From May 2020, London & Zurich is the preferred Direct Debit provider to LoveAdmin.
What does switching from GoCardless to London & Zurich involve for your members / customers?
For your members / customers, no action is required. They will see ‘London & Zurich’ on their bank statement, instead of GoCardless.
What does switching from GoCardless to London & Zurich involve for LoveAdmin customers?
For your organisation, there is some form filling to initiate the transfer but much of the heavy lifting will be done by London & Zurich, behind the scenes. The whole process takes about 4-6 weeks to complete and is broken down in the steps below.
Implications of moving to London & Zurich
Payments will be collected in the same way as they currently are with GoCardless with two initial exceptions:
- Refunds will need to be made outside of the system (you can still record them in the system)
- Funds transferred to your organisation’s bank account will not have the transaction fees deducted at the point of transfer (as they are now with GoCardless). London & Zurich will collect the transaction fees monthly, by Direct Debit.
These limitations are being addressed and from September 2020:
- Partial and full refunds will be available in LoveAdmin. Note, there will be a cost of £2 per refund, charged by London & Zurich. Full details will be in your agreement with them.
- Collection of transaction fees at the point of transfer of funds (in the same way as GoCardless do now)
In addition, the payment collection process with London & Zurich is slower than GoCardless. As follows:
- The first time a person sets up a direct debit and makes payment, the funds will take 11 working days to clear. We're working with London & Zurich to see how they can reduce this time.
- Subsequent direct debit payments will take 7 working days to clear (compared to 5 with GoCardless). You will need to bring your payment request date forward if you need the funds to hit your bank account on a certain day.
If you have any questions about this change, get in touch with us at email@example.com
For the list and contents of the email templates relating to Steps 1 - 5, click here.