Why it works: WorldPay Zinc recognises changing attitudes to payment for SMEs

Heritage in payments

Heritage in payments

Geraldine Wilson, managing director of WorldPay Zinc, explains how the new WorldPay Zinc mobile card acceptance service is helping small businesses and sole traders to boost income, and the opportunity this emerging product area presents to a wide variety of retailers

Geraldine Wilson

Wilson: huge potential and positive feedback

WorldPay has an extremely strong heritage in payments. We’ve been the UK’s leading payment processing provider for many years. We process face-to-face and online payments for some of the world’s largest companies, as well as hundreds of thousands of small businesses in the UK. We understand the importance of payments and the impact that a good payments strategy can have on revenue, cash flow and customer experience.

Whilst much has been written about the demise of cash in the UK, as consumers increasingly prefer to use their debit and credit cards to make payments, there are certain sections of the economy that have continued to be dominated by cash. Consider tradespeople such as builders, plumbers and electricians, mobile health and beauty professionals like hairdressers and nail technicians, personal trainers and market stall holders; none of these small businesses or sole traders has up until now taken card payments. Our industry has not provided them with a workable, cost effective solution to allow them to process transactions whilst on the move.

That is why in June we launched WorldPay Zinc, a new mobile pay as you go Chip & PIN service which brings card acceptance to a vast new section of the economy. We believe  there are four million micro businesses and sole traders in the UK who currently still rely solely on cash and cheque payments, and still face the hassle of chasing customers for payments and making endless trips to the bank to deposit cheques and cash. By bringing card payments to this huge new market, we can help sole traders to manage their cash flow, be more productive and help them to convey a more professional, established image. 

The research we did before launch really highlighted the potential of this product. We found one in five consumers has had to abandon a purchase due to a small business or sole trader not accepting card payments. Our research also showed over half of consumers (54%) find it inconvenient when small businesses don’t accept card payments, rising to 66% amongst 18-34 year olds. The implications are far reaching on a national level also, with 72% of people left with a negative impression of a business that fails to accept cards. Customers associate businesses that don’t accept card payments as having poor customer service (28%), being unprofessional (19%) and even perceiving the business as unsuccessful or struggling (18%). In an increasingly competitive economic environment, this poses a real threat to small businesses and sole traders. 

The new service is quick and easy to set-up. Businesses and sole traders can simply apply online at www.worldpayzinc.com or download the WorldPay Zinc app on their smartphone or tablet and apply through the app. All they need then is the sleek black Chip & PIN keypad which they can order online when they apply. Alternatively, the keypads are available to buy for £59.99 in-store at John Lewis and at selected Currys PC World stores, and online at the PC World Business website (www.pcworldbusiness.co.uk). It takes less than five minutes to apply for a new account and users can be up and running, receiving secure payments and reviewing full payment details on the move usually the very next business day. There are no fixed contracts and no monthly subscription fees (something that has traditionally deterred small businesses from card payments); users only pay when they use the service, a flat 2.75% for purchases. Unlike other services, WorldPay Zinc offers users additional features such as refunds, payment over the phone, text, email and print receipts and real-time access to full payment history at the tap of a button on their smartphones.

The feedback so far from businesses using the WorldPay Zinc service is overwhelmingly positive and uptake is growing exponentially as more and more sole traders and small business owners recognise the benefits of the service, from electricians and window cleaners through to physios and jewellery sellers. We’re also in talks with other high street retailers to make the keypads available more widely. 

The mobile point-of-sale (MPoS) market represents a huge opportunity for a whole host of retailers, from high street technology retailers, through to trade and DIY retailers and wholesalers. With a potential market of four million people, we believe this product area is set to take off over the next 12 months and we’re extremely excited to be at the forefront of this, helping the UK’s many small businesses and sole traders to survive and grow.

Getting started with WorldPay Zinc video

WorldPay Zinc contact details:

Tel: 0845 120 2361

Web: www.worldpayzinc.com 

(A Retail Times’ sponsored article)