Most people miss out on living the life they could. That’s wrong. And LOQBOX is on a mission to do something about it. LOQBOX gives everyone access to a richer life. Their money app gives people the tools and support to have a better shot at being more fulfilled – personally and financially. LOQBOX is a multi award-winning business that has already helped almost a million people to achieve a richer life by mastering their money, boosting their savings and improving their credit score with the three main credit reference agencies. They have been using Acquired’s end-to-end payments solution to manage their disbursements and collections since 2019.
We caught up with Tom Eyre, Co-CEO and Co-founder to discuss their payments strategy and work with Acquired.
Tell me a little bit about LOQBOX and your growth over the past few years
Financial exclusion is a major problem globally, with billions of people unable to access basic financial services. For many, this is a catch-22 because if they’ve never had credit they can’t build a credit history. The consequence is that many turn to expensive sub-prime lenders and can succumb to a spiral of debt. While as many as 75% of applications for these cards are rejected, those who are successful still need to avoid the many pitfalls associated with high-cost credit products. This is where LOQBOX comes in, giving consumers the best chance to build a credit score and eventually be able to access credit.
Were you facing any challenges related to payments before working with Acquired?
Yes. Prior to working with Acquired we processed all our payments through Direct Debit. Direct Debit has significant challenges for a technology company like ours because it relies on the BACS system, which is not instantaneous. As with any payments, what we needed as a business was quick processing and immediate reporting on payment successes and failures. Direct Debit does not provide this. When we had looked at card payments they were also quite expensive for new businesses and new business models. Acquired provided the full package of great service, data quality, speed and cost.
What were the key elements that appealed to you when choosing a payments solution?
The key components we looked for in a payment solution were accurate and timely data and reporting, a consultative approach, proactive account management, affordability, security, reliability, and instant notifications. Acquired delivers on all these requirements.
How important is a streamlined and secure payment process in providing an excellent experience for your customers?
Extremely important. Our members expect instant payment options, and our business model requires the same.
What tangible benefits have you noticed since working with Acquired?
Having integrated with multiple 3rd party payment providers in the past I can say with confidence that Acquired has been the most supportive through onboarding and integration as well as with ongoing updates and changes. The Acquired team is knowledgeable in card payments and have been quick to support us should we have any questions about our existing payment solution or future products. It has been a pleasure to work with the Acquired team.
Acquired strive to provide a consultative approach and ongoing account management, is this something you have felt the value of and if so, how has it benefited LOQBOX?
Yes we have benefited a lot from this approach. It has allowed us to change the way we develop new products from the idea stage by including open and collaborative conversations about payments early on.
Tell us about your business growth plans and what’s next for LOQBOX?
Most people miss out on living the life they could. That’s wrong. And we’re here to do something about it. LOQBOX gives everyone access to a richer life. Our money app gives people the tools and support to have a better shot at being more fulfilled – personally and financially. Better off or happier? With LOQBOX, you can choose both. LOQBOX is a multi award-winning business that has already helped almost a million people to achieve a richer life by mastering their money, boosting their savings and improving their credit score with the three main credit reference agencies. LOQBOX gives everyone a shot at a richer life.
LOQBOX has developed from offering a single product (LOQBOX Save) to providing two quite different products; LOQBOX, a full membership and LOQBOX Lite, a free membership. Both products contain features that members have been asking for.
Our three most popular credit-building features, LOQBOX Save, Spend and Rent are available to LOQBOX members in the UK with LOQBOX Save live in the US.