Give your collections a boost with new functionality available from Ordo end of October – save time, save costs, support customers.
What is Sweeping?
The automatic repeated sweeping of money between two accounts in the same name in accordance with a mandate… a bit like a smart direct debit, fit for today’s world.
How can I use Sweeping?
Where you have customers who are paying off loans, reducing credit card bills, topping up pre-pay cards or savings, sweeping is going to make life a lot easier and more efficient for you and your customers.
How does Sweeping work?
Your customers agree with you maximum parameters of how much to pay and how often, and this is the mandate you operate in accordance with to collect repeated payments. The customer approves this mandate at set up, and unless your customer contacts you to alter the mandate, you’re credited the moment you initiate payment (no more waiting 3 days for a direct debit). Amounts can be varied – never more than the maximum agreed at the outset so your customer still feels in control. Payments land in the destination account instantly, automatically correctly referenced and reconciled – it couldn’t be easier.
What do I need to do?
Integration with Ordo’s business services APIs is simple. It takes a few days to integrate and our APIs adhere to industry standards. We can help with any screen designs needed your side, and happy to offer staff training and educational collateral to support your business.
Loan repaying Lucy
Lucy took out a loan on 1 October anticipating rocketing energy bills. She agreed with the lender she’d repay the loan at £30 per week. Work has been steady and repayments have been manageable, the fact she doesn’t have to manually remember to make and authorise a payment every week is easier for her. She received the energy credit on her latest bill, and she got paid a good tip on her last job, so this week she wants to pay off a bit extra, to reduce the overall amount she pays whilst she can. Lucy contacts her lender and they agree, in accordance with the Sweeping mandate set up at the outset, for this week the payment collected from her account will be £50, then go back to £30 unless she calls again. Repayments are taken on the dates and in the amounts agreed, and Lucy and lender save time and money.
Topping up Tom
Tom has a pre-pay meter for his energy. He wants to keep to a budget but, with the weather becoming colder and daylight ending sooner he doesn’t want to forget to top up his pre-pay card. He has a regular payment authorised for £10 per week to be paid from his current account into his pre-paid card account which he’s happy with the convenience of. This week, he got some extra shifts so wants to top up the buffer of energy he’s building up on the card, so he logs on to agree an extra £5 this week, as his overall maximum was set at £20 per week. Instead of messing about making manual ad hoc bank transfers for extra amounts, Tom can relax for a cosy evening knowing it’s all taken care of. And his pre-paid card provider has everything it needs automatically to deliver great customer service at minimal cost and effort.
Keeping an eagle eye on her finances, Sonja is keen to make sure she has savings for a rainy day given the current uncertain economic turmoil. She has calculated her budget and wants to ensure, as a minimum, she saves the amount she’s calculated each month, ideally more if she can afford it. She’s set up a mandate for not more than £150, but £100 unless otherwise instructed, to go out every pay day into her savings account. Without having to approve that payment every month, and with it transferring on pay day, she doesn’t even notice she’s saving. This month she gets some expenses reimbursed, as she’s been extra careful lately, she decides to add her reimbursed expenses to her savings amount too, conveniently altering that month’s amount to £135 instead. Sonja feels secure in her future, and her wealth manager is pleased to see Sonja is taking her finances seriously.