This article answers Crezco's most frequently asked questions about account setup, payments, integrations, fees, and security, providing quick solutions to common issues.
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What is Open Banking?
Open banking is quickly becoming the next big thing in financial services, but only around 50% of the UK are aware it exists, so what is it?
Open banking is a technological innovation allowing third parties, like Crezco, to offer users new features or products, such as payments, by communicating with their bank via secure APIs.
How well has it been adopted?
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86% of financial institutions already see the value of open banking
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94% of fintechs agree open banking can enhance their services
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99% of UK banks can be used through Crezco's API link
Key Benefits
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Faster payments
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Better access to financial products
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Increased security
Where next?
Open banking in the UK and Europe has taken off thanks to regulatory tailwinds with countries across the globe following suit, including: Brazil, Mexico, Saudi Arabia, India, Japan, Hong Kong, Singapore and Australia.
Learn more here.
How secure is Crezco?
Safeguarding your funds is our top priority. We ensure the security of your money through the following measures:
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Safeguarded customer funds: Customer funds are fully protected and held in safeguarded accounts by The Currency Cloud Limited (Currencycloud). Currencycloud is authorized by the Financial Conduct Authority (the FCA) under the Regulations for the issuing of electronic money and the provision of payment services with Firm Reference Number 900199.
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How funds are safeguarded: Currencycloud separates customer funds from their company funds, and places them in safeguarding accounts held with reputable UK and EU Banks. If Currencycloud was to become insolvent, the funds held in the safeguarding accounts would form an asset pool from which claims of the e-money holders (i.e. Crezco) would be paid above those of other creditors.
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Regulatory compliance: Currency Cloud Limited (FRN: 900199) is regulated by the FCA in the UK as an Electronic Money Institution (EMI). This means that Currencycloud safeguards your funds in accordance with FCA regulations, and is prohibited from lending customer funds.
Crezco is dedicated to upholding the highest security and compliance standards to protect customer funds. If you have any additional questions, please feel free to reach out to us.
For more information please refer to our Terms and Conditions.
Does Crezco support credit or debit cards?
At Crezco, we utilise a payment system known as open banking, which enables payments to be processed directly from one bank account to another. This system is designed for account-to-account (A2A) transactions, meaning payments move seamlessly and instantly from the payer's bank account to the merchant's bank account without the need for intermediaries like card networks.
Since Crezco is built on these open banking payment rails, we only support bank transfer payments. Unfortunately, this means we do not accept credit or debit card payments. Our system bypasses traditional card networks, providing a faster, more secure, and cost-effective alternative to card payments.
Here’s a quick overview of why we don't accept credit or debit cards:
- Direct bank transfers: Payments through Crezco are processed instantly between bank accounts, avoiding delays and fees associated with card networks.
- Security: Open banking ensures a high level of security since transactions are authorised directly by the payer through their bank, eliminating the risks of card fraud.
- Cost-effectiveness: By using open banking, we avoid card processing fees, which can be costly for merchants.
If you have any questions about our payment system or need further assistance, please don’t hesitate to reach out to our support team. We're here to help!
Does Crezco support Direct Debit payments?
This feature will be sunsetting on the 7th of March, 2025. After the 7th of March, you will no longer be able to create standing order payment links through Crezco. All standing orders that have been set up before March 7th, will be unaffected.
You are able to collect repeat payments with Crezco - whether that's weekly, monthly, or at a less frequent interval.
The method we use to set these up is via Standing Order, rather than Direct Debit.
Once the standing order is set up, it can only be amended or cancelled by the payer. If you need to amend the amount, you can send them a new payment link for a new Standing Order, and ask them to delete the old one.
Please note that standing orders can only be set up for those based in the UK.
Why is the Crezco payment link/ QR code not working?
What if your bank is not listed in the drop down?
If you are unable to find your bank listed when attempting to connect it to Crezco, this indicates that we are currently unable to support your bank. Crezco can only connect with banks that have integrated open banking into their infrastructure. We recommend reaching out to your bank directly to express interest in this feature.
Making an Invoice Payment via Crezco
If you encounter difficulties finding your bank while trying to make an invoice payment using a Crezco payment link, please contact the company that issued the invoice for further assistance. They will provide you with the best next steps.
If your payment link has expired, please go to the following help centre article.
The QR code is not working
If you are the payer:
If you clicked on a pay now button or a Crezco link and unfortunately that link is not working, please try the following steps:
- Refresh your page
- Clear your cache and cookies on your web browser, or try opening the link in an incognito browser window.
- Please reach out to the company that sent you the payment link - they may need to reconfigure their integrated software.
If you are the payee:
If a customer reaches out and notifies you that the Crezco payment link that you sent through Xero/QuickBooks/Quickfile is not working, it could be due to integration being disconnected.
When companies like Xero/QuickBooks/Quickfile do mass system updates, it can cause some of the integrated apps to be disconnected, and need to be reconfigured.
To reconfigure the integration please find the steps listed in your account software's help centre article - Click here
How much could I save using Crezco?
Are there any industries Crezco doesn't work with?
As Crezco is FCA regulated, there are some restrictions on the type of industries we support.
Non-permitted industries – global
- Weapons / military-grade security
- Multi-level marketing
- Pawnbrokers
- Political organisations
- Precious metals and stones, including diamond traders
- Adult entertainment
- Drug paraphernalia
- CBD and related products
- Carbon credits, including carbon credits traders
- Cryptoassets
- Gambling
- Ponzi / pyramid schemes
- Firms involved in the servicing of illegal goods/services including but not limited to: counterfeit goods/trademark infringement, human trafficking, child labor, prostitution.
- Mining and extraction
- Scrap metal traders
- Energy traders
- Speculative trading
Non-permitted industries – USA
- Chemicals
- FDA classified medical devices
- Medications or prescription drugs
- Alcohol
- Tobacco
- Dietary supplements
- Seeds or plants
- Regulated financial services
- Outbound telemarketing
Non-permitted client types
- Financial Institutions making payments on behalf of other financial institutions, also known as ‘nested relationships’ or ‘layering.’
- Shell banks
- Unregistered charities
If you're unsure if this list applies to you, reach out to support so we can advise you.
How do I make a complaint?
We're sorry we've given you reason to complain, but please get in touch and we'll look into this for you.
Email: complaints@crezco.com
Post: If you'd prefer, you can send us your complaint in writing and send to us:
Crezco Limited
192 Campden Hill Road
London, England
W8 7TH
What happens after I make a complaint?
Crezco will:
• email you an Acknowledgement Letter that we received your complaint
• ask for any extra information, if we need it
• investigate your case and your concerns
• email you to explain what actions we took and why
We will look into your case as quickly as possible send you a 'final response' within 15 business days. In exceptional circumstances, if we cannot send you a 'final response' within 15 business days, then a 'holding response' will be issued instead within the same 15 business days.
The 'holding response' will indicate the reasons for the delay and highlight an extension to the 'final response' will be sent within 35 businesses days from when the complaint was first registered.
If you are not happy with our 'final response', you have the right to refer your complaint to your ombudsman, free of charge.
How to get in touch with your ombudsman
UK: The Financial Ombudsman
Post:
Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Phone: You can call the Ombudsman on 0800 023 4567 or 0300 123 9123.
Website: Visit the Ombudsman's website for more information: financial-ombudsman.org.uk.
European Economic Area (European Union member states, plus Iceland, Liechtenstein and Norway)
Post:
Ombudsfin
North Gate II
Boulevard du Roi Albert II, n°8, bte. 2,
1000 Brussels, Belgium
Phone: + 32 2 545 77 70 (available on weekdays in the morning only for general information)
Website: www.ombudsfin.be
Email: ombudsman@ombudsfin.be