Streamline, part of the WorldPay group, and the largest provider of card payment processing in the UK and Europe, has today given small and medium sized businesses in the UK improved access to the spending power of the large number of overseas visitors expected this year, by launching Discover and Diners Club cards as a standard option to its portfolio of payments.
The partnership expands the relationship between Streamline, which is part of the WorldPay group, and Discover, one of the most recognised brands in US financial services. WorldPay and Discover initially announced the forming of a strategic alliance to increase acceptance in Europe back in November 2011.
At a lunch event in London, Darren Wilson, Managing Director at Streamline and Gerry Wagner, VP of Global Acceptance for Diners Club International, formally launched the merchant acquiring agreement that will increase the acceptance of Discover and Diners Clubcards in the UK.
WorldPay in the UK currently offers Diners Club acceptance on request by a merchant. Through Streamline, WorldPay will now offer Discover, Diners Club, BC Card and DinaCard acceptance to all merchants and will support D-PAS, Discover's EMV-compliant payments solution, as well as enabling chip-based terminals.
The agreement opens up significant revenue opportunities for businesses in the UK, and 2012 will also see an influx of high-spending foreign visitors thanks to the Queen's Jubilee and key sporting and cultural events. It is estimated that 10.5m people will travel to the UK in 2012, with 8.5m visiting London alone. With each visitor predicted to spend an average of £85 a day in shops, restaurants and theatres, this partnership enables SMEs to be better positioned to tap into this market.
Darren Wilson, Managing Director at Streamline, said: "The UK is braced for a surge in visitor numbers this year, and through this agreement, we are helping small businesses be better prepared to make the most of international tourists' spending power. Many overseas customers might not be carrying cash and will only have their own cards, so it is important that SMEs are able to offer a wider choice of card payment options."
Gerry Wagner, VP of Global Acceptance for Diners Club International, said; "Increasing our merchant acceptance in the UK has been a priority for Discover given the country's popularity as a top tourist destination. SMEs will clearly benefit from accepting Diners Club and Discover cards, given the millions of consumer and business travellers who are ready to spend in the UK and Europe. Diners Club and Discover card members typically have higher spend levels, which can translate into more incremental revenue per transaction for businesses."
Malcolm Mullin, owner of The Vintage House, a premier London malt whisky retailer in Soho said: "The revenue we generate through overseas visitors is vital to our business, so we need to be able to speak our customers' language in every way, right through to dealing with their preferred methods of payment. 2012 is going to be a massive year for us, as our product is exceptionally popular with tourists. We are delighted that we can accept Discover through Streamline."