Global payments technology provider Worldpay has partnered with integrated retail payment solutions provider Sage Pay seeking to broaden card payment options available to business enterprises trading within the UK and Ireland.
Updating the market, Worldpay and Sage state that the partnership will deliver UK & IRE businesses with more agile and cost-effective card payments solutions, reducing the downsides in ‘time-to-trade’ delated payment transactions’, a vital pre-cursor for retail success.
Steve Newton, EVP, UK and Europe, Worldpay, said: “Worldpay is one of Europe’s largest payments processors and we are delighted to be partnering with Sage to champion the needs of growing businesses across the UK and Ireland.
“By partnering with such an established market leader in business technology solutions, where we are unlocking the power of digital payments for businesses of all sizes.”
Announcing the partnership, both companies point to late invoicing as a growing concern for all business stakeholders, citing a 2017 report commissioned by Sage titled: ‘The Domino Effect: the impact of late payments’.
The figures from SAGE’s report state 17% of all invoices from small and medium businesses are paid late in the UK and Ireland, with 9% ultimately being written off as bad debt.
The collaboration aims to deliver more cost-effective payments solutions whilst reducing the ‘time-to-trade’ for businesses.
“We know it takes on average between 7 – 15 days for businesses to chase payments every year – time they could spend growing their business,” said Seamus Smith, EVP, Payments and Banking, Sage.
“By increasing the opportunities for businesses to accept card payments, their customers can quickly pay by card (or other digital payment methods of their choice), which helps reduce the businesses’ admin burden and the time it takes to chase them up.”