Up to 8.3 million people in the UK are unable to pay off debts or household bills, according to a report from the National Audit Office (NAO).
UK households saw their annual outgoings surpass their income for the first time in nearly 30 years in 2017, according to the Office for National Statistics (ONS).
Current payment options make it difficult for the payee to see the payers intent or to engage in a dialogue where issues can be resolved quickly and amicably.
RtP is part of the new payment initiative and directive and it will
be adopted and introduced through 2019
RtP Gives advance notice and historical behavioral data to a
business to plan cash flow effectively and efficiently
It offers an option that avoids the expense and need for the payee to
engage in the more normal practice of escalating nonpayment issues
through a collections department, solicitors, courts and bailiffs
RtP is a pragmatic approach to receiving payments that enables the payer to continue to receive the service or product based on a flexible payment
It retains customer loyalty and engenders preferred
supplier status
It offers a new flexible way to pay bills for those who need it. With
more and more people in the UK working in zero hour contracts
and without the certainty of a full-time job, theres a need for
companies to offer their clients some flexibility.
It works on the assumption that clients want to pay for products and
services without the fear and stigma normally associated with
falling into arrears.
It gives information and data to react, manage and gain a
competitive advantage
RtP distinguishes itself from regular direct debit payments in that it
enables the payer to engage in a dialogue with the payee. If the
payer is unable to make a payment on the specified date, they can
ask for an extension, make a partial payment, send a note or even
decline to pay.
The web based payee console is designed to enable multiple operators to maintain a dialogue with the payer. It includes access control and role based permissions which are configurable.
This is a white labelled mobile app which includes secure authentication and CoP.
CoP is a new requirement and is a fully automated process to ensure the funds reach the intended target.
It says that HM Treasury needs to do more to understand the scale of problem debt, and how it impacts people's lives.
UK households saw their annual outgoings surpass their income for the first time in nearly 30 years in 2017, according to the Office for National Statistics (ONS).
The amount HMRC pays to private-sector debt collectors has risen by more than 500% in three years, suggesting it may be stepping up the pressure on people who cannot pay their tax bills.
The figure rose to £39.1m in 2017, which was 62% higher than the £24.1m that HMRC spent on these services in 2016, according to the accountancy firm UHY Hacker Young, which obtained the data. The figure has increased annually for several years: it stood at £6.2m in 2014, then rose to £12.5m in 2015.
Any company big or small that offers a product or service that their clients pay for on a subscription basis.
Fully compliant or bespoke, pick n mix , we can supply to suit your specific needs, lets talk about exactly what you want
We are a consortium of individuals, working together in the payment sector to challenge, disrupt and innovate, we have very experienced senior Board
level through to newly graduated people. We have developed products for the payment sector, built on new payment architectures, compliant
yet intended to disrupt and/or revolutionise.
We offer our products in a flexible way to suit the needs of the end of user, with our partners objectives and strategic goals foremost.
We create solutions that make things better for the organisations we work with. We help our clients improve everything from efficiency to revenues, staff engagement to customer loyalty.
Example of our Schematic options.
To include, but not limited to: RtP Transaction Lifecycles, Audit Trails, User Access Control, BACS DD Handling.
