Nutmeg is an online wealth manager that invests money on behalf of customers who are seeking to generate long-term return. The platform allows customers to set their risk level to suit their goals. Nutmeg was the first online discretionary investment management company in the UK and for the past five years their customer focused approach has been a welcome disruption to the traditional investments sector.
Since the introduction of GoCardless in September, more than 3 out of 5 of our new customers have set up direct debits. It's a very automated service so we've not needed to add headcount to run this service.
“We’re all about being customer-centric” says Bill. “We like to execute payments rapidly, so customers aren’t left in doubt about where their money is. Put simply, our business is: money in, invest, disinvest, money out – so payments are an integral part of our service to customers.”
A modernised payment solution for a forward-looking business
Before making the switch to GoCardless, Nutmeg were using a handful of direct debits. Unsurprisingly, Nutmeg’s customers were finding the paper Direct Debits incredibly cumbersome. As an innovative business, Nutmeg needed to bring payment processes into the here and now. After thoroughly researching potential providers of electronic direct debits, Nutmeg decided to make the switch to GoCardless.
“We’d heard good things about GoCardless” says Bill. “We decided to switch for a number of reasons, most importantly was that GoCardless allows our customers to make changes to their direct debit arrangements with ease; whilst allowing them to do this conveniently online.”
Not just benefitting customers
As well as allowing customers to easily set-up and manage their direct debit payments, Nutmeg have benefited from several other advantages;
“GoCardless allows for seamless integration with our website, our customers don’t feel they have left the Nutmeg site, which improves the overall user experience”
Nutmeg has also taken advantage of GoCardless’s easy to use API. “It’s great from a technical perspective” says Bill. “And, using GoCardless means we can avoid the legacy banks payment networks.”
Confidence in Direct Debit
But most importantly, GoCardless has allowed Nutmeg to live up to its customer-centric mantra by giving customers the freedom and ease of managing their direct debit payments online. Nutmeg’s customers are protected from the Direct Debit Guarantee, with 3 out of 5 customers opting to use Direct Debit it’s important to have the right provider.
It’s not just their customers who have saved time, Nutmeg themselves have benefitted from the automated payments, meaning they haven't had to employ extra staff to oversee laborious payment processes.
Bill and the Nutmeg team recommend GoCardless to other organisations in the financial services and investments space “Because of their easy to use APIs, backed up by a customer portal and excellent customer service, we’d highly recommend GoCardless!”