PayPoint has signed a deal with the UK digital banking service Tide that will enable its small business customers to deposit cash directly into their Tide accounts at any of PayPoint’s 29,000 retailers nationwide.
The strategic deal gives the digital banking service access to a network larger than all banks, post offices and supermarkets combined.
Launched in January 2017, Tide is the UK’s only digital banking service focused exclusively on small businesses.
The integration with PayPoint’s deposit solution means that Tide’s customers now have more control of when and where they can add funds to their account; beyond BACS or Faster Payments.
PayPoint commercial director Lewis Alcraft, said: “The partnership with Tide is significant as it offers its digital-only customers more choice and flexibility.
“With 99% of the UK population living within one mile of a PayPoint store in urban and five miles in rural areas, our network of stores is a convenient solution; no matter where in the UK they are.
“The partnership further underlines the important role that convenience retailers continue to play in providing vital services to their local communities.”
Independent retailer Manny Patel of Manny’s in Long Ditton Surrey gave a cautious welcome to the news. “The deal could drive more footfall to stores but we need more information on charges and whether there will be any reductions in them.
“I’m currently spending almost £600 a month on bank charges so I wouldn’t really want to add to that unless there were some really clear benefits,” he said.
Tide CEO George Bevis added: “We know that small businesses need to spend less time banking and more time pursuing their passion.
“We are constantly looking at new ways to improve their banking experience. For a digital-only banking solution, the extensive network of physical locations we can now access thanks to PayPoint’s network is hugely exciting.”