We’re doing this to better reflect the value of the plan with all the features we’ve added and improvements we’ve made since we launched Pro.…
I don’t want/need all of these extra features. I’m asking can the price reflect what I use.
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This is already being discussed in another thread. Revels has kindly linked it for you…
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Nope. It can’t.
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This is similar to what I’m going to start calling the YouTube Premium pricing problem. It’s well priced if you need and use everything it offers but far too expensive if you only need one thing.
Difficultly Monzo will have is that it will be hard to find a range of plans that work for everyone here. I too would like to only have invoicing but having that as a plan on its own wouldn’t make sense, and to have a mid-tier plan would then kind of dilute the whole offering, as the gaps in pricing would be too small. They’d need to expand the full offering even more before a mid-tier plan with commonly needed functionality would make sense.
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I really hope you don’t work at Monzo as that response just doesn’t reflect well on the company.
Otherwise, if you don’t work there, just move on if you don’t like my feedback, your input isn’t constructive as you think it is.
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There’s 5 months before the pricing changes, which is odd as they not inclined to offer that much notice.
I’m hoping this means they are looking for feedback on the new price/features, to work out if they need to build a new lower plan and what to include in it.
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Personally I wouldn’t mind volume pricing for invoices. I send them very sparingly so even if they charged £1 it’d be cheaper than paying even the old price. Then the paid plan would be unlimited invoices plus everything else.
I used to use ANNA Money which has a free plan with unlimited invoices, but they charge a 20p fee for each payment in and out. As I’d just transfer the money to my personal account straight away as I’m only a sole trader doing a little bit of side work, it was essentially a flat cost of 40p for every payment.
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I don’t work for Monzo, don’t worry.
The price is going up. Monzo want to make money. They are banking on <40% cancelling.
You might not like it now you don’t want to pay it, you have two choices there.
But “please give me a different product with just what I want for exactly what I want to pay” isn’t happening.
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I suspect the main issue is that this thread is a reply to them increasing the fee. There is a thread there, this doesn’t require it’s own thread.
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I am also affected by this, I already pay around £30 per month for Zoho Books just for the sake of being able to issue invoices in multiple currencies, so will likely downgrade to the free plan as before I had to invoice foreign currencies I was only using the invoicing feature aswell
I feel like the sole trader who just needs an enhanced business account is being totally left out in this new plan structure
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I’m not a sole trader but I love the fact that people are chucking the dummy out the pram because they’re getting charged for a service.
What I would do - I’m not a sole trader - is increase my prices so that my business can absorb the extra one pound a week cost.
Or I’d just go somewhere else.
I’m not a sole trader.
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I’d love to have a business of my own. I really want a VW Transporter. But I want it to be free.
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I get it, you’re not a sole trader. Thanks for your insight. /s
All I wanted to do is highlight that Monzo is charging more for a service that hasn’t actual changed.
If they don’t introduce a cheaper business account that retains the invoice feature I’ll be switching to a competitor bank. I like what they have done so far as a disruptive bank, but increasing your price by 80% isn’t on sorry.
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We’re just in the process of dissolving our limited company as I’ve got what my parents would call “a proper job” to take me through the last few years to retirement. We were one of the first 100 beta testers of Monzo business.
If we weren’t closing the business in the next two months, I’d be moving to Starling before May.
The thing is, moving a business account is much more of a pain in the arse than moving a personal account. Not for the direct debits, they can be sorted with CASS. It’s getting all your clients to change bank details that’s the problem (change of supplier bank details being a red flag triggering invoice fraud checks) and the admin overhead for accounting.
Perhaps Monzo are counting on those two factors causing inertia, but to me there’s nothing in the new offering that justifies an 80% increase in monthly fee and I’d definitely be moving if we were keeping the business open.
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It has changed, and more changes are coming.
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What’s changed?
Since we launched Pro in 2020, we’ve made big improvements to invoicing, introduced team member access, international payments, and more.
These things, apparently.
A lot of that is very basic functionality that others provide for free. Dont fall for the marketing.
International payments were only rolled out summer last year if I remember rightly and the fees on the transfers was way to much for a paid bank account.
When I get paid in Euros I used to invoice to my wise account because it was so much cheaper than monzo and it was a free account.
They never added anything of value to justify £5 a month nevermind £9
It’s the same argument for the personal accounts too. Some banks give stuff away that Monzo charge for. Some people find value at the the Extra or Perks or Max. Some don’t find any value in any of it.
You pay your money, you make your choice.
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It isn’t really a question of falling for the marketing, just correcting an assertion that nothing has changed.
If it matters, I don’t believe it represents good value for most people, but that’s often true with packaged accounts.
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