The PayCycle System

 

The Retailer Sign Up Process

  1. New Retailers fill in joint branded Direct Debit mandate forms with the supplier (hard copy post to Gainsmore)
  2. Existing Gainsmore retailers don't need to do this step (we just need an email instruction from retailer - this can be forwarded by the supplier)
  3. Gainsmore provide the member numbers to the Supplier

 

The Weekly Supplier Process

  1. Supplier submits the 5 field CSV file (member, amount, invoice number, invoice due date, credit/debit).
  2. Gainsmore advise retailers of upcoming payments once per week
  3. Gainsmore collect the relevant invoices (Tuesday) and send to Suppliers within 24 hours (Wednesday)
  4. Gainsmore advise any that "bounced" and re-apply for the funds (where the retailer and the Supplier agree)

There is also an option to collect invoices daily, on their due dates, please enquire for details.

                      

Key Points 

  • Retailers order goods 'as normal' with suppliers and still receive their invoices from suppliers.
  • Retailers are legally entitled to Hold any or all of their invoices if they wish (errors/lack of funds etc).
  • During the 24 hours that funds are with PayCycle/Gainsmore they remain the property of the Retailer and are covered by the Direct Debit Guarantee Scheme. Funds become the suppliers upon BACS transfer.
  • NB - We recommend new Suppliers try out Direct Debit payments with a couple of existing retailers for a period of 1-3 months to make sure they are familiar, before extending to multiple retailers. Sort of like a Prologue.