This new solution enables merchants to handle both collections and payouts from a single platform, thereby optimizing their operations, enhancing reconciliation processes, and boosting payment visibility. By centralizing these functions, GoCardless helps merchants save time and resources by reducing the need for costly setup, maintenance, and contractual procedures.
GoCardless’s Outbound Payments Features
The Outbound Payments service includes built-in security measures to ensure payment accuracy. Merchants can reuse stored bank details from previous collections to minimize errors during payouts. Additionally, Confirmation of Payee adds an extra layer of security by verifying that payouts are sent to the correct recipient before funds transfer. This helps in preventing accidental or fraudulent transfers.
GoCardless’s introduction of Outbound Payments follows its acquisition of Nuapay, a company experienced in handling large volumes of payout transactions. Integrating this new service into the platform is part of GoCardless’s commitment to providing tailored solutions that meet customer needs and preferences, thereby strengthening its position in the market.
According to representatives from GoCardless, adding payouts has broadened the company’s service offerings, making it more versatile across different industries. For instance, GoCardless can now facilitate claims processing for insurance firms and manage disbursements for lenders, aligning with their strategic development goals to solidify their status as a leading bank payment network.
Recent Developments at GoCardless
In addition to launching Outbound Payments, GoCardless has partnered with Policy Expert, an insurance provider specializing in pet insurance. This collaboration aims to simplify the process of paying insurance premiums by allowing customers to use GoCardless’s Direct Debit payments for monthly installments. The partnership will not only help automate the collection services but also reduce administrative costs and minimize delays due to late or missed payments.