Recurring Payments

(Simon B) #96

Unfortunately there isn’t anything in the merchant data to indicate when something is a recurring card transaction or the regularity of it so it’s hard for us to know. I suppose we could look at historical data and if you’ve had the same value to the same merchant on the same day every month for X amount of months we could allow the user to mark it as a recurring transaction… I’ll see if the product team think this is a viable idea!

(Jack Donovan) #97

That’s excellent, thanks Simon :sunglasses:

@simonb or even just a way for us to mark a transaction as recurring straight away :sunglasses: then it get added to the scheduled payments instantly

(Jolin) #98

Hey Simon, thanks for picking up this topic. Have you seen this thread, which also asked about adding the ability to tag transactions as subscriptions/reoccurring:

It includes some quotes from Hugo and Tom that both indicate possible development in this area, but it would be great to get a response as to whether or not this is functionality that is planned at some point. Personally I would find it extremely useful, as card ‘subscriptions’ cover a similar use case to direct debits, so just seeing direct debits doesn’t provide a full overview of my monthly outgoings.

(Simon B) #99

I had not seen that thread! However, if Tom says we plan on doing it then I would take that as a definite :slight_smile:

I have not seen it mentioned internally anywhere recently but that doesn’t mean it isn’t happening! I will try and get an update :slight_smile:

(Jolin) #100

It was back in May 2016, but we can hold Tom to his comment then, that would be great as it Sounded like a good approach! :wink: Either way, thanks for chasing for more info. With the number of card subscriptions these days, I think including them will be necessary to get a proper understanding of one’s monthly spending and forecasting.

(Simon) #101

Maybe this post?

At the moment it seems that the only way to cancel a CPA is to get a new card

(Jack Donovan) #102

Sadly this doesn’t always work,

For most companies - a new card means that the transaction will decline. However, companies do actually have the ability to continue the charge over to your new card,

(pretty much any less reputable adult entertaint sites) for example.

(Frank) #103

I was sure there was a regulation change where your card provider should stop any regular card auth from the moment you advise them. And from thy point on would need to refund any if you have made them aware. In parallel obviously contacting the service provider and cancelling.

This was to prevent service providers from continuing to charge after they have been advised to stop

If anyone can recall this or link to it would be greatly appreciated. :slightly_smiling_face:

Comment: Ask your bank or credit card provider to cancel it. The Financial Conduct Authority has stated banks MUST cancel a continuous payment authority when asked.

Better source:

(Jack Donovan) #104

Yep, that’s correct :sunglasses:

(Simon) #105

Yes but Monzo customer operations told me in chat that the only way to cancel them is to get a new card. I hope there will be a better solution for this soon

(Naji Esiri) #106

@SeMond this is from our February Update on what’s coming soon :eyes:

"We’ll also make it possible to edit scheduled payments, so you can change the amount that goes out, the dates it goes out on, and the reference you used – without having to delete it and start from scratch. "

(Simon) #107

Thanks for the reply @Naji

It’s continuous payment authorities I would like addressed though. I can already cancel Direct Debits from within the app so if there is a rogue merchant I can cancel the direct debit and they won’t be able to take more money.

I can’t do this with CPAs at the moment and the only way to stop a rogue merchant is to get a new card according to COps. This isn’t ideal since I have quite a few CPAs set up and would need to change my card details for every provider which is a hassle and I usually forget a few so the first I know about it is when Spotify stops working (for example).

It also sounds like this isn’t a solution since providers can update their records. I assume I would have to specifically request COps to revoke these permissions when I request a new card but this process isn’t clear to me and I hope Monzo can make this a lot easier in the future

(Naji Esiri) #108

@SeMond no worries - thanks for the clarity :slightly_smiling_face:

At the moment I can confirm this is the case :disappointed: Thanks for raising this though, it’s good to have on the radar as we’re continuously looking to improve the way recurring payments can be managed.

(Simon B) #109

The reason that it’s a bit of a faff right now is because we have nothing in our code or app that that can identify a recurring card payment from any individual card payment and we get no additional metadata to assist with this.

So, for example, let’s say you pay Spotify via card payment, on the first of every month, as a recurring card payment.

As far as we can tell, it looks the same as if you were literally going on the Spotify website, and making a one off card payment, entering your details every time.

We can reasonably assume that something is a recurring payment if there’s some human intervention (ie, you ask COps to investigate something) but basically, you’d have to confirm.

So a solution would likely be to identify which popular merchants generally work on a subscription basis, and then allow the user to mark it as a recurring payment to confirm. Then we’d build the list up over time.

(Jolin) #110

If only you had a system to crowdsource merchant data to assist with something like that. :wink:

(Jack Donovan) #111

In all fairness,

This is the same as legacy banks. You have to phone and ask for the payment to be stopped.

BUT. If Monzo could get around this… You would be the first to introduce such an amazing system :muscle:

(Maybe for now you could even just add a "cancel future payments option when you click on the transaction detail, for it to send an automated request to the COps to look at?)

(Simon B) #112

Also a good idea, we’d need to build the backend tools. At the moment merchant block requests are still a fairly manual process.

(Jack Donovan) #113

That’s what I meant though mate, so if you press it, for now it just sends a request to the COps then they can get back to you within the in app chat :sunglasses:

(Simon) #114

This would be awesome for me. Ideally I think they should be displayed along with other recurring payments and have a button to cancel.
I was under the impression that the bank can see these authorisations and revoke them individually but I’m not sure anymore

(Jack Donovan) #115

When I worked for Halifax, the department actually used to tell the customer that their was no guarantee it would be canceled, but as they had notified the bank, any payments taken going forward would be refunded straight away.

Never actually saw a company cheeky enough to carry on charging once the back had told them to stop though…