Payment services operator PayPoint has launched a new service to help retailers reduce banking charges and better manage their cash.
Through the Single Daily Settlement system, retailers will only have to bank the net amount from PayPoint transactions rather than several bank deposits and withdrawals being made on each retailer account. PayPoint estimates that this could save retailers up to £673 a year in banking charges. The system will be rolled out across the PayPoint network over the next month.
Retail director Andrew Goddard said this new service would be a huge benefit to retailers. “Single Daily Settlement is probably the most far-reaching change since the current terminal was introduced,” he said. “Because retailers will only need to bank an amount after taking off payments they have made to customers, such as Simple Payment and CashOut or through their ATM, it makes cash management easier, reduces cash banking charges and reduces the number of daily direct debit/credit charges for different PayPoint services. Single Daily Settlement is unique in this industry and I expect every one of our retailers to benefit significantly.”
The move is part of PayPoint’s pledge to improve retailer engagement through cost savings and better support.
“It’s important that we work in a positive partnership with our retailers to ensure they get the maximum benefit from the relationship,” said Goddard.
“I think it’s true to say that we haven’t always met that ambition, so we’ve invested a considerable amount of time and resources over the past couple of years in improving our services across the board, not just to attract new footfall into shops, generate incremental sales and profits and save retailers money, but also in improving the ways we provide our services. For example, we’ve increased our field team by 50% so our retailers find it much easier to have a personal relationship with us.”