How do I manage Automatic Payments (Direct Debit)?

A Direct Debit is set up when you open your Capital on Tap account to automatically repay your balance.

What automatic repayment frequencies are available?

Capital on Tap offers 3 options:

• Monthly: Taken automatically on your payment due date (exact date may vary by working days).
• Weekly: Collected every Monday morning and typically clearing by Thursday.
• Daily: Processed as an instant bank transfer at 2pm each day. Pro customers earn 1.25% cashback with Daily repay.

Once processed, repayments typically clear and reflect in your available balance by the end of the next working day.

How do I change my repayment frequency?

Your account is set to a monthly repayment frequency via Direct Debit, by default. To change this, you need to opt in for Smart Repay by following the steps below:

1. Log in to the web portal.
2. Navigate to Payments.
3. Scroll down to Payments Settings.
4. Select Smart Repay.
5. Choose your preferred payment frequency: Daily or Weekly.

You have the flexibility to opt out of Smart Repay and adjust the payment frequency at any time from the same page.

Note: Smart Repay always collects your full credit balance. Partial repayments are not available.

How do I update the bank account used for repayments?

To update your linked bank account, log in to the web portal or app and follow these steps:

1. Go to Payments.
2. Select Monthly Direct Debit.
3. Scroll down to Bank Details and click Update Bank Details.
4. Enter the required information and confirm the change.

The new account must be a business account held in the same name as the business on file. Personal accounts are only accepted when a business has ceased trading and a final balance is being cleared.

Note: If your next repayment is due in fewer than 7 working days, make a manual payment before updating your bank account details to avoid a missed payment.

What happens if my repayment fails?

If a repayment fails, Capital on Tap is notified by your bank. Next steps depend on your frequency:

• Monthly: 2 further collection attempts are automatically scheduled.
• Weekly or Daily: No reattempt is made for that specific payment.

To avoid falling into arrears, make a manual repayment by debit card in the app or web portal as soon as possible.

Please note that if you make a manual payment around the same time as a scheduled retry, you may overpay your balance.

Common reasons repayments fail:

• Insufficient funds in the linked bank account
• Outdated or incorrect bank account details
• The bank account has been closed or changed

Note: We do not charge any late fees.

Can I cancel my automatic repayments?

An active Direct Debit mandate is required to maintain your Capital on Tap account, so automatic repayments cannot be cancelled while your account remains open.

If your Direct Debit is cancelled, your account may be restricted or suspended, as automatic repayments form part of your account agreement.