Payment services company PayPoint has today promised a host of new services and technology to enhance retailers’ in-store offerings.
The news came with the announcement of a 7.7% increase in full-year pre-tax profit from £46m to £49.6m on net revenue – which excludes the cost of mobile top-ups, SIM cards and other costs incurred by PayPoint which are recharged to clients and merchants – up 8.3% from £113.7, to £123m.
The results statement made no reference to the controversy that has been raging over the past few weeks over the newly imposed reduced retailer commission caps, but it did point to an improved offer the company has alluded to in talks over the past few days.
Nick Wiles, newly appointed non-executive chairman, said PayPoint had already reorganised the business to focus on developing multi-channel payments and services for clients of its retail networks, following a decision to sell the group’s parking and online payment processing business.
“Our new terminal, now under development, will be piloted this year and will bring with it wider opportunities for new products for clients, retailers and consumers. We will also be continuing the search for retail expansion in new geographies,” he said.
Dominic Taylor, chief executive, said the company had continued to improve payments and services for consumers.
“Coupled with the growth of our retail network, we have continued to improve technology in store by rolling out PayPoint Point of Sale, the software version of our terminal on retailers’ till systems, and by placing broadband connected terminals, which process transactions more quickly.”
Taylor said the benefits of the focus on retail services were demonstrated by strong transaction growth of 28.8% in the year, as well as the increase in its overall average retail yield per site.
“We are excited by the new products and services which will drive our growth, with the launch of our third-generation terminal providing the platform for retail innovation.”
Taylor said next-generation PoS infrastructure which would replace existing terminals “in due course” and provide “much richer functionality for retailers.”
He said: “This will integrate our technology deeper into our retail networks, providing the potential for offering new and enhanced services.
“A range of other added-value applications will also be introduced with potential to generate direct and third-party revenues. We will also be building in the capability to support beacons and other physical and wireless connectivity to support consumer apps and promotions,” he said.