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Gocardless online payment system

Gocardless
https://gocardless.com/

Updated on January 22, 2013
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General Information

 

 

 

GoCardless is a next generation payments company. We make it incredibly cheap and easy for anyone to take payments online using the Direct Debit infrastructure.

Based in London, we are a rapidly-growing, highly technical team. Combining years of financial services experience with a customer-driven approach we are transforming online payments.

GoCardless is the easiest way to accept Direct Debit payments online.

We handle the whole process, saving you time and allowing you to focus on what matters most: your business.

 

 


Currencies

GBP

Countries of use

UK

Users

private and business

Fees

TRANSACTION FEE 1% up to £2

SET UP FEE £0

MONTHLY FEES £0

HIDDEN FEES £0

 

The minimum amount is £1 and each transaction is capped at £5000. There are no limits on how many transactions you make.

Funds you have collected are paid directly into your UK bank account

All payments are paid out after 7 working days

Integration approaches

PayLinks, API, Partner Application

Information for developers

GoCardless was written by developers, for developers. Our REST API is powerful but simple, and with our 
client libraries and tutorials you can accept your first payments in minutes.

Docs may be found here

https://gocardless.com/docs

Recent news

Posted on February 18, 2019
Announcing our $75m funding round to open up access to our global bank debit network

We’re incredibly excited to announce a new investment round of $75 million, led by new investors Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, as well as existing investors: Accel, Balderton Capital, Notion Capital and Passion Capital.

This Series E investment takes the total amount we’ve raised to $123 million and enables us to take the next steps on our mission to take the pain out of getting paid, so businesses can focus on what they do best.

A broken payments landscape

Over the last 10 years, we’ve seen the rise of the subscription economy and the boom of the business services sector.

We’ve seen more and more businesses develop long term relationships with customers, through subscription and instalment plans and through professional services agreements and retainers.

We estimate that around 18% of global payments are now recurring.

But while business models have moved on: payments haven’t.

Even global enterprises are still stuck with old-world payment options like cheques and bank transfers, or options designed for e-commerce, like cards.

At best, a bad-fit payment method is a major distraction and a blocker on growth. At worst it causes needless customer churn, and starves businesses of the cash flow they need to keep the lights on.

In the US, more than two thirds of B2B payments are paid by cheque, and nearly half of all global business transactions are still done on paper.

Meanwhile hundreds of thousands of businesses fail every year because of cash flow problems caused by late payments.

Building a global recurring payments platform

We’re on a mission to transform cash collection for these businesses.

Over the last few years, we’ve built a new global network for bank debit, which will soon cover more than 70% of the world’s recurring payment volume (with the addition of the USA this Spring).

By the end of 2019, our network will cover 35 countries and nine bank debit schemes, across the UK, North America, Australia and Europe.

On top of that network, we’ve built a platform designed and optimised for taking invoice, subscription, membership and instalment payments.

We now process $10bn in transactions a year and we’re proud to count 40,000 businesses around the world as our merchants.

We’ve also invested in building a platform that integrates with the applications that businesses use every day, giving users more visibility over their payments and saving huge amounts of time on tasks like payment reconciliation.

In 2018, we joined forces with 50 new billing and subscription software partners and strengthened our partnership with Xero, becoming its global best-in-class solution for Direct Debit.

Taking the pain out of payments

In the months to come, we’ll be building our team in new offices around the world, giving more recurring revenue businesses across EMEA, APAC and North America, access to our network.

We are also developing our payments platform to solve more problems for customers, including making it easier to collect cross border payments, boosting cash flow with instant settlement and reducing failure rates by leveraging our data.

For us, success means that our customers don’t have to worry about payments.

Instead, they can focus on what they do best: whether that’s building the world’s largest travel site like TripAdvisor, delivering award-winning journalism like the Guardian or creating the fastest-growing restaurant reservation platform globally, like Quandoo.

Whatever it is they do, we’re excited about helping our customers all over the world spend less time and energy on payments, and more time building their business.

Read more on Gocardless
Posted on February 17, 2019
Annonce de notre levée de fonds de 75 millions de dollars pour donner accès au tout premier réseau mondial de paiement par prélèvement bancaire.

Nous sommes particulièrement heureux d’annoncer une nouvelle levée de fonds à hauteur de 75 millions de dollars, menée par de nouveaux investisseurs tels que GV (qui s'appelait avant Google Ventures), Adams Street Partners et Salesforce Ventures, ainsi que les investisseurs existants : Accel, Balderton Capital, Notion Capital et Passion Capital.

Cette série E fait grimper le total des fonds levés à 123 millions de dollars, ce qui nous permet de passer à l’étape suivante de notre mission : libèrer les entreprises de la difficulté à se faire payer pour se concentrer sur leur cœur de métier.

Ces dix dernières années, nous avons assisté au développement de l’économie de l’abonnement et à l’explosion du secteur des services aux entreprises.

Nous voyons de plus en plus d’entreprises investir dans l’expérience client au travers de programmes d’abonnement et de versements échelonnés, ainsi que des contrats de services professionnels avec avances sur honoraires.

Selon nos estimations, environ 18 % des paiements mondiaux sont désormais des paiements réguliers.

Or, si les business models ont évolué, les paiements restent inchangés.

Même les entreprises internationales utilisent des modes de paiement traditionnels, comme les chèques, les virements bancaires ou des modes de paiement conçus pour l’e-commerce, comme les cartes bancaires.

Au mieux, un mode de paiement inadapté constitue une perte de temps et un obstacle à la croissance. Au pire, il cause une perte de clients par ailleurs évitable, et prive les entreprises du flux de trésorerie nécessaire à leur bon fonctionnement.

Aux États-Unis, plus de deux tiers des paiements B2B sont effectués par chèque et près de la moitié des transactions mondiales sont encore traitées sur papier 1.

En attendant, des centaines de milliers d’entreprises font faillite chaque année à cause de problèmes de trésorerie dus à des retards de paiement.

Notre mission : transformer l’encaissement des créances pour ces entreprises.

Ces dernières années, nous avons bâti un réseau mondial de paiement par prélèvement bancaire, qui couvrira bientôt plus de 70 % du volume des paiements récurrents dans le monde (avec l’ajout des États-Unis au printemps 2019).

D’ici la fin de l’année, notre réseau couvrira 35 pays et 9 systèmes de prélèvement, notamment au Royaume-Uni, en Amérique du Nord, en Australie et en Europe.

Désormais, nous traitons 10 milliards de dollars de transactions chaque année et nous sommes fiers de pouvoir compter 40 000 entreprises du monde entier comme nos clients.

Nous avons également investi dans le développement d’une plateforme qui s’intègre aux applications utilisées au quotidien par les entreprises, ce qui donne aux utilisateurs une visibilité sur leurs paiements et représente un gain de temps considérable sur des tâches comme le rapprochement bancaire.

En 2018, nous nous sommes associés à 50 nouveaux partenaires en matière de logiciels de facturation et d’abonnement et nous avons renforcé notre partenariat avec Xero, en devenant sa meilleure solution globale pour le prélèvement bancaire.

Dans les mois à venir, nous constituerons notre équipe dans nos nouveaux bureaux à l’international afin d’offrir un meilleur accès à notre réseau aux entreprises s’appuyant sur des revenus réguliers dans les zones EMEA, APAC et Amérique du Nord.

Nous développons également notre plateforme de paiements pour résoudre encore plus de problèmes. Par exemple, nous allons faciliter la réception des paiements transfrontaliers, booster le flux de trésorerie grâce aux règlements instantanés et réduire le taux d’échec en exploitant nos données.

Notre objectif sera atteint lorsque nos clients n’auront plus à s’inquiéter d’être payés.

Ils pourront ainsi se concentrer sur leur cœur de métier : construire le plus grand site de voyage du monde, comme TripAdvisor, proposer des reportages primés, comme The Guardian, créer la plateforme de réservation de restaurants à plus forte croissance, comme LaFourchette, ou encore créer la plateforme spécialisée dans les rendez-vous médicaux, comme Doctolib.

Quelle que soit leur activité, nous sommes heureux de pouvoir aider nos clients dans le monde entier à perdre moins de temps et d’énergie à gérer les paiements pour se consacrer davantage à leur cœur de métier.

Pour garder un œil sur l’actualité de GoCardless et sur le déroulement de notre mission, suivez-nous sur Linkedin.

Read more on Gocardless
Posted on February 14, 2019
FAQ Friday – How can you improve your accounts receivable process?

Accounts receivable. We’ve all heard the term before, but if you’re not part of a finance team, it can be tough to fully understand what impact it will have on your cash flow and the health of your business.

In this week’s FAQ Friday, we break down exactly what accounts receivable means, why it’s really important and share a few tips on how you can improve it to benefit your payment collection and overall cash flow.

We want to hear from you – get in touch and we’ll answer your questions in an upcoming video.

Read more on Gocardless
Posted on February 7, 2019
FAQ Friday – What is the GoCardless API?

We often talk about our API as a way for businesses to integrate GoCardless into their website, mobile app or desktop software.

But what exactly is an API and how can the GoCardless API benefit your business?

In this week’s FAQ Friday, Product Manager, Ben, explains what an API is and how the GoCardless API can help businesses automate and manage payments.

We want to hear from you – get in touch and we’ll answer your questions in an upcoming video.

Read more on Gocardless
Posted on February 4, 2019
Duty to report on payment practices: What do the first 10,000 reports tell us?

Last year, GoCardless covered the duty to report on payment practices and performance legislation.

In our article, we noted that, whilst the regulations came into force in April 2017, the reporting obligation was linked to each company’s financial year, so not everyone within scope was required to take action immediately. And it wasn’t entirely clear that all involved were fully aware of that fact, as the regulations had not been particularly widely publicised.

Several high-profile cases, such as Carillion (which collapsed while owing £2 billion to 30,000 suppliers) and House of Fraser (which went into administration, owing its suppliers £484 million, according to documents from EY), have put the issue of prompt payment further into the spotlight.

What, then, is the current state of play now that the regulations are fully in force?

Back in 2017, it was estimated that some 15,000 companies would be required to report on their payment practices and performance. Around this time last year only 350 reports had been published. That has since risen to almost 10,000.

The quality of available data is also on the up, with far fewer blank entries in response to specific questions around longest and shortest payment periods. That said, there are still a few instances of companies having reported excessively lengthy standard payment terms, presumably in order to report that they have paid 100% of suppliers “on time”.

“This is not exactly in the spirit of the regulations and we wonder whether the regulators will be taking a closer look in due course,” says Oliver Kidd, Senior Associate, Stevens & Bolton LLP.

Rather embarrassingly, it recently emerged that the number of businesses receiving late payments from the government’s own Cabinet Office has tripled in the past two years.

Late payments by the Cabinet Office - those tendered beyond 30 days - have affected 198.7% more firms from the period between April to June 2016 and April to June 2018, rising from 76 to 227 companies, as reported by City A.M. This is apparently due to a switch to a new computer platform.

Elsewhere, however, encouragingly, fewer than 10% of reporting companies claim to take longer than 60 days on average to pay their suppliers. Almost a third of all reporting companies claim to do so within 30 days, which is the target period of the Prompt Payment Code and other supplier industry groups.

In the 30 to 60-day bracket, the greatest number of companies seem to be paying on day 30 (314) with the lowest number of companies paying on day 60 (64). This is perhaps unsurprising given 30 days is the target payment period of the Prompt Payment Code, and seems to reflect a reasonable commercial position in many circumstances.

Cultural shift

It remains to be seen, however, if the reported figures reflect reality on the ground. Suppliers will be hoping to see a cultural shift towards companies wanting to agree reasonable payment terms with them and wanting to pay on time.

The publication of these reports is not having too much effect on the way small businesses engage with larger organisations, argues Mark Greatholder, Managing Associate, Foot Anstey.

“Often those larger organisations have a significant amount of bargaining power and will simply cease doing business with any smaller companies that do not fall in line,” he adds. “The attraction of working with a larger organisation and the opportunities that such a relationship might bring is often worth the sacrifice to smaller players,” he says.

As for the quality of the data, his views are mixed. It is very difficult to get a sensible balance between keeping the reports relatively succinct in order to ensure they are reader-friendly and do not create a disproportionate administrative burden on the reporting companies, whilst at the same time ensuring that they contain enough information to make them meaningful.

“It can also be difficult to fully understand the payment practices of those larger organisations based on the reports published given that, in additional to a number of standard terms, they often have a significant number of other contracts that are not on standard terms, which potentially allows those companies to hide behind their standard terms,” he comments.

Building up nicely

Nonetheless, the initiative is a step in the right direction. Smaller businesses now have some information available to them to help them understand the payment practices of larger organisations that they are dealing with and this can help them agree sensible payment terms.

As we stated earlier in this article, the duty to report legislation had a slow start back in 2017 and the lack of available data submitted initially was evidence of that. In addition to a lack of awareness and understanding of the regulations, companies perhaps took the decision to focus on more pressing regulatory matters, including the EU General Data Protection Regulation (GDPR).

But the data has built up nicely. It has recently been reported that the amount owed to smaller businesses in late payments has more than halved since 2012.

That said, the level of late payment debt owed to SMEs remains too high and many have no choice but to trade on terms which are too long, imposed on them by larger customers.

As a further attempt to improve the situation for SMEs, the government recently announced a strengthening of the voluntary Prompt Payment Code by the introduction of a new Compliance Board tasked with investigating poor payment performance by signatories to the Code.

Additionally, the Department for Business, Energy & Industrial Strategy (BEIS) has issued a call for evidence seeking views on what more the government can do to create a responsible payment culture. Both moves signify that more can be done to tackle the issue of persistent late payment.

Stepping stone towards greater measures

It seems to be recognised that smaller businesses are more affected by late payments than larger businesses and that often those smaller businesses do not have adequate financial controls or monitoring processes in place to manage the payment of invoices in an efficient way.

The new regulations do not really address these issues. Granted, there is much more that smaller businesses could be doing to streamline their invoicing processes in order to support and improve cash collection, but perhaps this initiative would be more effective if there were greater incentives on larger organisations to pay their suppliers on time.

“It is encouraging to see the initiative gaining traction, but it has to be seen as a stepping stone towards greater measures to protect smaller organisations if it is to achieve the objectives that was implemented to help deliver,” says Mark Greatholder.

The regulators stopped short of prescribing maximum payment terms or criminalising the act of persistent late payment by way of fines or other sanctions. Instead the regulations impose a requirement for transparency that is intended to promote a culture of better payment practices. Only time will tell if this softer approach works or whether suppliers will be ruing the regulators for only imposing a reporting duty rather than attacking poor payment performance head on.

There is currently a government consultation aimed at assessing the impact of the Duty to Report and considering what more can be done to promote good payment practice. “We await the findings with interest and it seems it is only a matter of time before we start to see enforcement action for failing to report when required or reporting misleading or false information,” says Oliver Kidd.

“Whilst it now seems that the vast majority of companies with a reporting duty have submitted a report, any enforcement action will no doubt prompt any remaining companies that have so far failed to comply. Whilst we are not aware of any enforcement action having been taken so far, failing to report when required or reporting misleading information attracts criminal liability and potentially hefty fines, so the regulators have the powers required to ensure compliance across the board,” he concludes.

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