I’ve a number of clients waiting to make payment via bank transfer but the payment is unable to be completed as the bank is unable to verify my name. This has happened with 3 different banks now, why would they not be able to verify my name? I have tried from my personal account using my business name and my name and neither were verified. I have asked in the app but have not had a response, I’m not happy to leave clients waiting. This is the first time I have used my account.
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I can see that the team have responded to you in the app, to summarise very quickly here as well, any payments that have been queried like this is likely due to a new service called ‘Confirmation of Payee’ that’s being incorporated.
Because of how Tide accounts function somewhat differently from business accounts in other high-street banks, this is something that can arise as ours will likely appear unfamiliar. That said, payments can still be made.
I do understand that this can make some clients more wary, as they might take the message they get from their banks to mean that there’s something wrong with the account they’re sending to. We’ll do what we can to address this going forward.
I have found the same problem with everyone who pays into the account. The first customer refused to send the money and gave me a cheque - so helpful. I now have to attach a warning to all my invoices to encourage people to proceed with the transaction. It would be nice if Tide could prioritise a solution to this as it is a little embarasing.
I have just opened an account and my first two orders had this problem so they have walked away! I just transferred some money in from my personal account so I could see the problem 1st hand and I have to admit the warnings from the bank are basically you could lose your money if you send! So to be fair if I was a customer to a new business that had no history and I received that warning when trying to pay I would have walked as well! Can you please give us an update on this issue as I will not be able to get my business off the ground the way it is.
I completely understand how frustrating these situations must be - apologies if you were expecting a direct update here in this thread.
The primary hurdle with this issue is that we don’t have control over the wording of how high-street banks communicate the Confirmation of Payee system to their clients. I understand it can be quite alarming.
Because Tide is not a bank, getting involved in the system still poses a challenge, but we’re working on it. If we do make some headway, we’ll definitely make an announcements across our channels. We want our members’ association with us to be a point of pride.
Same big problem here. @Obi_at_Tide said “If we do make some headway, we’ll definitely make an announcements across our channels”. That’s not encouraging after 6 months or more. I’m having to reassure clients - they phone up & say there’s a problem & it doesn’t look professional. I’ll be looking at alternative banks. Anyone know if Starling has this issue ?
Hi @Obi_at_Tide and everyone else with this same problem.
What a joke!
As @lrj has just said the community boards are filled with Obi responding with the same comments from 6 months ago and still no change! Tide are obviously going to loose a lot of customers due to this and I cannot understand why a fix is not done already or on the horizon?
@Obi_at_Tide can Tide official make a statement in any way about their response to the confirmation of payee issue? Everything you have stated so far identifies the issue but does not give a response to Tide’s next steps. You have stated it ‘poses a challenge’ etc. but not even confirmation the Tide team are working on sorting this issue.
Therefore, @Obi_at_Tide, for the benefit of everyone just about to leave Tide. Can you state what Tide’s position is on the solution to this matter and if there is a timescale planned?
Thank you for sharing your thoughts @mbaker
Apologies for the delay in responding here, I’m afraid I wasn’t available to get back to you.
At this stage, there isn’t any specific timeline or solution that I can state that we have in regard to this - the basis of the Confirmation of Payee system and why it’s causing this issue is that it is designed, primarily, for high-street banks to exchange information about their clients securely.
Because we’re not a bank, we cannot immediately include ourselves into this system. We’re absolutely aware of it, but the steps we take aren’t going to sort this out immediately.
As soon as we have made any progress, we’ll absolutely make it known.