What do the new payment processor changes mean for me?

On 3rd October 2023, we added a new payment processor called Butlr Ltd, who trade as Ryft Pay (which we simply call Ryft). Ryft Pay is regulated by the Financial Conduct Authority (FCA) as a Payment Services / electronic money status firm under licence number 972895.

What does this mean for me?

First and foremost, this addition of a new payment processor will improve the service you currently enjoy from the Collctiv App when you collect money from your groups of friends, family and colleagues. Not only is the service now even more secure than ever, with this new provider we also have the opportunity to build out some very exciting new features and functionality in the future that should make collecting money even easier than ever!

To launch this new build, we released an update to the payment page, our Terms & Conditions and our Privacy Policy on Tuesday 3rd October 2023 and also to the app on Tuesday, October 10th 2023.

Once you have updated your app to the new version, it will mean a couple of things when you next come to do a withdrawal to your bank account, buy a gift card or send money to someone:

  1. You will need to re-enter your bank details, and
  2. You may be asked to re-verify with your ID

From Wednesday November 1st 2023, you will need to have updated to the new version of the Collctiv app in order to be able to continue using the service.

What happens if I don't want to update my app, re-enter my bank details or re-verify?

Please get in touch with us so we can help you with this! If you really don't want to do any of the above, you can of course stop using Collctiv (which we'd be very sad to see!). You will have until the end of October 31st 2023 to withdraw any funds you hold on the current version of the app. From November 1st 2023 you will have to update your app to access your account and funds.