The Retailer Sign Up Process
- New Retailers fill in joint branded Direct Debit mandate forms with the supplier (hard copy post to Gainsmore)
- 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)
- Gainsmore provide the member numbers to the Supplier
The Weekly Supplier Process
- Supplier submits the 5 field CSV file (member, amount, invoice number, invoice due date, credit/debit).
- Gainsmore advise retailers of upcoming payments once per week
- Gainsmore collect the relevant invoices (Tuesday) and send to Suppliers within 24 hours (Wednesday)
- 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.
- 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.