What's going on with payment delays?


#1

I’ve seen a fair few threads here about delays in amounts being paid in - i’ve also experienced this, even transferring £3 into my account to test it seemed to take more than an hour.

I have a Monzo account as a personal one, and payments in are instantaneous when done using bank transfers from a conventional bank.

There are even (worryingly) threads about missing payments - this is absolutely terrifying! I was planning on using Tide for my business banking this tax year, i don’t mind paying fees

Is this something that’s out of your control? Or is it something that will improve as time goes on?

Thanks.


#2

I had this experience several times and a cover up worth outage with Patner systems. I have stopped relying on them. I even had an advisor saying u should not do transfers if u need money like in couple. Hours


#3

Hi @danmatthews!
At Tide, Faster Payments are processed every 30 minutes and cleared within 2 hours.
We reduced this from 4 hours late last year thanks to member feedback, and we will work to decrease this time even further as our member base grows :slight_smile:

If you haven’t received anything outside of this time frame, do just let our Help team know and we will look into this for you.


#4

Thanks Katie.

I really think it should be one of the main things you focus on, before anything else even - cash flow and cash flexibility are key to small businesses such as ours - the idea that you might block my account or a payment might not be processed for some reason is actually making me reconsider using Tide!

Would be awesome to have this addressed at a company level - looking at the sentiments on here and on trustpilot, i certainly can’t say i have faith that my money is safe, or rather, that my money will always be accessible.


#5

Thanks for your feedback @danmatthews,
It’s never possible for Tide to lose your money. Our members’ funds are kept in a protected Safeguarding account, meaning they can never be loaned out and, as such, are not exposed to risk. You can read more about this here
You might also be interested in a new post from our Head of Risk @LaurenceT_at_Tide here, which explains the reason why we might ask for more information on the usage of your account from time-to-time.


#6

Thanks for those Katie, both are great and informative!


#7

I’ve been a bit concerned about payment speeds today. I know there was a maintenance window but my client confirms that he sent payment today around 4pm so we can commence on work Monday. As of 9.34pm still no sign of the payment which puts the job at risk as we won’t be able to pay our subcontractors


#8

Hi @kenliu!
We have been informed by our payments partner that their scheduled maintenance went on longer than they had anticipated, which unfortunately caused further delays to inbound payments being received, these are urgently being processed this morning.
I have just reached out via the in-app chat to further assist you with your payment :slight_smile: