YourParkingSpace is one of the UK’s fastest growing sharing economy companies, enabling private individuals, landowners and commercial organisations to capitalise on their underutilised parking inventory.
Since launching, YourParkingSpace has experienced huge growth and now has over 250,000 parking spaces available to book online.
After securing seed funding in 2014, YourParkingSpace needed a Direct Debit payment provider that could keep up with its growth.
Reducing the cost
Before switching to GoCardless, YourParkingSpace was using a traditional Direct Debit provider. But Charles and his team found that the costs were high; with additional fees on top of transactions and customer cancellations all adding up.
In addition, there were high admin overheads. “Everything had to be done manually, from creating the CSV file to submitting it via email each month, and then having to manually reconcile all the payments that were collected.” said Charles.
“It was inflexible too - we could only charge payments once a month, meaning that every one of our monthly parking customers had to have their first payment adjusted to get them on the right payment cycle.”
As a rapidly growing business, YourParkingSpace needed a scalable Direct Debit payment solution.
“For a few hundred Direct Debit payments the old system just about worked; but for a few thousand it would have been a complete nightmare.”
Reaping the benefits
YourParkingSpace reaped the benefits after switching, thanks to affordable fees, seamless integration, and an easy-to-use customer experience. “GoCardless showed us how easy it was to transfer our existing Direct Debit customers over.”
YourParkingSpace has found the GoCardless customer experience is one of the key benefits.“Not even once have we had a customer complain or even ask a question about the signup process,” says Charles.
Charles and the YourParkingSpace team would recommend GoCardless for any business that collects recurring monthly payments.
“You’d be hard-pressed to find a better solution that either isn’t GoCardless or doesn’t include GoCardless,” says Charles.
“For collecting ongoing monthly payments, GoCardless is perfect – you can collect one-off payments, easily adjust the subscription amounts, and you don’t suffer from the problem of failed payments caused by expired credit or debit cards.”