could have been’ story. 

I believe that our efforts in the Group have been worth it and I’m extremely pleased to have seen JROC’s response to the Blueprint, and within the originally promised timelines as well – a rare occurrence in the world of payments! 

I’ll be using my Christmas break to rest up as it’s clear that 2024 is going to be a busy year with a lot of positive momentum for open banking and VRPs, bringing businesses across the UK one step closer to accessing a way to collect and move money in a way that’s more cost-effective, more secure and better suited to today’s environment. 

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

London, 12 December 2023 — GoCardless, the bank payment company, has announced a partnership with Acre, an all-in-one platform for mortgage and protection brokers, to help them collect service fees from their clients in a more seamless and cost-effective way.

As the only platform brokers need to manage a client’s mortgage journey from start to finish, Acre is changing the way people buy homes. It’s designed to make the mortgage and protection process more streamlined, with easy case management capabilities and smart dashboards all in one place, so brokers can spend less time on admin and more time growing their business.

The GoCardless integration accelerates the payment process. Previously, brokers had to look up how much the client owed in Acre, collect the fees off-platform, and then go back to Acre to reconcile the payment. By integrating Direct Debit for recurring payments and Instant Bank Pay, GoCardless’ open banking payment feature for one-off payments, directly into the Acre platform, this three-step process is shortened to one — enabling brokers to manage, collect and reconcile their payments with ease. 

This will also eliminate expensive card payments, while creating a smoother payment experience for the customer.

Justus Brown, CEO at Acre, said: “By partnering with GoCardless, we are making it easier, safer and more reliable than ever for brokers to take payment for their services. More often than not we see brokers relying on outdated, manual processes to collect fees, receiving emails with credit card numbers that get typed into clunky card terminals in a physical office. From today, brokers can instantly send clients an online payment link or set up Direct Debits via our Customer Portal, making the whole process frictionless, more secure and easier for all involved.”

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, said: “Brokers today have enough on their plate; they don’t have time to deal with hours of manual admin or late payments. That’s why we’re excited to offer bank payments with Acre, helping brokers save time and money, stress less and get paid on time.” 

The announcement adds another leading name to GoCardless’ roster of more than 350 partners. These partnerships see businesses seamlessly integrating GoCardless into the software they already use, managing payment and other business activities in one place.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Golf club payments at a glance:

Golf clubs need to collect membership fees and payments from members. In the past, members paid with cash, cheques, cards or manual bank payments. But these ways had problems – they took a lot of time for the golf clubs to manage the payments. Now, golf clubs are starting to use Direct Debit, which automatically pulls money from members’ bank accounts on a schedule. It’s easier for golf clubs because they don’t have to ask members for payments or keep track of different types of payments.

Direct Debit lets golf clubs do things like set up payment plans where members pay a little bit each month. This makes it easier for more people to join golf clubs. The system also reminds members when a payment is going to happen so there are no surprises.

Accepting payments should be simple for golf clubs. Trusted and reliable systems like Direct Debit take care of payments automatically behind the scenes. This makes life easier for both golf clubs and their members!

Golf club payments in the UK

From the bustling locker rooms to the serene greens, managing a golf club, especially golf club finance, is no easy feat. One of the most challenging aspects is managing memberships and collecting golf club payments. In the age of digital transactions, golf club finance must adapt to meet the changing demands of its members and efficiently manage the club.

This article covers the world of golf club payments, exploring various methods and taking a closer look at Direct Debit – an efficient, automated payment solution gaining traction among organisations that need to accept recurring payments. 

Understanding the Golf Club Payment plans

Traditionally, golf clubs have relied on manual payment methods like cash, cheques, cards and standing orders to collect membership dues. However, these methods are time-consuming, and tracking payment history and maintaining payment records can become cumbersome, especially for larger clubs with multiple members and complex payment schedules.

The Dilemma with Traditional Payment Methods

With cash or cheque payments, clubs must wait for members to make manual payments, often leading to missed payment deadlines. On the other hand, standing orders offer a regular payment flow but can be difficult to manage when payment amounts vary, or members change their membership levels. 

Credit card payments offer another alternative. Credit cards offer convenience but incur expensive transaction fees and are prone to failure. Due to expiry, loss and cancellation, 10 – 15% of card payments fail, causing a loss of revenue and creating high levels of manual admin.

The need for streamlined golf club finance

Given these challenges, golf clubs are now turning towards more efficient, automated systems for golf club monthly payments. One such solution that is gaining popularity and offers golf clubs a cost-effective payment collection option is Direct Debit.

Direct Debit: efficiently collecting golf club fees

Direct Debit is an automated pull payment that, once authorised, transfers money directly from the payer’s bank account to the payee’s account. It’s a reliable, secure, and hassle-free method for golf clubs to collect membership fees.

Direct Debit has been around for decades and is a widely used and trusted payment method in the UK. Indeed, there were 4.8 billion Direct Debit payments made in 2021, according to UK Finance.

Until recently, financial and regulatory requirements made Direct Debit challenging to access for smaller organisations. However, advances in banking technology mean that all businesses can now enjoy the benefits of Direct Debit regardless of size. 

Benefits of using Direct Debit

There are several advantages to using Direct Debit for golf club payments:

• Automated collection: Once authorised, Direct Debit collection is automated, requiring no further action from the payer or payee.

• Scheduled Payments: Direct Debit allows clubs to schedule payments as required, ensuring a steady cash flow.

• Cost-effective: As well as being cheaper, Direct Debit transactions have a higher success rate and require less administration.

• Automatic Renewals: Membership renewals can be automated, reducing the administrative burden and enhancing member retention.

• Flexibility: Direct Debit can be adapted to different membership levels and can accommodate changes in fees or collection dates without requiring members to set up new standing orders.

• Instalments: Direct Debit allows golf clubs to offer members instalment plans.

• Security: The Direct Debit Guarantee protects customers against unauthorised withdrawals, offering peace of mind.

Rethinking golf club membership fees with Direct Debit

While traditional golf clubs require members to pay lump sum fees, this could deter potential members. With the world becoming increasingly digital, golf clubs need to offer more flexible, convenient payment options to attract and retain members.

Innovative approaches to collecting golf club fees include a payment structure where members pay a smaller one-off joining fee and a ‘green fee’ each time they play, with the total members can pay in a year capped. This structure allows members to manage their payments better, making the fees proportionate to their play frequency.

Using Direct Debit also allows golf clubs to offer instalment plans to members, making membership more affordable without creating administrative issues in the finance department.

Implementing Direct Debit

At GoCardless, a specialist bank payments provider, we offer Direct Debit as a quick and easy way for golf clubs to automate their payment collection process. Using the user-friendly merchant dashboard, you can set up payments in minutes. GoCardless will automatically send the relevant authorisation and notification forms to your members on your behalf.

Here’s how to collect golf club fees using GoCardless:

1. Create a free GoCardless account and connect your accounting software.

2. Set up and schedule payments via your website’s checkout page or send secure payment links.

3. Sit back as GoCardless send all the necessary forms to your members.

4. Enjoy timely payments as GoCardless automatically collects the scheduled amount from members’ accounts.

GoCardless doesn’t require contracts or long-term commitments and offers 90 days without transaction fees to new merchants, so you can get started collecting Direct Debit today risk-free.

Direct Debit payment solutions

GolfClubSubs is a software solution designed to simplify golf club payments. They integrate with GoCardless to allow their users to collect Direct Debit payments through GoCardless.

Direct Debit is a flexible payment method that offers fast reporting, enabling golf club finance teams to see at a glance who has paid, how many payments are pending and much more.

Embracing Change in Golf Club Payments

Golf club payments are changing, and clubs must adapt to stay competitive. Embracing Direct Debit streamlines the payment process, enhances member retention, and ensures a steady cash flow, effectively managing golf club finances with minimal admin.

Revolutionising golf club payments isn’t just about adopting new technologies. It’s about understanding your members’ needs and offering convenient, secure payment options that align with those needs. Multiple options are available to simplify and streamline golf club accounting, from Direct Debit to tailored golf club payment software.

We can help

Setting up Direct Debit is quick and easy with GoCardless and can be completed online. By automating the payment collection process, GoCardless drastically cuts down the administrative responsibilities of managing and tracking golf club payments.

It’s simple to get started, and with no contracts or long-term commitment required, there’s no risk. You can set up instant, one-off, or recurring payments in the merchant dashboard in just a few clicks. GoCardless does all the heavy lifting by automatically creating and sending all the necessary forms to your customers.  In addition you can connect to GoCardless via over 350 partner apps, such as Xero and Quickbooks.

Discover how GoCardless can automate payment collection, reducing late and failed payments and the level of manual finance admin, making it easier for you to concentrate on what matters most – offering a top-notch golfing experience to members. 

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Over the past 12-18 months we’ve heard from businesses consolidating their suppliers to reduce costs and read reports of consumers cutting back on what they consider to be non-essential spending. But how are charities and their donors adapting to what can only be described as a turbulent economy? A year on from our last survey, we conducted a new survey of 4,035 adults based in the UK to better understand how the current economic climate is impacting donation habits.

What did we find out? Well, the good news is that people are still committed to charitable giving. The even better news is they shared exactly what would make them give more regularly. 

64% of people have made a donation in the past few months

Nearly two-thirds of people have given to charity over the past few months, with 46% telling us they do so on a regular basis. This tells us that, despite interest rates reaching a 15-year high, the percentage of people giving to charity has remained fairly stable with only minor changes (only a few percent down from 49%) since our last survey in November 2022.

What stood out to us was that for a small portion of people (8%), the cost of living crisis had made them want to increase the amount they were donating. The reasons being that they recognised more people are in need or those who were already in need would require additional support. 

What would motivate people to donate more?

So, how can your charity convert more one-off donors into regular givers? And of those already giving, what would motivate them to give more frequently? 

The payment experience is key. Over half of the people (51%) surveyed told us they’d be more likely to make additional donations to a charity if they’d found the process fast and simple when giving the first time. When we looked deeper into the responses to understand exactly what makes a giving experience positive, we found that over a third of people (39%) said that being able to set up a recurring donation would be the easiest way for them to give. In fact, over one in 10 also said that they would even give more frequently if a charity offered automated donations. 

32% of respondents shared that they already have an automated donation set-up. Whilst this is great to hear, it means that there’s huge potential to increase the number of regular givers and that offering an automated way to give could be the key to unlocking this. We asked our long-term customer, JustGiving, to share their thoughts on the survey results. Oliver Shaw-Latimer, Senior Director of Payments and Innovation at JustGiving, said: “As a result of the cost-of-living crisis, we’ve seen a change in the way in which people donate to charities and good causes, with more people choosing to give little and often.”

How GoCardless can help your charity collect recurring donations

Framework, a UK charity that provides housing and support services for vulnerable adults, has openly shared in the past that GoCardless helped them to simplify their donor experience. After moving to us, they were able to make the checkout three steps rather than five, something that they believe contributed to their conversion rates almost tripling. 

If your charity would like to find out more about GoCardless recurring payments or our 25% charity discount, then click here and start driving more donations today.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Direct Debit for small business in a nutshell:

You know how sometimes it takes a long time for businesses to get paid by their customers?

Well, Direct Debit can help with that. Direct Debit is like when you set up automatic payments for your utility bills, Netflix, or Amazon Prime every month. It’s a way for businesses to get paid automatically on a specific date without needing customers to authorise each payment. It’s great for businesses that send bills regularly, offer payment plans, or have subscriptions.

Before, it was hard for small businesses to use Direct Debit, but now there are companies like GoCardless that make it easy. We handle all the paperwork and notifications, so you don’t have to worry about it. We even work with lots of different software to make it even easier for businesses.

Direct Debit has a lot of benefits for both businesses and customers. It makes sure businesses get paid on time, helps with cash flow, saves time, and makes things more convenient for everyone. GoCardless even lets businesses collect payments in different countries and currencies.

Direct Debit can help small businesses get paid faster and easier. It’s quick and easy to set up with GoCardless, and businesses can get paid on time and not have to do manual paperwork.

Waiting on customer payments can be one of the biggest pain points for any small business. Three in five UK businesses are owed money from late payments, fuelling stress and cash flow problems. Small businesses in south-east and east of England, and Northern Ireland are more likely to experience late payments.

However, it’s not all doom and gloom. You can make one simple change to eliminate the stresses of getting paid late: switch your payment collection method to Direct Debit.

Direct Debit for small business

Like a personal Direct Debit for monthly bills, a small business Direct Debit works the same way, ensuring that payment will be made on a set date. Direct Debit removes the need for customers to view, approve, and action any invoices you send, so you don’t need to wait around for clients to authorise payment upon receipt of a new bill – the payment is made automatically.

Despite the obvious benefits of offering Direct Debit as a payment method, it has traditionally been difficult for small businesses to access and offer to customers.

Why was it so difficult for so long? There are numerous requirements for setting up Direct Debit via banks and bureaus that most small businesses will find arduous. Once approved, setting up Direct Debit as a payment option with these type of providers can be a complicated task.

However, there are now several Direct Debit providers offering services for small businesses that make set up and management quick and easy.

GoCardless offers small businesses a quick and easy way to set up Direct Debit and offer it to customers in minutes. There are no setup or management fees and no mandatory commitment periods. Try GoCardless today.

Direct Debit or standing order?

Standing orders are regular payments set up by the customer. This puts the customer in control of their recurring payments. In contrast, Direct Debit is set up by businesses with the permission of the customer (who is protected by the Direct Debit guarantee). Unlike a standing order, Direct Debit guarantees that you get paid, although it’s worth noting that Direct Debit indemnity means customers maintain the right to cancel any payment and receive a refund.

You can learn more about the differences between standing orders and Direct Debit here.

When to use Direct Debit collection for small businesses

Direct Debit is used for regular and recurring payments, making it an excellent choice for many businesses.

Businesses that need to be invoiced regularly

The best Direct Debit for small business makes life easier for both the payer and the payee. If you have clients who need to be billed regularly, Direct Debit not only ensures you get paid on time but also saves your customer from doing any additional admin, which is always appreciated.

Businesses offering payment in instalments

If you offer goods or products that customers can purchase in instalments, it’s in your interest to ensure they don’t fall behind on their payments. As a result, Direct Debit is the perfect payment option.

Subscription-based businesses

If you’re providing an ongoing subscription service, Direct Debit is a highly suitable payment method to prevent customer churn.

In certain locations and industries, it’s important to understand customer payment preferences, GoCardless conducted a study here to identify trends.

Direct Debit services for small businesses

While it may seem like setting up regular payments from a customer’s bank account to your own is a relatively admin-heavy task, the process is simple:

1. Acquire a Direct Debit mandate from your customer – Also known as a Direct Debit instruction or DDI, they can be made on paper, online, or over the phone (though this method eliminates any paper trail) and is your permission slip from the customer to take future payments, so long as you give notice of the collection before it being carried out.

2. Submit mandates via Bacs – Your DDI needs to be submitted to the banking system via Bacs. This can take up to 10 working days, and you will be notified of its completion.

3. Start taking payments – As soon as the DDI has been accepted, you can start taking payments.

4. Give notice – You must always give notice before taking payments. You risk being removed from the Direct Debit scheme if you do not. Notice is usually given ten working days before payment is taken, but one-off payments can be made without notice if the customer requests that the payment be fulfilled immediately.

Using GoCardless for Direct Debit

Direct Debit services for small business was once limited, but with GoCardless, it’s an excellent option. We make Direct Debit easier by handling the admin and equipping you with everything you need for payment success:

• We handle the submission of all mandates on your behalf

• We notify customers when payment is due

• We help maximise payment success by ensuring you are compliant with the Direct Debit agreement

• We keep you informed of any failed payments and payment collection attempts are made up to three times

• We integrate seamlessly with over 350 software partners like Xero and Sage, so you don’t have to rearrange your workflow to benefit from a Direct Debit facility for small business

• We automate a job that would otherwise have to be done manually, helping you reduce costs

Need to let your customers know you are using GoCardless for recurrent payments? You can easily send them an email in-app, inviting them to authorise a one-time Direct Debit mandate and ensure easy future payments.

International Direct Debit for small companies

Your customers don’t have to be local for your business to benefit from the convenience of Direct Debit. GoCardless offers international payments – the only payment method designed for the worldwide subscription economy. Direct Debit services for small business can often be limited in their reach, but GoCardless removes the borders from your payments.

• Collect in your customer’s currency from over 30 countries

• Settle in your local currency at the real exchange rate

• GoCardless takes care of compliance in each market

• Transparent transaction fee – see pricing here

• Reduce churn rates

Case study: from cards payments to Direct Debit

Big Blu, a satellite internet provider, used to collect Direct Debit via their bank and also accept card payments via Continuous Payment Authority (CPA). Their payment collection methods were costing them too much time and money, dealing with a high level of manual payment admin and chasing failed card payments.

Switching to GoCardless to automate Direct Debit collection and phase out cards with their high failure rate has resulted in a time saving of two hours a day and achieved a 97% – 98% success rate collecting payments across all territories.

Watch the video:

We can help

Setting up Direct Debit is effortless and efficient with GoCardless. By automating the payment collection process, GoCardless drastically cuts down the administrative responsibilities of managing and tracking invoices for your team.

GoCardless makes it quick and easy to get started, and with no contracts or long-term commitment required, there’s no risk. You can set up instant, one-off, or recurring payments in the merchant dashboard in just a few clicks, and GoCardless automatically creates and sends all the necessary forms, doing all the heavy lifting for you. You can also connect to GoCardless via over 350 partner apps, such as Xero and Quickbooks.

Discover how GoCardless can automate payment collection, reducing late and failed payments and the level of manual finance admin, making it easier for you to concentrate on what matters most – your business growth.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Collaboration will allow businesses to access bank payments in over 25 countries directly within the Ecommpay platform

London and Riga, 8 November 2023 – Bank payment company GoCardless and leading international payment service provider and UK & Europe direct bank card acquirer Ecommpay have announced a partnership which will see the latter add direct debit to strengthen its payment offering. 

Thanks to GoCardless Embed, a white-label integration, Ecommpay merchants will soon be able to tap into direct debit capabilities in over 25 countries within a platform they already know and trust. This will help them grow in their existing markets while providing the ability to expand into new verticals and use cases where bank payments are preferred.

With over a decade’s worth of experience in online payments, Ecommpay provides access to more than 100 alternative payment methods and mass payouts, as well as a sophisticated Open Banking payment solution via a unified proprietary platform. This partnership will enable the addition of direct bank payments to Ecommpay’s comprehensive suite of payment options.

The news comes as a new GoCardless study indicates that payment service providers (PSPs) must continue to innovate to stay competitive and boost customer retention. Increasing payment choice was cited as a top priority: 31% of merchants surveyed would be willing to pay more for a wider range of payment methods. Over a third of businesses (35%) want their PSP to offer direct debit and more than a quarter (27%) want them to offer Open Banking or other bank payment options. 

Arthur Ribakovs, Director of Financial Partnerships at Ecommpay, said: “At Ecommpay, we are always striving to push the boundaries of fintech and payments innovation. We are therefore very excited to enable card payments, Open Banking and now direct debit transactions all together through our own unified platform, making us even better suited to fit our merchants’ needs and wants.

We are also continuing to form strong partnerships to offer the very best service for our merchants, whether that’s expanding our Open Banking offering or now partnering with GoCardless for direct debit capabilities. Through Embed’s single integration, we can enhance our market-leading payments suite and continue to meet and exceed our customer’s expectations for payment choice internationally.”

Deepak Colluru, Director of Product Management for GoCardless Embed, said: “Gaining access to a wide range of payment methods is now a top priority for businesses, so PSPs need to keep up. By adding direct debit to its platform and diversifying payment choice, Ecommpay is staying ahead of the curve. 

“We’re proud to support Ecommpay through GoCardless Embed, increasing its speed-to-market as it broadens its offering. And we’re even more excited to bring the benefits of bank payments to thousands of businesses, helping them to win and retain customers, save time and money, and get paid on time.”  

Ecommpay’s new direct debit product, enabled via white-label integration of GoCardless Embed, will be available in Q1 2024.

Notes to Editors
For more information, contact:

press@gocardless.com

ecommpay@thephagroup.com 

Figures cited in this release are based on a survey of 1,250 merchants across the UK, US, France, Germany and Netherlands. The study was conducted online via Attest in June and July 2023.

GoCardless Embed is a new solution, which comes white-labelled as standard, that allows payment providers to integrate GoCardless’ global bank payment network straight into their platform through a single, simple API. The integration provides access to:

• Bank payment schemes in the UK, Eurozone and US, with more to come in the near future

• End-to-end payment processing capabilities for bank payments including reconciliation, mandate management, reporting and refunds

• Open Banking-powered features, including instant one-off and recurring payments in the UK and account verification and fraud prevention across the three markets

GoCardless Embed allows providers to tap into the burgeoning account-to-account market, valued at around USD 225 trillion in transaction volumes worldwide*.

*GoCardless analysis drawing from the McKinsey Global Payments Map; WorldPay Global Payments Report; industry research

About GoCardless

GoCardless is a global leader in direct bank payments. We help more than 85,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$30 billion of payments across 30+ countries. Our acquisition of Nordigen means we’re also helping businesses make faster and more informed decisions through easy access to bank account data. We are headquartered in the UK, with additional offices in Australia, France, Latvia and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.  

© 2023 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

About Ecommpay 

Ecommpay is an international payment service provider and direct bank card acquirer, engineering bespoke payment solutions for eCommerce clients worldwide. Our payment gateway facilitates an omnichannel payment process, combining acquiring capabilities, 100+ payment methods, mass payouts, and technological innovation within a single, seamless integration. We are headquartered in London and have six offices globally, employing over 700+ payment experts.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Many businesses are switching to payment collection by Direct Debit as it is cost-effective, secure and convenient for you and your customers. But which provider is the best for your business?

Direct Debit providers

A Direct Debit provider is a company that enables small businesses to set up and collect Direct Debit payments easily. It is important to research providers as each has different features, fees and workflows that may or may not suit your business requirements.

A good Direct Debit provider for your business should be able to maximise your conversions, minimise failure rates, and act as a trusted advisor on payment collection. It is also helpful to be able to integrate into other software you already use, e.g. Xero, Zuora, and Salesforce.

Direct Debit provider benefits

If you run a small business,  a Direct Debit provider like GoCardless can help you manage your customer base and sign-up processes, taking the stress out of chasing invoices. 

However, with many specialist firms, finding the right one that suits your business needs can be challenging, so we’ve compiled a list of the best Direct Debit companies for small businesses.

GoCardless

GoCardless is the most popular Direct Debit provider for small businesses in the UK.

We provide a done-for-you, secure, automated way to collect customer payments without extra setup costs or monthly fees. GoCardless also integrates with your current invoicing software, allowing you to collect payments automatically on your preferred dates, meaning no more late payments. We also offer features such as Success+, our intelligent retries product that can bring success rates to 99.5%, and Protect+, our anti-fraud product.

The user-friendly merchant dashboard makes it simple to automate collection, create one-off payments, or edit existing subscriptions. You can get all this done in just a few clicks, and with GoCardless doing all the heavy lifting, you don’t need to spend time managing payments. It’s also cost-effective, with low fees and no setup costs or long-term contracts required.

SmartDebit

SmartDebit is one of the UK’s leading direct debit providers. It offers customisable payment solutions and an award-winning customer service team, with a Trustpilot score to match. The company provides three products: Bureau, Managed, and SEPA, making it suitable for businesses of all sizes.

Eazy Collect

Eazy Collect makes direct debit payments easy, with options to set up payments via various channels, including apps, online forms, and over the phone. The company is known for its low-cost solution and flexible payment schedules.

Debit Finance Collections

Debit Finance Collections is part of the Transaction Services Group (TSG), a leading international revenue management solutions provider. The company offers a Direct Debit service that provides analytical data and reporting facilities to help you gain more insight into your customers.

Access Pay

Access Pay offers a flexible and reliable direct debit service that helps businesses manage their payments efficiently. It provides a range of payment options, including one-off and recurring payments, with no setup fees.

Case study

Bike Club, the world’s largest kids’ bike rental network, has experienced significant benefits by using GoCardless Direct Debit bank payments for their pay-monthly service. CEO James Symes highlights the importance of hassle-free and efficient payment solutions for the company and its customers.

Initially attracted by GoCardless’ cost-effectiveness, ease of use, and seamless integration into the customer journey, Bike Club chose GoCardless over a mainstream bank’s Direct Debit system.

With a majority of customers opting for GoCardless, Bike Club saves on overhead costs:

Bike Club utilises GoCardless’ Success+ feature to minimise failed payments and support customers struggling with payments. James says,

James notes that GoCardless’s international payment capabilities have benefited Bike Club’s expansion plans.

The partnership with GoCardless provides Bike Club with a secure and reliable payment system.

We can help

GoCardless Direct Debit for small businesses automates your payment processes, improves cash flow, and allows you to focus on growing your business. Setting up payment collection is fast and efficient. By automating the payment collection process, GoCardless drastically cuts down the administrative responsibilities of managing and tracking invoices for your team. 

It’s quick and easy to get started with no contracts or long-term commitments. You can set up Direct Debit collection in the user-friendly merchant dashboard in just a few clicks. GoCardless automatically creates and sends all the necessary forms, doing all the heavy lifting for you. You can also connect GoCardless to over  350 partner apps, including Xero and Quickbooks.

Discover how GoCardless can automate payment collection, making it easier to concentrate on what matters most – your business growth.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

Buying and selling property is a complicated business and experts are always needed, thus a suitable estate agent payment solution is a necessity.

Estate agents need payment for a variety of services, with their commission from a property sale being the main one. Many estate agents also provide additional services which do not work off of a commission. Some of these services will have a fixed price, while others may be charged as a retainer or by the hour.

Whichever payment is required, clients can make estate agent payments online with a recurring payments system that makes it easy and straightforward. Let’s look closer at estate agent payment terms, including manual payments and automatic payments. 

Estate agent commissions

One-off commission-based payments are easy to make using online payment solutions. The commission paid to estate agents is always based on the final sale price of the property being sold. The average rate of commission varies, but will usually be somewhere between 1% and 4% depending on certain circumstances.

One of the main factors that determines the rate of commission is the amount of estate agents that have been enlisted to find a buyer for the property. When a property is listed with several agents instead of just one, then the risk of not being the agent who puts the sale through is much higher for each agency. Thus they will usually charge a significantly higher commission rate than if they are the sole agent responsible for finding a buyer.

The reason for this is that the estate agent will spend their time and energy on finding a buyer, potentially for nothing if a different agent makes the sale. There are also the costs of marketing and showing the property to potential buyers to consider too. However, if you are the sole agent, then the commission is guaranteed when you make the sale, so the commission rate will likely be somewhere around 1% or 2%.

There are also additional fees involved in a property sale that might require a separate estate agent payment solution as they are not included in the property’s sale price. These include: 

Estate agent services

There are various estate agents services which will likely charge differently to the commission-based estate agent payment. These include services offered by letting agents, which is often a part of an estate agent’s provisions.

The agent may find tenants for a landlord, and may also handle rent payments and the deposits. Many agents also offer maintenance services to take care of the properties on behalf of the landlord, all for various fees of course.

There are three estate agent payment options for these services in the form of fixed-fee payments, hourly rate payments, and retainer payments. All three can be paid by accepting credit card payments online with or without a merchant account.

Fixed-fee payments

Charging a fixed price for a specific task can help an estate agency forecast their finances as the payment model is simple and transparent. However, there is the potential for some jobs to take longer or cost more than the fixed fee should any issues arise.

Hourly-rate payments

The potential problem with fixed-fee payments is instantly solved by charging by the hour. This estate agent payment solution ensures you get paid for everything you do. The only real issue is that it takes away the incentive to complete a task early.

Retainer payments

Many estate agents are paid via retainer for regular letting agent services. Retainer payments work similarly to a subscription and can be the ideal estate payment solution for ongoing services.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

The most suitable marketing agency payment solution for each agency will depend on how they prefer to charge their clients.

Different agencies use different methods to charge their clients either via manual payments or automatic payments. Each method has its pros and cons, so understanding the different pricing models, charging methods and payment options is crucial.

In this guide to marketing agency payment solutions, we explain the different marketing agency payment terms and how they might benefit your business. 

How to charge manual payments

Charging your client with a manual payment might be necessary if the amount being charged differs every month. There are some direct debit systems which allow you to change the amount to be charged each time which makes it much simpler and easier.

Charging an hourly-rate

Charging an hourly rate is one of the most popular methods for marketing agencies. The workers simply keep track of the hours worked on the project and charge the client for them once it’s complete. The best agencies will likely be able to offer a prediction as to how long they think the project will take. Smart agencies will also incorporate some slack or wiggle room in the prediction.

Charging by the hour may often require a manual payment if a direct debit system isn’t set up. This is because the amount to be charged is impossible to know until the project is complete. However, hourly pricing is advantageous as a marketing agency payment solution as it ensures each project is profitable. The profit is calculated into the hourly rate so no project should leave the agency out of pocket.

The drawback to this is there is no incentive to finish a project earlier than forecast. 

How to charge automatic payments

When the amount being charged is likely to be the same every month, then automatic payments are even easier and usually preferable for both parties.

There are excellent online payment systems that can make the invoicing and charging process very simple and straightforward. There are also recurring payment technologies that allow you to receive credit card payments without a merchant account.

Exactly how you charge for automatic payments can also vary, and there are three main options:

• fixed-pricing

• retainer-based

• commission-based

Fixed-pricing

This option sees the marketing agency charge a fixed price for a specific project. This payment model is simple and transparent and allows both the agency and the client to accurately forecast their finances.

A potential problem with this option is that any issues that arise during the project will be the responsibility of the agency. There can sometimes be a workaround for this, with certain extra work simply charged to the client via their business credit card.

Retainer-based

The retainer-based charging option has the client paying the marketing agency a fixed amount every month. It works similarly to a subscription, and can be both advantageous and disadvantageous depending on what the client’s requirements are each month.

For example, one month may be quiet while the next month may require the agency to do much more work for the same pay as the previous quiet month. It is a predictable source of income for the agency, but the time and energy requirements will fluctuate from month to month according to the client’s needs.

Commission-based

The marketing agency payment solution based on commission sees the agency receive a fixed percentage of the client’s marketing budget. It is another option that offers predictability when it comes to forecasting finances.

Commission-based charging is a common option for securing adverts, with the agency able to secure a discount which they receive as the commission. This method is favoured by larger clients, as smaller clients tend to have smaller marketing budgets.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

From lower fees to better customer service, there are many reasons to consider switching merchant payment providers. Are you on the best possible plan for your business? The only way to know is to shop around and see. The hardest part of switching payment processing providers is finding the right fit, so here’s how to get started.

What is a payment service provider?

A payment service provider is any third-party company that allows your customers to make payment. This includes online payment processing providers like PayPal, Adyen, Stripe, Amazon Pay, and others. They provide a merchant account and payment gateway, ensuring that you can collect payments efficiently.

Payment service providers enable businesses to accept credit and debit card payments by connecting them to the appropriate financial infrastructure. Essentially, they act as a middleman between your business, the customer’s card network, and the banks. Many also enable additional payment methods like bank transfers and mobile wallets.

When should you consider switching merchant payment providers?

If you’re completely happy with your current provider, there’s probably no need to switch. But many businesses stick with their current merchant payment providers simply out of habit. There are potential benefits to switching:

The first step is to ask yourself whether your current provider offers the payment options and services your business needs. Have customers asked you about additional payment methods? Which services do your competitors use? Is there a dedicated customer service team to help your business with payment issues?

You should also look carefully at your contract and fees. Are you paying exorbitant costs for international payment processing? Are there monthly fees on top of per-transaction rates? Some payment service providers hook you with low introductory rates and then raise this over time.

How to switch your payment processing provider

Ready to make the switch? Here’s how to get started.

Step 1: Review your contract.

Find out if you’re locked into a minimum term and whether there are any cancellation fees. Identify gaps so that you can choose a provider that fills these in. If you have processing equipment, determine whether this will continue working during the handover between providers.

Step 2: Choose a new payment processor.

Shop around using online comparisons to find the best payment processor for your business. Look at fees, flexibility, payment methods, and customer service ratings.

Step 3: Close your old account.

Once you’ve selected a new payment processing provider, contact your old one to shut down your accounts and ask about the handover process. Ideally, you will enjoy a seamless switch without the need to shut down your online store at any point.

Step 4: Set up your new account.

Payment providers all have their own protocols to follow when it comes to setup and onboarding. This should be relatively simple when you give the provider a few key pieces of information about your business needs.

Step 5: Onboarding and training

Setting up new hardware will depend on whether you have online operations or operate from a brick-and-mortar location. The setup process takes longer if you use a variety of different terminals and locations, but your new provider should guide you through the onboarding process. Once hardware’s implemented, train your employees to use the new payment system.

The onboarding process for online payment processing providers

There are a few details you should have at the ready when switching providers:

• Details about your existing provider and contract

• Information about your business’s industry or niche

• Information about your business turnover

• Transaction statements (monthly and/or annual)

• Void cheque

• Legal business document

• Your business’s website and contact information

The full onboarding process might take a week or more if the new provider runs a credit check. Once approved, you’ll receive a contract to sign and get started.

Of course, some payment processing providers make it even easier to switch – particularly for small online businesses. As you compare your options, factor the onboarding and approvals process into your decision.

If you plan to take Direct Debit payments from your customers, GoCardless makes it easy and cost-effective to get started. We handle the set-up process with the banks, making sure your payment pages are compliant and secure. Hosted checkout flows take the guesswork out of signing up new customers, or you can use the GoCardless API to customise your payment page. Take payments directly from customer bank accounts – both recurring and one-off. We also integrate with over 300 partners, including major invoicing software to fit right into your existing payment processing systems.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - GoCardless is a payment services provider - highlights include low processing rates, no monthly fee for the basic account, month-to-month billing without early termination fees, and extensive support for international payments. It’s optimized for direct bank payments, offering security and flexibility

A good invoicing system is an essential part of small business accounting. There are plenty of advantages as you need to send and receive invoices to manage payments and cash flow. But with invoices flowing in and out, paperwork can swiftly pile up. Here’s how to best organise your invoices in accounting and keep payment details close at hand.

What is an invoice in accounting?

Rule number one in business accounting is to keep your personal and professional finances separate. An invoice in accounting should be related to your business in some way. It could be an invoice showing what you need to pay to a supplier, or an invoice you send to a client requesting payment for your own services.

Separate the various types of bills and invoices to keep track of them. Supplier invoices should go in one folder, and vendor invoices in another. You can also break them down by service, product, or payment method for easier management.

How to get started with recording invoices in accounting

Before sorting your invoices by type, you should first gather all business invoices into a designated area for storage. This might be a digital inbox, a cloud storage file, or a physical filing cabinet. Set up a framework that makes sense for your industry and invoice volume. This might involve spreadsheets to categorise invoices by date and type. Virtual record books are also an option for storage and categorisation.

How to organise invoices in a filing cabinet

You’ll need to keep a hard copy of some important financial documents. For example, while HMRC accepts digital versions of most receipts, interest documents and dividend vouchers need to be stored in the original paper format. In addition, smaller offices with low invoice volumes can still turn to the traditional filing cabinet for storing and sorting invoices. Create folders for each type of invoice or receipt, separating them by type, payment method, date, or other parameters.

If you opt for physical storage, a top tip is to convert invoice documents into a uniform size and format. Whether it’s a standard A4 or other size, scan and print your documents before filing in the cabinet. This also ensures you have a scanned, digital copy of each document so nothing goes missing.

Tips for sorting invoices

Organising invoices in accounting involves more than just storage. Here are a few tips to reduce errors in your accounting processes.

• Number each invoice chronologically for easier tracking

• Verify all invoice details each time they’re issued or received

• Cross-reference invoices with bank accounts as part of reconciliation

• Sort transactions by payment terms and status, whether incomplete, partial, or complete

• Set up a system for monitoring cash transactions

Finally, it’s a good idea to check your records from time to time to make sure there aren’t any missing documents. ‍

Why invoice accounting software is your best bet

As your business grows, you’ll have more invoices to deal with. At some point it makes sense to automate the process using invoicing software. At the most basic level, this might simply involve using a digital spreadsheet. More comprehensive tools track, scan, organise, and store your files safely with easy retrieval and automated billing. This not only cuts down on accounting errors, but makes sure everything is in its right place for tax purposes. You want to be able to access your invoices for years to come, with digital files securely stored.

GoCardless integrates with over 300 partners including top accounting and invoicing software like Xero, QuickBooks, and more. And when it comes to invoicing, we help businesses take invoice payments directly from customer bank accounts to automate the process. This puts your business in full control over invoicing and payment collection, all managed from a central dashboard for better organisation.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

If GoCardless is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.