We'd like your feedback on adding security deposit money vs. paying the bill 🙂

:wave: Morning everyone!

I wanted to run by you all a problem we’ve seen people having with Booster. We’d like to hear your thoughts on how we can make things easier to understand.


How is Booster different?
Booster is different to a ‘normal’ credit card. With most credit cards, you apply and get offered an amount of credit. You (1) buy things on the credit card and then (2) at the end of the month you pay the credit card company back into their bank account (often via direct debit).

With Booster, the initial limit starts at 0 and you can increase the limit by depositing money into a security deposit account. Once you’ve done this, you get a credit card to spend with and the limit matches the amount you have in your security deposit account. So you (1) add money into your security deposit account, (2) buy things on the Tymit Booster credit card and then (3) at the end of the month you pay Tymit back into their bank account (often via direct debit).


So there are 2 bank accounts?

Yes

  1. The bank account to hold the security deposit
  2. To pay back any owed money to Tymit

I've included a diagram to show how this works for a user called Alex, who adds £500, makes an £80 purchase using his Amazon card and repays his bill.

What problems have people been having?

It seems like we need to do a better job of explaining the differences between these 2 accounts and their purpose. Some people are accidentally paying off bills when they mean to be adding money to increase their credit limit. And some people are seeing they have a bill to pay and are accidentally adding money into their security deposit account.

So, we want to hear from you!
We’d love to hear any feedback you have around these 2 accounts:

  • How could we explain things better or structure these accounts differently within the app?
  • Do you have any ideas for how to improve the screens around adding money/paying the bill? Any diagrams or ideas would be appreciated!

Thanks,

Alastair

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Glad this is being discussed. I raised this last month in another thread. I think cleaning up the language in the app so that the same terminology used in marketing, comms and app would be useful.

Deposit is a term people understand as is “pay bill” so renaming the in app options may help. Or, integration with a tool like truelayer? That way you can guide the journey of the user. Personally I’ve set up two payees for Tymit one named Bill pay, and the other named credit limit.

Happy to discuss this further offline if it helps @Alastair-PM

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100% Unofficial

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If you divert the booster users on the app to come here to ask their questions we will assist them, more often quicker than the ticket response.

For example if they send a message on the app to the customer service, they get an automated message that you will be in touch and also with the details of this forum where they can get help.

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@NewUser This looks good, and seems to have every base covered. :+1:

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Great feedback so far @thisisntwhatiwanted @NewUser and @Sholao !

The diagram is great as well

We’re discussing this internally and would love to discuss some of them with you when the ideas are more developed - stay tuned

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The main issue seems to be the two bank accounts. It would be much simpler if there was just one account.

Could you not just set it up in app that a booster user has the option of adding any account credit to their security deposit @Alastair-PM

So a user starts off with £0 then pays in say £250 using the “pay bill” account details and they are now £250 in credit. Under the payments tab there could be an option to use account credit to increase deposit/credit limit.

Using this method would make it less confusing with just one account to pay into plus it would be much more convenient for just paying a little extra each month gradually adding to the deposit.

Monies must be segregated for a safeguarding purpose. This probably isn’t possible due to the accounts needing to be wholly separated.

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Yeah Jase there could still be two accounts it’s just the transfer into the second account would be done at Tymit’s end if that’s possible.

Tymit shouldn’t be touching the flow of funds really so it’s always best done at the start. I’m not sure if this would be a problem from a regulatory standpoint but it’s not best practice at all.

Let’s see what exciting changes come out of this research feedback. I suspect they are working on some awesome improvements for Booster users as we speak :slight_smile:

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Personally I’ve never had a problem it explains in the menu what the option does either to unlock more credit or to pay a bill and if the bill isn’t even due yet it asks if you want to pay the bill now

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That’s great feedback @dudesuper1982 Simon :+1:

Some people do have problems understanding it, so hopefully Tymit can account for most people and ensure it’s the go-to option for credit cards :slight_smile:

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In addition to the above, if the screens are colour coded for security deposit and bill payment that would also help in learning and differentiating in the future uses.

E.g.

Security Deposit > RED
Bill Payments > GREEN