WorldPay, the UK's leading payment processing provider, and The Start-Up Loans Company today announced an agreement which will see WorldPay become the recommended payments processor for entrepreneurs.
Entrepreneurs receiving loans and support from The Start-Up Loans Company will now also be offered a cost-effective way to take card payments and grow their business, backed-up by first rate customer support through WorldPay's Pay As You Go (PAYG) Card Acceptance Service.
Geraldine Wilson, Managing Director, Micro Merchants at WorldPay, commented: "89% of adults in the UK have at least one debit or credit card and one in three UK consumers carry less than £5 cash. This means that businesses which are still unable to accept card payments considerably risk losing out on custom."
WorldPay PAYG allows sole traders and small businesses in mobile professions (such as mobile hairdressers, plumbers and photographers), who would traditionally need to rely on cash, cheque or bank transfer to quickly, easily and cost-effectively take card payments using their smartphone. The service is specifically designed for sole traders and small businesses with 1 to 5 employees and has no minimum commitments.
James Caan, entrepreneur and chairman of The Start-Up Loans Company, commented: "The Start-Up Loans Company was created to provide young entrepreneurs all the support and expertise they need when it comes to setting up their own businesses. We're continually looking to partner with innovative businesses that can help entrepreneurs to increase their chances of success and improve the service they offer their customers. WorldPay is a great example of a large enterprise that recognises the importance of entrepreneurs and small businesses, as well as understanding the challenges they face. We're looking forward to being able to offer this additional service and help even more young entrepreneurs succeed in building their own businesses."
The Start-Up Loans Company aims to start over 25,000 businesses by 2015 and currently has £42 million of funding allocated for 2013/14. The initiative is aimed at not only providing financial support to entrtrepreneurs but also additional advise and expertise in all aspects of starting a business.
Wilson continued: "The way in which businesses interact with customers has drastically changed and so it's important that we continue to find new ways in which to help them to grow. We're excited for the opportunity to work with some young entrepreneurs in partnership with The Start-Up Loans Company. The initiative is closely aligned to WorldPay's objective to encourage and enable entrepreneurs and small businesses to improve cash flow management and grow their companies."
The WorldPay service works by linking the WorldPay smartphone app to a separate secure Chip and PIN keypad, and allows merchants to accept Visa, MasterCard and Maestro debit and credit card payments on the move. Businesses just need to sign up to the service, download the app to their phone or tablet and link the WorldPay Chip and PIN keypad to their device and they are ready to start taking card payments.