Super Payments - too good to be true?

[gtechrob]

Came across this recently buying some raffle tickets. It got me to login to my bank app and make the payment so 0% charges all round.

Was super super easy so my Head of Accounts booked and went to an online webinar to find out more about it.


We were looking at it from an open banking POV only but turns out it also does card processing. And the %.... 0%.....

That is on Visa and Mastercard. 1.99% on Amex. It uses a white label version of Stripe for this.

Running £800m of payments annually currently. Integrates with Woocommerce and shopify and has api access.

Downside is only weekly payouts but this would be something that we could happily live with particularly as we are currently nudging £30k per annum of Stripe fees.



All sounds too good to be true. Questioned how they make their cash.

They get massively better rates with Stripe so not hugely expensive.

Revenue side. They charge for faster payout. And they are going to launch a type of Invoice Factoring.



One other thing they have is an app that would offer customers discounts and loyalty points and this is also something they are looking to commercialise.


Looked at their published books. Currently running a £5m annual loss on a turnover of around £3m.
Guy behind it founded Funding Circle so he's got good form.

Anyone gone with them? Experiences?

 

[japancool]

I use them. They work fine. I don't use their credit card processing though.

 

[DontAsk]

Liars.

I got excited as the home page clearly shows integration with OpenCart. There is no such integration available.

 

[antropy]

Liars.

I got excited as the home page clearly shows integration with OpenCart. There is no such integration available.

We could make it if you like, they might even pay for it.

Paul.

 

[japancool]

We could make it if you like, they might even pay for it.

Paul.

Well, I'm going to need it!

However, they just launched their credit card processing service a few days ago, so it's possible their app has been updated, but they haven't updated their website yet. They don't list BigCommerce either (at least, not last time I looked), but you can do a manual integration - I've had it running on my BigCommerce site for months.

 

[antropy]

Well, I'm going to need it!

Nice, if a few customers were asking them for the OC integration they might pay us to develop it.

Paul.

 

[japancool]

Nice, if a few customers were asking them for the OC integration they might pay us to develop it.

Paul.

I've sent my account manager a question asking to clarify the status of OpenCart integration, if he says it doesn't work, I can pass your name along.

 

[japancool]

Official answer - they can integrate via a manual integration - although that doesn't appear to be available right at this minute, but should be coming shortly.

 

[antropy]

An official OC extension would be much better, but up to them I guess!

Paul.

 

[swdirect]

I’ve seen these on a competitor of mine. I decided to have a nosey, and they’re not onboarding anyone new unless you have £7m turnover. It seems odd, given that their losses now total £23m. They have basically depleted all the cash they had from investors, unless they’ve acquired further funding now. Surely it would be better to open applications to companies with much lower turnover. Be interesting to see how much longer than can sustain losses like this. It's a shame, I like the idea behind it.