GoCardless puts payments in motion for Brompton's bike subscription service

27/10/2020 03:00

LONDON, Oct. 27, 2020 /PRNewswire/ -- Fueling the increasing demand for bikes, GoCardless, a leading fintech for recurring payments, has teamed up with Brompton, designers and makers of the iconic folding bike, to streamline the payments of 'Brompton Bike Hire'. Brompton customers in the UK can now benefit from easy to set-up and manage monthly payments, powered by GoCardless, guaranteeing a seamless experience for both the customer and merchant.

Over the last year Brompton has seen an increase in demand for bikes. The pandemic has exaggerated this, with recent government data suggesting that cycling has increased by 300% during UK lockdown.

With the average UK household spending £552 a year on subscription services and consumer behaviour shifting away from direct ownership, Brompton saw an opportunity and launched Brompton Bike Hire during summer 2020. This new service enables customers to avoid the upfront expense of purchasing a bike outright and with easy monthly payments, powered by GoCardless, it is easier than ever for consumers to rethink their commute.

With GoCardless' end-to-end API, Brompton is able to automate the entire payment collection process, significantly reducing time spent on administration. One of the key reasons for selecting GoCardless was to reduce DSO (Day Sales Outstanding) and improve cash flow, so that Brompton can invest in further growth. By using a bank-to-bank payment method it will also reduce pain points that lead to customer churn, such as credit cards expiring, while delivering a frictionless online experience for the customer which in turn can increase conversion.

Brompton Bike Hire MD, Julian Scriven, says: "There has been a significant shift towards cycling now more than ever. Our pay-as-you-ride schemes have been extremely popular, and the addition of the GoCardless solution has proved incredibly popular with our customer base."

Stephen Reidy, VP and General Manager, UK and Ireland, says: "In the current subscription-based economy, the big technology companies like Netflix, Spotify and Disney+ dominate, but transport is now coming into the equation. Offering the right payment service is key to creating a seamless experience for customers, as well as having the peace of mind that everything is running smoothly behind the scenes. We're looking forward to working with Brompton to automate their recurring payments, and help them meet this demand for hire services."

About GoCardless

GoCardless is a global leader in recurring payments. The GoCardless global payments network
and technology platform takes the pain out of getting paid for more than 55,000 businesses worldwide, from multinational corporations to small businesses. Each year GoCardless processes US$15bn of payments across more than 30 countries. GoCardless is headquartered in the UK, with additional offices in Australia, France, Germany, and the United States.

For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.

© 2020 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third-party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

About Brompton

Brompton Bike Hire was set up in 2011 and has over 50 docks UK wide making it the UK's largest network of hire bikes. Brompton Bike Hire is the 'sister company' of Brompton Bicycle and uses the folded-up bike design in all docks.