You wouldnāt take a cheque? 
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Iām more interested in why Pay By Bank will incur transaction charges in 2023, or the heavy hint is they will. Yes they will be tiny compared to any Stripe integration, but, those transaction should be costing little, unless Monzo is using Truelayer as the PISP in them
I donāt mind that to be honest, being a PISP has cost, so even if a business did this through Truelayer or Stripeās upcoming PISP option, they would get charged for the transaction. Itās still fractional to the PSP costs that you have to suck up to take cards.
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Monzo Community strapline winner.
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Also interested in the costs after 2023 for my business account and if you engage in it can you stop before 2023 or is it fixed where youāll have to pay for so long.
Itās not compulsory to use easy bank transfers
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Iām pretty relaxed about this.
Itās not bait and switch (because fair warning). I suppose Monzo wants to gather data to see whether the new feature generates enough paid-for sign ups / other revenue, or whether itāll need to watch its own face in the future.
Seemsā¦ transparent.
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Itās much better to have the potentially limited-time nature of the feature being free mentioned from the start, I agree.
Otherwise a low-margin small business may adopt the feature enthusiastically and build their business around using it, but then have to make rapid changes to that model once charges are introduced (if they canāt afford them).
By being honest upfront, Monzo make sure this doesnāt happen. Although any potential charge would hopefully be lower than card fees still anyway, as it would only be covering maintaining the Open Banking platform as you say - rather than having to pay a third party for a service where they are creaming off some profit as well.
I just tried this for a client. Worked really easily. Sent the link to the client and payment made within a minute or two. Both got receipt confirmation by email too. Beats carrying a card reader around. And cheaper based on my current provider.
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Was the customer happy with it or a bit fear of the new?
She was fine. But she did have a Monzo account so had heard of them. She actually paid with a Nationwide debit card to test it for me. What I plan to do is let clientās know payments are taken contactless (no reader) and a link sent to them to pay. Then on the day I pre populate the details before they arrive and keep the app open, and send to them once we end the meeting. They can pay then or later in the day. I only have one or 2 clients a day so itās easy for me.
Iāll only use it for card payments. Not interested in bank transfer option as a lot of my clients do this anyway. This is for those that pay by card only.
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The advantage of using the new Get Paid bank transfer option is that the amount is pre-populated when the client clicks the link, so it removes a potential error point. But if your current (free) system is working you might not want to switch to something that will likely have fees in a bit over a year.
The fees only apply if the client pays by bank transfer (after the free period). As I said, Iām only using the link for card payers who expressly tell me they want to pay that way. Else my bank details are on the invoice.
Only fees are therefore card fees for Stripe.
Just on the back of this @Rat_au_van - thereās a further breakdown on our Help page here. Hope this helps 
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Sounds reasonable to me
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1% or max of Ā£4 isnāt really a big deal is it. 
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Pretty similar pricing to direct debit collection.
Thanks Alan 
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Hi, Iām Christa from the Business Banking team 
. I wanted to let you know weāve removed references to future pricing for the time being. Itās still possible thatās the future price, but weāre going to make sure we get it right. Over the next year, weāll be developing our thinking, and weāll update you (and all Monzo Business customers) as soon as weāve got it.
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