STORE payment network firm PayPoint has revealed over half of retailers using its ATMs have removed banking charges completely from their business over the past 12 months.
PayPoint, which currently has a network of 4,200 ATMs, said its retailers benefit from its Net Settlement system, meaning any incoming bill payment cash is netted off against outgoing cash withdrawals.
The ATM findings come as PayPoint rolls out a new cashback offer for retailers signing up to PayPoint ATM and PayPoint One, the firm’s EPOS system. The deal offers retailers the chance to earn £1,500 back over five years and is available to both new and existing PayPoint agents.
Anthony Sappor, ATM product manager at PayPoint, said: “I am delighted to announce this new offer so that more retailers can benefit from reduced banking charges and offer a vital service to their customers.
“As bank branches continue to close, ATMs within convenience stores are becoming more in demand, driving footfall and cost benefits to retailers.”
The launch of PayPoint’s ATM was followed by the release of the firm’s first quarter trading update for the 2017-18 financial year. Figures for the three month period ending 30 June reveal the group’s net revenue increased by 4.2% from £27.3m to £28.4m for the period.
The increase in revenue for PayPoint comes despite a 4.5% reduction in transaction volumes.
A 10.5% increase in revenue from PayPoint’s UK and Ireland retail services shored up the group’s overall revenue figures, which the firm said was driven by PayPoint One service fees, card payment transactions, which grew by 8.3%, and ATM transactions, up 5%.
Dominic Taylor, chief executive at PayPoint, commented: “We have continued our repositioning of the business in the new financial year, as we have driven profitable growth in UK retail services, increased parcel volumes and delivered another strong performance in Romania.
“The successful roll-out of our innovative new PayPoint One terminal in the UK continues, following its launch last September.
“We are on target to achieve 8,000 installations by the end of this financial year, with 5,000 terminals already in service.
“This good progress underpins the board’s confidence in our strategy and our full year outlook remains in line with previous guidance.”