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PayPoint earnings up as it launches cash payments service for Web shopping

21 November 2008  |  12559 views  |  0 buy and sell button

The online arm of UK retail payment terminal provider PayPoint has launched a new service it calls Cash Payments, which offers consumers the option of receiving a printable 19-digit reference number and barcode after 'buying' online, which they take to their nearest PayPoint terminal and pay cash for their order.

Once payment had been received through a PayPoint terminal, the merchant is notified so they can dispatch the ordered goods or make the relevant service accessible.

PayPoint, which has around 20,000 terminals located in UK stores used primarily for the payment of bills and services, says that because no user accounts or bank details are required, the risk of fraud is reduced for the retailer, and payment is guaranteed, so there is no chance of chargeback.

Initially this service is being offered to merchants who are already signed up to PayPoint.net, but the company says it will be offered more widely next year.

The company quotes research it commissioned from YouGov, which found that around 20 per cent of consumers are turning to cash to purchase goods, rather than debit or credit cards, in order to better manage spending and reduce the risk of fraud.

PayPoint plc also reported half-yearly earnings, with revenue from its payments terminals and ATM business in the UK and Romania up 9% on a like-for-like basis to £109 million, and net profit up 15 per cent to £15.3 million.

Read the full statement here:

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