PayPoint offers businesses, organisations and other bill-issuing authorities a highly cost-effective solution for the collection of cash payments from consumers. PayPoint currently accepts payments in the UK and Ireland worth around €10.5 billion annually. from an average of 11 million customer transactions each week.
A significant minority of people prefer paying in cash, with many adults still not having bank current accounts. Research even shows that many ‘banked’ consumers of all ages and social class also have an underlying preference for paying in cash wherever they can.
Being able to offer a free and convenient place to pay in cash not only improves the quality of customer service, but can also open up new business opportunities, for example, by introducing pre-payment options where credit account underwriting restrictions prevent expansion into otherwise profitable market sectors.
Versatility is a major strength of the PayPoint system. In addition to the acceptance of barcoded bills, documents and cards, PayPoint’s multi-function terminal also incorporates smart card readers, making it compatible with every type of energy prepayment metering device. The PayPoint terminal also has a touch-screen that is suited to processing e-voucher transactions and has the unique added ability to recharge contactless smart cards for transport industry ticketless travel schemes.
PayPoint’s continuous programme of in-house software development ensures that terminal applications are maximised. In addition to its nightly-polled ‘offline’ service for bill, budget card and energy pre-payment meter charging, PayPoint terminals are also able to issue e-vouchers in real-time for instantaneous mobile phone and calling card top-ups.
Using sound geo-demographic principles and a wealth of consumer payment pattern data, PayPoint has established a high quality, well distributed network of convenient outlets in Ireland to serve cash-paying customers. PayPoint has signed up the pick of local newsagents, convenience stores and supermarkets, all carefully selected for their location, long opening hours, local popularity and financial stability.
Behind the scenes, the well-established central processing and settlement systems at the heart of the PayPoint service deliver the highest possible standards of performance, 365 days of the year.
Daily polling of terminals, rapid overnight processing and prompt next-day transmission of payment files ensure that customers’ accounts can be updated within 24 hours of payments being made. This smooth operation handles many hundreds of thousands of transactions a day, with ample additional capacity if required.
The collection and delivery of funds is equally well managed. Retailers are direct debited every banking day and the resulting monies are settled gross to clients within a timescale agreed between both parties. PayPoint currently settles funds in the order of €10.5 billion annually and possesses an enviable record in the payments industry for minimising bad debt as a result of its rigorous retailer accreditation procedure and stringent credit control.
The entire production process is fully backed up by comprehensive business continuity provision, including a stand-by facility for the immediate failover of all IT operations.