JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Jan 3, 2014 15:48:28 GMT
It seems to be Go Cardless site which is the problem, when I am transferred to them to register, my French postcode is already filled in, but there is no country field and I get a postcode error when I try to complete the registration. They are probably for UK residents only like the lazy p2p platforms.
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Post by chris on Jan 3, 2014 16:29:59 GMT
JamesFrance - GoCardless is a direct debit system which currently only works in the UK. They are working on support for other countries in Europe which we will support as soon as they do. In the mean time a bank transfer will be your only option from other countries. If you speak to our customer services team then they may be able to work something else out for you, particularly if you want to place a bid in the primary market rather than buy loan units in the aftermarket. We're actively working on enabling other ways for lenders to get funds into the system but these will take us a few weeks to get live on the site.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Jan 3, 2014 17:09:42 GMT
Thankyou Chris, not really much of a problem especially as the aftermarket seems to be becoming more active.
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agent69
Member of DD Central
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Post by agent69 on Jan 3, 2014 17:36:58 GMT
JamesFrance - GoCardless is a direct debit system which currently only works in the UK. They are working on support for other countries in Europe which we will support as soon as they do. In the mean time a bank transfer will be your only option from other countries. If you speak to our customer services team then they may be able to work something else out for you, particularly if you want to place a bid in the primary market rather than buy loan units in the aftermarket. We're actively working on enabling other ways for lenders to get funds into the system but these will take us a few weeks to get live on the site. Chris On FC you can have funds credited to your account immediately using a debit card. Any reason why AC don't use the same system?
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Post by chris on Jan 3, 2014 17:45:18 GMT
We have a system set up but that bank involved has been very slow in approving the system (they don't like P2P sites, a common theme in the old finance industry). The fees are also much higher so it hasn't been a priority for us to push it through - especially being fee free now for lenders.
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Post by mrclondon on Jan 3, 2014 19:10:49 GMT
chris - I was told by another GoCardless user very recently that GoCardless plan to change their fee structure for "money transfer services" as opposed to "payment services" to 0.5% with no cap [from the current 1% capped at £2] Is there any truth in this ? (a quick google hasn't revealed anything) and would such a structure still be competitive with debit cards ?
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Post by chris on Jan 3, 2014 20:00:57 GMT
chris - I was told by another GoCardless user very recently that GoCardless plan to change their fee structure for "money transfer services" as opposed to "payment services" to 0.5% with no cap [from the current 1% capped at £2] Is there any truth in this ? (a quick google hasn't revealed anything) and would such a structure still be competitive with debit cards ? I've heard similar on the grapevine however as far as I'm aware GoCardless haven't told us anything either officially or off the record. That would still work out less than the debit card costs despite being an increase. Debit card fees are split into two - the payment gateway fee and the merchant services fee charged by the bank. Depending on who you use it will vary between a fixed fee per transaction to a percentage of the transaction for each half of the transaction. For example 20p for the payment gateway plus 1.0% for the merchant services. What you pay depends on your transaction volume though. We do have one eye on an alternative solution though which would allow us to shift from GoCardless were they to raise their prices too much, and may be something we do longer term anyway as it carries other benefits for other aspects of the platform.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 3, 2014 21:51:25 GMT
chris - I was told by another GoCardless user very recently that GoCardless plan to change their fee structure for "money transfer services" as opposed to "payment services" to 0.5% with no cap [from the current 1% capped at £2] I've heard similar on the grapevine however as far as I'm aware GoCardless haven't told us anything either officially or off the record. That would still work out less than the debit card costs despite being an increase. The company I'm involved with accepts payments by both credit and debit cards. While credit cards cost us a percentage, debit cards are, to the best of my knowledge, done on a flat fee basis (or very nearly so). We make a surcharge for credit cards to cover the fees we pay but don't for debit cards and, as a result, most of the plastic use we see is debit cards. Total volume is less than £1M/year. We're in the process of converting to taking payments via the internet, but we don't expect this is have a significant impact on our processing fees. Considering the volume of money coming in to Assetz, I would hope they could find a processor that would deal with debit cards for a flat fee, or at least a tiny percentage. 1% strikes me as rather excessive for debit card processing for the amounts involved.
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Post by chris on Jan 3, 2014 22:00:41 GMT
The payment gateways tend to be flat fees these days, but merchant services can still vary. Certainly for credit cards it's a percentage but I could be wrong on debit cards. Taking a look at SagePay, for example, a debit card transaction would be 10p for the payment gateway plus 40p for their merchant services charge. On a large transaction that would be peanuts but on a £20 transaction that would be a proportionally higher percentage. Strangely we do still get a large volume of smaller transactions like that - I suppose we could put a minimum of £100 on it to prevent the fees racking up.
I'll raise this again internally as, whilst GoCardless has been a great solution for us, it would be good to offer debit cards. When we were first starting out we were actually refused by a couple of service providers as they don't allow financial service companies to use their systems. Given our size and the fact that we're now properly established with a trading history I would expect that to have changed.
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bugs4me
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Post by bugs4me on Jan 3, 2014 22:36:30 GMT
When we were first starting out we were actually refused by a couple of service providers as they don't allow financial service companies to use their systems. Given our size and the fact that we're now properly established with a trading history I would expect that to have changed. I'm still semi involved within the financial services sector albeit on the insurance front. Dead right, financial services, insurance - treated on a lower level than politicians. We had trouble initially getting the Visa system introduced - had to use their software (which obviously we had to pay for), which they were always updating (another cheque going out of the door) until we reached a certain level of turnover with them. Then suddenly instead of us almost assuming the begging bowl position the roles were reversed. Our charges were then based on money throughput rather than a per transaction fee. Now I'm sure things have changed - nothing new on that front especially as you're dealing ultimately with the banking Mafia. But AC I would have thought would have had enough turnover that the service providers (who turned you down originally) would have been banging on your door for the business. PS - It's a load of old *******s about not allowing financial service companies to use their systems. There are enough safeguards they can build in to give them protection.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 4, 2014 3:25:36 GMT
Taking a look at SagePay, for example, a debit card transaction would be 10p for the payment gateway plus 40p for their merchant services charge. On a large transaction that would be peanuts but on a £20 transaction that would be a proportionally higher percentage. Strangely we do still get a large volume of smaller transactions like that - I suppose we could put a minimum of £100 on it to prevent the fees racking up. I suppose it all depends on what proportion of those who start out sending small deposits continue doing that, and what proportion graduate to larger deposits. If there are enough of the latter then it might be in AC's interest not to discourage small deposits as it makes 'toe-dipping' easy, and if enough of those people go on to become significant lenders then it's probably worth AC absorbing a few 50p charges to encourage that.
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agent69
Member of DD Central
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Post by agent69 on Jan 16, 2014 18:36:47 GMT
I see the supply of optical loan parts has finally dried up
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 16, 2014 19:54:35 GMT
I see the supply of optical loan parts has finally dried up And the L***s has disappeared as well. I can understand the optical disappearance -- the underwriters had less than £25k to offload. The other one is a bit surprising as the underwriters would have had a zillion loan parts to sell. Perhaps they've decided to hang onto this loan a little while longer, until there's a more pressing need for the funds. Or perhaps they're about to put a lot more loan parts on the market.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 16, 2014 20:09:07 GMT
I see the supply of optical loan parts has finally dried up And the L***s has disappeared as well. I can understand the optical disappearance -- the underwriters had less than £25k to offload. The other one is a bit surprising as the underwriters would have had a zillion loan parts to sell. Perhaps they've decided to hang onto this loan a little while longer, until there's a more pressing need for the funds. Or perhaps they're about to put a lot more loan parts on the market. This seems to be a common pattern with the larger underwritten loans. Whereby the underwriters offer loans in tranches on the aftermarket and only when that sells out do they launch a further tranche. Don't know whether this is an AC thing or something that suits certain underwriters but I am sure someone on here or even at AC will know. (Hello Chris).
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Post by chris on Jan 16, 2014 20:45:59 GMT
This seems to be a common pattern with the larger underwritten loans. Whereby the underwriters offer loans in tranches on the aftermarket and only when that sells out do they launch a further tranche. Don't know whether this is an AC thing or something that suits certain underwriters but I am sure someone on here or even at AC will know. (Hello Chris). Hello  No technical reasons for it, so either personal preference on the underwriters part or an admin decision to release them in that way. Possibly even an old habit from before when loan units were listed as one list rather than grouped per loan. The horseshoe graphy thing does update when loan units are sold by an underwriter so there are definitely more loan units being held on Optical Lens and Redditch Commercial Property by the underwriters but it's up to them if / when they release them.
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