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.
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
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
Funds move into your account up to 3x faster than Direct Debit and 7x faster than credit cards.
High payment visibility
This bank-to-bank payment offers real-time confirmation for you and your payers.
Better payment management
Manage all of your one-off and recurring payments in one place to save admin time.
Optimise payer conversion
Frictionless authorisation that is highly secure and no need to re-authorise 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.