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INSTANT BANK PAY

Instant Bank Pay for Recurring Payments

Powered by open banking and Variable Recurring Payments, Instant Bank Pay will soon support recurring payments.

Be the first to know when it’s available by registering your interest.

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Instant Bank Pay for Recurring Payments
Instant Bank Pay for Recurring Payments
Real time variable recurring payments
Real time variable recurring payments

Real time variable recurring payments

Instant Bank Pay will soon support payments from your repeat customers. It will combine the speed and security of Instant Bank Pay by GoCardless with the Direct Debit process your customers know and trust, offering you instant confirmation and money in the bank when you need it. Imagine:

  • Ease of Direct Debit

  • Instant successful payment confirmation

  • Reduced chargebacks

  • Funds in your account up to 7x faster compared to credit cards

Seamless customer experience

Combining Instant Bank Pay for recurring payments and Direct Debit will provide you with extensive bank coverage. This means that if a payer’s bank isn’t Instant Bank Pay ready, then in the same checkout flow you can seamlessly direct them to set-up a Direct Debit instead. There is no added friction as your payers will still be using direct bank pay, helping to protect your checkout conversion.

Benefits of Instant Bank Pay for recurring payments

  • Faster settlements

    Faster settlements

    Funds move into your account up to 3x faster than Direct Debit and 7x faster than credit cards.

  • High payment visibility

    High payment visibility

    This bank-to-bank payment offers real-time confirmation for you and your payers.

  • Better payment management

    Better payment management

    Manage all of your one-off and recurring payments in one place to save admin time.

  • Optimise payer conversion

    Optimise payer conversion

    Frictionless authorisation that is highly secure and no need to re-authorise payments.

Powered by Variable Recurring Payments
Powered by Variable Recurring Payments

Powered by Variable Recurring Payments

Variable Recurring Payments (VRPs) are a type of Open Banking API, meaning that they work by using Open Banking rails to connect banks to Third Party Providers (TPP), like GoCardless, in a secure and standardised way.

Functionally, they are similar to Direct Debit in that they enable recurring payments. However, unlike Direct Debit, with VRPs your customers authenticate their bank details right away, and straight from their online banking. To learn more about VRPs, check our blog here.

Find out more

Understanding VRPs and what they could mean for payments

Learn more

Understanding the benefits of VRPs and sweeping

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Unlocking the power of Variable Recurring Payments

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Variable Recurring Payments: Reflecting back on taking the first payment

Learn more

Variable Recurring Payment Q&A with GoCardless and Plum

Learn more

Join the waitlist

Register your interest

Receive updates, helpful insights and be the first to know when Instant Bank Pay’s recurring functionality is available for your business.

Register your interest