Iād just laugh at any business that wanted a bank transfer off me for anything over Ā£100, anything less I do, do. Anything more, nope jog on, you can have card payment or card payment.
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Iād imagine that if you negotiated better rates with stripe , then stripe would just bill you less in the background unbeknownst to monzo.
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And I would happily pass on a client that refused to pay an invoice via bank transfer.
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Sure, same. I donāt know about you, but for me, with these businesses, theyāre already saved as a payee in my banking apps. This is an over-engineered solution that doesnāt really solve anything or make things any easier in my use. It would be easier, and faster to just open my banking app and send a payment.
Yes. But itās not a better way to pay as a customer. Perhaps Iāve just been bamboozled one too many times by shady small builder businesses. Iāve never been done in by a builder who was happy to accept credit card.
Different beast. This seems to be focusing on regular customers paying a small business for goods or service, like a local candle shop judging from their example.
Indeed, though we donāt and havenāt for some time. Weāre all card payments via Stripe now. As above, business to business is a different beast, and doesnāt appear to be who this is marketed at.
For small things, sure. For large jobs, never again. Insurance will happily pay you to pay a dodgy builder in cash, but wonāt cover you if they swindle you as a result. Learned the hard way.
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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
Probably to cover the cost of some of the development of the open banking platform going forward. From what I know, itās not using Truelayer at all.
Additionally, I wonder (fear) if Monzo have actually decided āwell itās not free to accept by card, we could make a small % hereā - and so are (hopefully not) trying their luck at additional revenue streams?
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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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