Yonder has extended its relationship with GoCardless by adding Variable Recurring Payments (VRPs) alongside the Direct Debit functionality it already uses.Yonder cardholders, or ‘members’, can now use VRPs to pay off their credit card balance instantly.
The arrangement means that Yonder can access both Direct Debit and instant, recurring open banking payments through a single provider. Not only does this make it easy to offer members more payment choice and greater control, it also provides Yonder with two options for collecting repayments, pairing a ubiquitous, tried-and-true payment method with cutting-edge technology.
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Yonder to benefit from tapping into two payment methods
Tim Chong, co-founder and CEO at Yonder, said: “In these economic conditions, consumers want more control over their finances. VRPs are the perfect solution. Since we’ve introduced them, we’ve seen many members move from monthly to weekly or even daily repayments. The instant nature of VRPs means they can immediately free up their credit line and take full advantage of our rewards, or gain peace of mind that their balance is cleared. Simply put, VRPs allow our members to manage their repayments in the way that works for them.
“We’ve used GoCardless for Direct Debit for over a year and given their expertise in bank payments, it made sense to add VRPs and offer the two together. Because it’s still early days for open banking, we wanted to have a fallback payment option for our members in case their banks don’t currently offer VRPs or they encounter the odd hiccough as the tech continues to develop. Direct Debit, which has been around for decades, is a great complement.”
Pat Phelan, MD of UK&I and Chief Customer Officer at GoCardless, added: “We’re proud to expand our relationship with Yonder, providing VRPs so they can continue to create an excellent member experience. By combining Direct Debits and VRPs, Yonder can benefit from the best of bank payments, tapping into two payment methods that are fast, secure and cost-effective.”
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