Blumage Latest Tech News
Octopus Energy customers can now get refunds in as little as one day using the popular supplier’s app. Octopus announced today that its refunds will now be processed by UK fintech company GoCardless, which aims to speed up the payment process.
Customers can claim energy refunds if they have been overcharged for their bills or to reduce their excess credit balance. This can be a frustrating process, and usually takes an average of five days to complete. Now, refunds should take between one to two days to complete after the GoCardless migration. Those requesting a refund on a Monday can expect to see the money in their account by lunchtime on Wednesday, according to Octopus. According to the energy giant, around 70% of refunds already happen this way, with roughly 30,000 processed every week. Those looking for the quickest way to refund their account credit will need to use the Octopus app, although phone and email applications are still available.
Martin Lewis recommended that customers who have overpaid should keep on top of their refunds, to make sure their money is earning interest in their bank accounts – not their suppliers.
GoCardless will now oversee the direct debit transactions of Octopus’s 5.5 million accounts, worth £12 billion – one of the largest Direct Debit migrations in UK history.
They act as a middleman between Octopus, their customers and banks, handling the backend of the Direct Debit process.
Octopus CEO Greg Jackson said: “Moving £12 billion of payments with zero disruption is a huge technical achievement. It’s another step in using technology to make energy fairer and faster for customers.”
GoCardless CEO Hiroki Takeuchi added that: “This shows what’s possible when two tech-driven companies collaborate for good.”
Octopus Energy is a global clean energy and technology company supporting over 11 million customers.
