What is a Recurring Payment?
Recurring Payments are a new way to pay, which utilises open banking to make regular payments with ease and speed. Recurring Payments are instant and follow a similar process to setting up a Direct Debit but are an alternative to making bank transfers or card payments. These payments work by using Variable Recurring Payments technology, making it easy for money to be moved between your bank account and your Killik account.
How do Recurring Payments work?
Recurring Payments work by creating a connection between Killik and your bank account, which will allow you to easily add funds to your Killik account on a regular basis. To get started with your Recurring Payments, you will need to first set up a mandate with your bank, and then your Recurring Payment rules with Killik.
What is a mandate?
To set up your Recurring Payments, you will first need to authorise a payment mandate. A mandate is an agreement of the authorisation that you have given for us to take payments from your bank account. For example, you may not want Killik to take more than £20,000 from your bank account each year and can set up your mandate to ensure payments never exceed this limit.
How do I set up a mandate?
You can set up a payment mandate with Killik by following the below instructions:
1. Log into the the Killik app.
2. Navigate to the 'Payments' section. Depending on your service, this can either be found in the base bar at the bottom of the screen, or by selecting the Account button in the top right corner.
3. Select ‘Recurring Payments’ to get started.
4. Follow the instructions in app to set up your mandate, this will include navigating to your online banking app to authorise the mandate.
You can view existing mandates on the Killik app within the ‘Payments’ section or within your online banking account.
Can I have more than one mandate?
At the moment, you can only have one mandate set up with your Killik account with the bank account you have registered to your Killik account.
How do I cancel a mandate?
You can cancel active mandates on the the Killik app or through your online banking account. To cancel a mandate within the Killik app see the following instructions:
1. Log into the the Killik app.
2. Navigate to the 'Payments' section. Depending on your service, this can either be found in the base bar at the bottom of the screen, or by selecting the Account button in the top right corner.
3. Click the ‘bin’ icon at the bottom of the screen, then select 'Yes, Delete' to confirm.
What are Recurring Payment rules?
Once you have set up a mandate for Killik, you can then set up your Recurring Payment rules. These are held within your mandate, and are usually more specific, such as asking Killik to take £100 a week or £1,000 a month. You can set up multiple Recurring Payment rules of different amounts or over different time periods and be certain they won’t go over the limit you have set within your mandate.
How do I set up Recurring Payment rules?
Setting up your Recurring Payment rules is easy once you have created your mandate.
1. Log into the Killik app.
2. Navigate to the 'Payments' section. Depending on your service, this can either be found in the base bar at the bottom of the screen, or by selecting the Account button in the top right corner.
3. Select ‘Recurring Payment’.
4. Select the '+Add First Payment Rule' button at the bottom.
5. Follow the instructions presented in the app to choose the payment amount, then select Next to choose your payment frequency and the day of the week the payment will be taken on.
How can I view or edit my active Recurring Payment mandates or Recurring Payment rules?
You can view existing mandates on the Killik app or through your online banking account. To view your Recurring Payment rules for Killik you will need to view these within the Killik app by going to Account > Payments > Recurring Payments. To edit your Recurring Payment rules, click into the rule and select the edit button.
Please note, a new a new mandate will be required for any changes to your rules which exceed your existing mandate.
What are the payment limits?
There is no minimum payment limit, however payments are subject to a maximum daily limit of £20,000. Please be aware that some bank accounts may have a daily limit that is lower than £20,000. To check if your bank has any limits, please view the ‘Does my bank have a daily limit on payments?’ FAQ.
Does my bank have a daily limit on payments?
Most banks do not have a daily limit below £20,000 for payments, however there are a few banks that have a daily limit in place for new payees, or who have a daily limit in place lower than £20,000.
Barclays:
- Daily limit of £2,000 for new payees, however this can be raised to a daily limit of £10,000 by adding them as a new payee. To learn more, see FAQ “How can I add a new payee if I have a Barclays bank account?”.
Monzo:
- Daily limit of £10,000, however this can be increased through the app via customer services, using the following instructions.
- Log into your Monzo account.
- In your current account select 'manage', and then 'Limits'.
- Next select 'request a limit increase'.
- Click 'Get started' and follow the process to increase your limits.
Nationwide:
- Daily limit of £10,000 for new and existing external payees. This cannot be raised to a higher amount.
To check if your bank account has any limitations or conditions, please click here.
How can I add a new payee if I have a Barclays account?
Barclays include a Confirmation of Payee, defined as "an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account". This means that you will not be able to make a payment higher than £2,000 to a new payee from your Personal Account (or £5,000 for Premier Accounts).
In order to overcome Barclays’ daily limit for new payees, you can easily add the payee on the Barclays app following the steps below.
- Log in to your Barclays app and tap ‘Pay & Transfer’.
- Tap ‘Pay a recent or new payee’.
- Select the account you want your payment to come from and then tap ‘To’.
- Now you’ll see an option to ‘Add new payee’ at the top of your screen.
- Select ‘Enter bank details’.
- Select 'Business' and enter name, sort code, and account number. In case of doubt, we recommend you initiate a payment directly from the app, where these will be made visible.
- Barclays will then carry out its name-checking and suggest the registered name, which you will need to confirm or amend.
- If details match, the registered name will appear, accept suggestion (or amend) and continue to save the payee.
Daily limits to known payees depend on the type of account, in summary, they increase to:
- Personal: £10,000
- Premier: £30,000
For further help on adding a new payee with a Barclays account click here.
Does my bank offer Recurring Payments?
We currently offer Recurring Payments for any client who banks with the following banks:
Barclays
Danske Bank
First Direct
HSBC
Halifax
Lloyds Bank
Monzo Bank Limited
Nationwide Building Society
Natwest
Royal Bank of Scotland
Santander
Ulster Bank
Can I choose which bank account my Recurring Payments come from?
Your Recurring Payments will need to be set up with the bank account you currently have registered with Killik. If you would like to change this, please view the ‘Your Details’ section within the the Killik app.
Can my current and savings accounts be used for Recurring Payments?
No, at the moment only current accounts for personal bank accounts are supported.
Can I view my Recurring Payment mandates and Recurring Payment rules through the Killik app?
Recurring Payments can be set up and viewed from the Killik app only. If you have not downloaded the app this is available on the App Store and Google Play Store.
Are Recurring Payments safe?
Recurring Payments utilises Open Banking (regulated by the FCA), which provides more safety in terms of risk management and fraud protection as the technical standards required under its guidelines mean that stricter authentication and verification is needed.
Who are GoCardless?
GoCardless are our secure partner we use for Open Banking.
Who do I contact if I need further assistance?
For further assistance on Recurring Payments, please contact our support team at: clientsupport@killik.com