Octopus Energy customers are now able to get their account credit back faster because of a new tie-up with fintech company GoCardless. Octopus has completed one of the Direct Debit migrations in the UK, “moving 5.5 million accounts and £12 billion of payments to GoCardless – so customers can get self-refunds faster.” Refunds that once took as long as 5 working or business days can now land in customers’ bank accounts in “1 or 2 days – faster than any other major energy supplier.”
According to the update shared by GoCardless, the quickest way to get a refund is now via the Octopus app.
Someone tapping “refund” on a Monday will usually “see the money back before lunchtime on Wednesday.”
Around 70% of refunds reportedly happen this way right now, “with roughly 30,000 processed every week.”
Customers who prefer to talk to someone “to get their refund processed can get in touch with Octopus via phone or email.”
The move to GoCardless, a UK fintech company used by various businesses, means transactions “move behind the scenes, with fewer delays and less repetitive admin.” That frees up Octopus’ teams to “spend time helping customers where it matters.”
Octopus was reportedly one of the first suppliers to “let customers refund their credit directly through their online account or app.”
Customers can withdraw their credit “whenever they like – though many choose to keep a buffer for winter when usage rises.”
Greg Jackson, Founder and CEO of Octopus Energy, said that “moving £12 billion of payments with zero disruption is a technical achievement.”
It’s another step in using technology in order “to make energy fairer and faster for customers.”
Hiroki Takeuchi, co-founder and CEO of GoCardless, said that they are now pleased “to power payments for Octopus Energy – a company that, like us, uses technology to make life simpler.”
This shows what’s possible when “two tech-driven companies collaborate for good.”
Octopus was also the first supplier to create a personalized Direct Debit tool.
The Balance Forecaster, which customers can “find in their Octopus account, shows exactly how their payments and usage stack up over the year.”
As noted in the update, Octopus Energy is a global clean energy and technology business, “driving the affordable, green energy system of the future.”
Under its own retail brand, Octopus delivers “customer service and cutting-edge energy products to households globally.”
The company is driving the “electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain.”
It operates a “£7 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.”
Backed by pension funds, investors and energy giants, Octopus Energy Group businesses “deliver cheaper, greener energy and tech to countries and customers worldwide.”
As mentioned in the announcement, GoCardless is a global bank payment company.
Businesses, from start-ups to household names, use GoCardless “to collect and send payments through direct debit, real-time payments and open banking.”
GoCardless processes “$130bn+ of payments annually, across 30+ countries; helping customers collect and send both recurring and one-off payments, without the chasing, stress or expensive fees.”
They use AI-powered solutions to improve payments and “reduce fraud.”
And, with open banking connectivity to over 2,500 banks, they now “help their customers make faster, more informed decisions.”
Headquartered in the UK, the firm noted it has “additional offices in Australia, France, Ireland, Latvia and the United States.”