FAQ

Is change given?

No, like all multi-merchant gift vouchers there’s a “no change given” policy. That’s why our largest denomination gift voucher is £25, rather than £50. Research suggests that people usually put gift vouchers towards a more expensive purchase. However, if you expect the gift vouchers you’re buying to be spent on lots of coffee and cake, we’d suggest opting for the £5 denominations.

Who can join?

Goodmoney Gift Vouchers have been designed to support local independent businesses and community organisations in Brighton & Hove. We also welcome applications from larger organisations that play an important role in the local economy, like tourist attractions, theatres, hotels etc.

There are a few types of business that we’re not looking to support, such as national high street chains, food franchises, betting shops, casinos and any businesses considered unethical.

Will “FREE Business Membership” always be free?

Yes, we may introduce fees for some services, but they will be optional and free membership will always be free.

Are gift vouchers a regulated financial product?

No, paper gift vouchers are currently exempt from regulation by the Financial Conduct Authority (FCA). Our future plans include a digital gift card, which will require an e-money licence.

Are Goodmoney Gift Vouchers backed by £Sterling?

Yes, each time a Goodmoney Gift Voucher is sold, the proceeds of the sale go into a segregated bank account, ring-fencing the money from the day-to-day activities of Goodmoney CIC.

How do businesses get paid?

When a business has accepted a Goodmoney Gift Voucher, they can either deliver it to us (by post or in person) or request a collection using our online collection request form.

After confirming the voucher is genuine and valid, we will arrange payment of the face value, less commission.

How often do businesses get paid?

We operate a monthly payment run. Depending on when we receive back the voucher, payment could be from a few days, to just over one month. We have set up a monthly process because our segregated account requires 3 directors, including a non-executive director who is a chartered account, to approve all payments.

Can businesses be paid more quickly?

Yes, if a business has tight cash flow, we can make exceptions.

Is VAT chargeable on Goodmoney Gift Vouchers?

No, Goodmoney Gift Vouchers are a credit voucher and this type of voucher is not subject to VAT.

“A credit voucher is defined as a face value voucher that is issued by a person who cannot redeem the voucher for goods or services themselves. Instead, they undertake to give complete or partial reimbursement to the person who does redeem the vouchers for goods and services. Consideration for all supplies of credit vouchers is disregarded for VAT purposes except to the extent that it exceeds the face value. The redeemer of the voucher accounts for VAT at the time the voucher is redeemed for goods or services. However, to qualify for this treatment, the redeemer must account for VAT on the full face value of the voucher.” UK Gift Card & Voucher Association

Loading...