They are but I usually only associate contacts with people so my concern is that this term might confuse users who aren’t aware of this context.
Hey @tristan, please could you clarify the roles of merchants and people you are looking to encompass?
Merchant - should the term focus on providing goods / services or receiving money? Or both?
People - would this just be a term for an individual receiving money?
eg. A beneficiary is simply the recipient of money or other benefits.
Recipient is great almost always.
But if you receive a refund from a company, or a person pays you, it’s going to get confusing even if switched around so as to be used correctly.
I actually think potentially the best way is to see how far you can go without naming the collective.
Seems to be only a few words that can work. Like target or recipient.
As the chose Monzo after Mondo…perhaps they will name Merchants as Mercpants ?
Looking through the english language there is no exciting way of describing someone who you’re giving money to. All professional, legal, boring words.
How about:
Pay Monzoid = pay person
Pay Monzolord = pay merchant/organisation
Just look at some of the games which scaled the world to see that making your own words can cross language barriers and differentiate a brand. This could just be me wishing my finances were an epic game.
I don’t think paying money to anyone has ever excited me. I’m more likely to let out a sigh of despair as I watch the money drain from my account.
I had thought about this and something has been created as an integration. Although the idea of gamifying the process spending money worries me.
The Targets have already gamified my spending for me to a certain extent. The idea of spending less just to try & save money, without a specific goal, is too abstract for me to get excited about. But I don’t want to exceed my spending Targets & fail to beat the challenge I’ve set myself.
So gamification definitely has to be done carefully but it can be positive too.
That’s gamification in the right way and I agree with you that I’ve also noticed a reduction in spending this month, but the integration I saw had the potential to encourage users to spend more in the Pokemon Go style of collecting emojis.
Monzowed
“Hey, I just monzowed Pret for yet another lunch!”
“Hmm, let me take a look at who I’ve Monzowed. Wow, I gotta slow down my spending.”
“I owe you a tenner for that panini sticker album. Are you a Monzowed?”
“I like how I know how much I’ve Monzowed Uber this month.”
“Contact the Monzowed and they’ll issue a refund.”
“Erm, you Monzowed me five quid. It was supposed to be six. This is a little awkward to ask you for the rest, but …”
I was going to say beneficiary.
But to be different ‘receiver’.
I would go with two different words actually:
Business(es)
Individual(s)
As with these you can avoid the confusion arising from refunded transactions that other words like beneficiary or recipient will introduce.
My 2 cents.
but when we are a bank and people sending faater payment scheme transfers or standing order payments there is no way the system will know if a sort code and account number is for a business or individual
Looks like we’re staying with Merchants
Whilst the system has no way to know, I expect to have the ability to assign labels for transactions I setup manually (payees for one-off transfers and standing orders) and for Direct Debits initiated by third parties.
Just like any other bank.
on any of my uk accounts you can put payee name and (on most but not all) payee reference, but no other way of labelling it to show it individual or business payee
Then I must be spoiled by the way banks operate outside of the UK.
yes my accounts in Europe have been much better, debit card transaction appear faster than most uk banks and the services and functions in internet banking better than uk banks.
Payee and recipient seem the obvious candidates.
I was always told that if you have to use a thesaurus to find a word, you’ve usually got the right word to begin with.
However, as it is a young and new concept, maybe a new word for its users would be apt.
Dealer would be ok for people and companies but is too often linked to unsavoury actions.
How about we promote our users and call them peers. That puts both companies and people on the samd level. We are all each others peers.