UK tile retailer Topps Tiles has partnered with GoCardless with the latter providing its newly launched trade credit scheme Trade Pay.
The payment option enables traders to regularly pay on credit in Topps Tiles stores in monthly instalments through direct debit. The funds are automatically collected on the due day as Trade Pay seeks to provide a seamless repayment process to free up lines of credit.
Neil Williams, Head of PMO and Development from Topps Group, said: “After successfully moving our Trade credit service to an internal scheme we wanted to make it as easy as possible for our customers to manage and pay for their account, and GoCardless seemed the perfect partner to add a direct debit facility to our TradePay credit scheme
The Trade Pay integration serves as a push deeper into the retail market for Topps Tiles by acknowledging the importance of lines of credit were important to its customer base after recently criticising third-party finance providers being costly with fees attached.
In a bid to further improve its customer service whilst improving its margins, Topps Tiles tried to bring its lines of credit in-house — but managing them directly led to hours of manual admin for the finance team, including time spent chasing late payments.
GoCardless emerged as a top payment partner when Topps Tiles began to look for technology to streamline its payments. By making the Direct Debit mandate creation and payment process entirely digital, Topps Tiles aims to reduce the days it takes to receive payments.
Pat Phelan, Managing Director of UK & Ireland and Chief Customer Officer at GoCardless, said: “We’re proud to power the payments behind Trade Pay, enabling Topps Tiles to bring lines of credit in-house in a way that protects their margins without overburdening their teams with manual admin.
“By using our bank payments platform, Topps Tiles can quickly scale in the trade market, safe in the knowledge that they’ll be paid on time by happy customers through a seamless payment experience.”
