PayPoint, a payment services and technology provider, has recently reported a 5% growth in revenue to £213.5m for the year ended March 31, 2018. What about your business? Do you need retail merchant services review to grow your business? Where can you find such review? Just go on reading this article and you’ll know.
PayPoint Continues to Grow: Retail Merchant Services Review
As of 31 March, PayPoint owned 29.000 sites at live in the UK and Ireland. The company reported a 0.8% drop in pre-tax profit to £52.9m for the 12-month period. The card payments processed on PayPoint’s retail platform have increased by 4.9% to account for 94.5 million payments. This was primarily driven by contactless.
Now, the payment technology company’s focus is placed on its UK and Romanian operations. PayPoint One, the company’s new retail platform, had 8.550 sites live as of 31 March 2018, and the number has already reached over 9.000.
PayPoint has signed renewed or extended contracts with 8 payment clients. The BBC and AllPay are among them. Moreover, the company has launched Amazon Top Up as Amazon’s exclusive partner in the UK. Beyond that, PayPoint offers a replacement service for the Department of Work and Pensions Simple Payment Service.
According to Nick Wiles, PayPoint chairman, 2018 has been a success for the company. They’ve made progress against their strategy of embedding PayPoint at the heart of convenience retail. Besides, the company has entered into a partnership with Tide, UK challenger bank. This will allow customers to deposit cash into a Tide account at any of PayPoint’s 29.000 retailers across the nation.
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What Do Numbers Reveal?
The payment technology company PayPoint has had a 5.0% growth in revenue to account for £213.5 million. Net revenue has increased by £2.1 million or 1.8% to account for £119.6 million attributable to underlying net revenue rise of £6.3 million. This is generated from 6 retail services in the UK and driven by PayPoint One rollout.
As the company notes, this is a good progress with their cards proposition, a strong performance in UK bill payments, and top-ups where net revenue has increased by 1% to account for £70 million. Romania, where net revenue has increased by 29.8% to reach £11.9 million, plays its important role in the growth as well.
According to PayPoint, they’ve made good progress in 2018 as they go on embedding PayPoint at the heart of convenience retail. The deployment of PayPoint One in the UK enables them (from a single device) to bring together their leadership in bill payment solutions with a large variety of retail services. As a result, they get an opportunity to create an evolving ecosystem, which will be useful for retailers and serve millions of UK consumers and not only.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business and offers the best retail merchant services review. His understanding of the industry has helped thousands of business owners save money and time.