GoCardless

Video tutorial for instant bank pay (GoCardless):

GoCardless is a global direct debit platform that allows you to collect recurring payments from your customers bank accounts and settle them back in your home country, with FX dealt automatically. With GoCardless you can accept Electronic fund transfers such as direct debit payments, ACH, and E-checks from your customers in 

ACH, BACS, SEPA, BECS Australia, BECS New Zealand, PAD, and Autogiro are networks of financial institutions that process payments directly from one bank account to another in a particular country or group of countries. 

Creating a merchant account with GoCardless automatically registers you on the BACS network. However, you will have to reach out to GoCardless support to register for other schemes and to accept payments from customers using GoCardless. 

MYFUNDBOX SetUp 

To begin using GoCardless in your MYFUNDBOX site,

MYFUNDBOX makes use of GoCardless's OAuth feature to safely connect to your GoCardless account. 

 This means that you will be redirected to GoCardless's login page where all you will need to do is enter your login details to configure your account with MYFUNDBOX. If you do not have a GoCardless account, you can create a new one. 

Step 1: Navigate to the GoCardless  page 

Navigate to the sidebar menu section, Settings → Payment Gateway Section. 

From the list of payments gateways, select GoCardless. 

Step 2: Connect to a GoCardless account 

Create a new account 

If you choose to create a new account you will be redirected to the GoCardless website where you can sign-up for a GoCardless account.

From here, you’ll be securely redirected to the GoCardless where there are two options: 

If you already have a GoCardless account, select Sign in at the bottom of the page to continue. 

If you do not have a GoCardless account, complete the form to create an account. 

If you are creating a new account, don't forget to complete your setup later. Navigate to settings → company Info from your GoCardless dashboard.

Connect to an existing account 

If you choose to connect an existing account, you will be redirected to the GoCardless login page. When you authenticate your account with your unique username and password, it will connect to MYFUNDBOX automatically. 

Understanding Payments via GoCardless 

When a customer initiates a direct debit payment, an instruction is sent to their bank to allow an authorized third party (your business, in this example) to collect a certain amount of money from their account. 

This section will go over what the process looks like, from your perspective - everything from how your customer can authorize the collection of funds from the bank account to how the GoCardless-MYFUNDBOX integration can make things more convenient. 

Mandates 

If you are using GoCardless, then your customer authorizes your withdrawal of funds from their account using a Direct Debit Mandate. 

GoCardless generates a mandate for a particular customer during the checkout process. The funds will be withdrawn from the account after the mandate is verified; the entire process takes a minimum of three and a maximum of five days. 

Specific Workflows 

Now that your MYFUNDBOX site is connected to GoCardless, it’s time to start accepting subscriptions that contain Direct Debit information as a payment method.  

Card Payments vs Direct Debit Payments:  

The waiting period 

Unlike card payments, payments via direct debit have a waiting period. This waiting period is typically from three to four business days (five, if the mandate needs to be verified - in the case of+ first payment or one-time payment). Settlement usually doesn't take more than five working days. 

Refunds 

GoCardless processes refunds via bank transfer since the direct debit networks DO NOT support refunds. Refunds can sometimes fail or be charged back as a result. To avoid this, GoCardless recommends initiating the refund two days after the settlement in order to avoid refunding a failed payment.