My experience on a new way to accept direct debit payments
A friend of me told me about Gocardless a couple of weeks ago and I was intrigued to see if this was something I could use in my theatre school business. I decided to join up and test out the service. If you are thinking of using Gocardless then I hope this Gocardless review may be of some benefit to you.
Very simply, Gocardless enables anyone to accept direct debit payments through their software which then is sent straight to your account. There is a simple pricing strategy which is 2% on any transaction up to a maximum of £2. There are no other costings involved and sign up is free.
Once you sign up to Gocardless you are taken to a simple dashboard layout. Here it is easy to add customers/clients and also set them up as a Gocardless customer. An email is sent to them requesting permission from you to take payments from them. They simply put in their bank details and confirm and from here on in you can take payments from them..don’t worry Ggocardless is BACS approved and regulated by the financial conduct authority.
My reasons for choosing Gocardless
I run a Theatre school in the UK and taking payments has always been a bit of a struggle, especially when my fees are paid either in 3 instalments per term or 3 times per year. At the present time, there is no direct debit option and the ways to pay are 3 post dated cheques or by standing order or debit card machine. Often times I would find myself chasing people for fees or having parents forget that the fees were due. With Gocardless you are able to set the parent up with the ability to pay by direct debit without a huge cost to set up and with a simple email to them. You then request and receive the fees or set them up with a monthly,weekly or specified date- time for direct debit payment. It makes so much more sense for me to use this system as I am hoping less and less parents will miss payments meaning a better cash flow for me.
Does it work
The simple answer is yes…When I signed up I put through a couple of test payments for £1 to see how the system worked and the time frames etc. Now… they claim that the process for requesting payment, to it reaching your account is around 3 – 7 days but with my payments it actually took 10 days. This isn’t really a problem though if you are setting up recurring payments as at least you know the money is on the way. So yes it does work.
Small business answer to direct debit
Running a small business these days requires all the help you can get to be able to compete with the big boys and Gocardless gives you that help in the form of a system where any size business can take recurring payments. For me it is a cost effective way to take payments like the larger companies do.
Would I recommend it?
At the moment yes I would..it is still early days for me but I have to say from what I have experienced so far I am impressed. It is also reassuring to know that quite a few large corporations use Gocardless for their payment facility. If you would like to read more about Gocardless then please just visit their site here and if you have any comments I’d love to hear from you. I hope that this Gocardless review has been useful for you to read from someone who also runs a small business. Thanks for Reading.