Tide users can now collect invoice payments with GoCardless

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedOct 20203 min read

Exciting news - we’ve partnered with Tide, the UK’s leading business banking platform, to take the hassle out of invoice payments.

You can now easily collect your Tide invoice payments via Direct Debit with GoCardless, rather than waiting on your customers to send you payment via bank transfer.

“We are extremely excited to be working with GoCardless to provide such an important service to Tide members. Being able to set up Direct Debit payments for invoices will be game changing for our members, making the payment process quicker and smoother for both the small business owner and customer.” - Oliver Prill, CEO, Tide

Why collect your Tide invoice payments via Direct Debit?

Direct Debit has great benefits for your business:

Stop chasing payments - Stop those awkward, stressful conversations and focus on doing what you do best. GoCardless reduces the work of managing late payments by 90%.*
Take control of your cash flow - Get your invoices paid automatically as soon as they’re due. Businesses get paid 47% faster with GoCardless.**
A hassle-free way to pay - Offer your customers Direct Debit, the UK’s preferred automatic payment method for invoices. 71% of UK businesses that pay by bank transfer are just as happy to pay by Direct Debit.

Who is Direct Debit suited to?

Here in the UK, many of us see “Direct Debit” and think household bills - things like water, electricity, or council tax. But Direct Debit is well-suited to all sorts of recurring and one-off invoice payments.

Direct Debit can be used to pay for both goods and services. You might deliver your product or service once, here and there, or on a recurring interval (like monthly). It could be the same product or service every time, or it could vary. Direct Debit is flexible - it works well as a payment method in all of these situations.

Businesses of all sizes can benefit from using Direct Debit, as well. From one-person window cleaning companies, all the way up to global SaaS businesses. Here at GoCardless, we’re proud to count more than 55,000 businesses around the world as our customers.

“GoCardless stops those awkward conversations with clients, it saves time and it obviously helps cash flow – that’s a huge thing!” - Saija Mahon, Founder & MD, Mahon Digital

Your customers will love Direct Debit too

Direct Debit isn’t just great for your business - your customers will love it too. For them, GoCardless Direct Debit is:

Simple - Setting up payment details only takes two minutes for customers to complete online.
Transparent - Customers will always be notified by email when an invoice payment is going to be collected.
Efficient - No more customers writing out and posting cheques, logging in to online banking or forgetting to pay.

And their payments are always protected by the Direct Debit Guarantee if any funds are ever taken in error, so they can have complete peace of mind.

Direct Debit is also often the preferred payment method of businesses and consumers around the world. YouGov have surveyed payment preferences and found, in the UK, 40% of businesses are likely to use Direct Debit to pay their invoices.

And with 71% of businesses being equivalently likely to use bank transfer as they are Direct Debit to pay their invoices, a significant portion of your customers will be happy to make the switch to Direct Debit - which is great, because you’ll both benefit from it.

How Direct Debit works for Tide users

If you’re new to Direct Debit, or just want a refresher, here’s how it works in collecting your Tide invoice payments:

To set your customer up to pay by Direct Debit, they need to fill out a Direct Debit mandate. It’s an online form that takes about 2 minutes, and authorises you to collect future payments directly from their bank account when they’re due. GoCardless makes it super simple to send mandate requests via email from within Tide.

Then, each time you send a Tide invoice, you can schedule a Direct Debit payment with the click of a button. You can set GoCardless to fully automate payment collections to save you time, and you can choose to collect payment on the invoice due date or another time you prefer.

Before each payment is due, you need to notify your customer that payment will be collected from their account. GoCardless handles this for you automatically by sending them an email reminder.

On the payment date, the invoice amount is collected automatically from your customer’s account. You’ll typically receive the funds in your Tide account two working days later.

How much does GoCardless cost?

We like to keep our pricing fair and transparent. That means no setup costs and no hidden fees. You can learn more on the GoCardless pricing page.

Get started with GoCardless & Tide

If you already use GoCardless and Tide, you can start now. If you’re not a Tide user yet, you can learn more about Tide below.

Start now Learn about Tide

*Research from Tide found that the average UK small business is chasing five outstanding invoices at any one time, with an average £8,500 being owed and 33 hours spent a month chasing them. In a survey of GoCardless customers, small business users spent 2.6 hours per month managing late or failed payments - a 90% reduction.

**Source: IDC, The Business Value of The GoCardless Platform for Recurring Payments, 2020