Yonder, the rewards credit card provider, has expanded its partnership with GoCardless, the bank payment company. They have introduced variable recurring payments (VRPs) alongside the Direct Debit functionality they already utilise.
With GoCardless’ Instant Bank Pay, Yonder members can now settle their credit card balances using VRPs.
This collaboration enables Yonder to offer both Direct Debit and instant, recurring open banking payments through a single provider, simplifying payment options and providing greater control to their members.
Tim Chong, co-founder and CEO at Yonder, praised the relevance of VRPs in the current economic climate with consumers also seeking greater control over their finances.
“VRPs are the perfect solution,” said Chong. “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.”
While, Pat Phelan, MD of UK&I and chief customer officer at GoCardless, also commented: “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.”
Last year, GoCardless launched a ‘commercial VRP’ pilot with NatWest Group and Charity Right, and also introduced its official VRP offering through its Instant Bank Pay feature. Current VRP customers also include Nude, Pillar and Plend.