UK-based small business credit card and spend management platform Capital on Tap has chosen GoCardless as its Open Banking payment provider, expanding its existing partnership with the bank payment company.
GoCardless will provide variable recurring payments (VRPs) through its Open Banking feature, called ‘Instant Bank Pay’ to collect one-off and recurring payments, giving Capital on Tap’s small business customers greater payment flexibility.
Customers of Capital on Tap will be able to repay their credit cards on a monthly basis using direct debit, and have the option to make weekly repayments and recurring payments for variable amounts through Open Banking.
Capital on Tap and GoCardless began working together in 2014, when it selected GoCardless for direct debit.
Damian Brychcy, chief executive officer of Capital on Tap, said that, by working together, it had collected more than £2.5 billion in direct debits, saving in excess of £15 million in card fees.
Pat Phelan of GoCardless
“Given these successes, it made sense to choose GoCardless for Open Banking payments – not only building on our strong relationship, but also benefitting from the convenience of collecting both recurring and ad hoc payments through one trusted provider,” said Brychcy.
“VRPs will bring significant benefits to our customers, enhancing their payment timings, providing ultimate flexibility in how they spend and pay, and providing a better overall user experience.”
Pat Phelan, managing director UK&I and chief customer officer at GoCardless, added: “This is a great example of VRPs doing exactly what they were designed to do – helping people and businesses move, manage and make more of their money – and we’re proud to support Capital on Tap as it rolls out this innovative technology.”
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