PayPoint claims the credit crunch could benefit its business as more people use its electronic terminals to pay their bills with cash.

"If people are finding credit more difficult to get, that could benefit us because we're cash-based," said Mike Igoe, retail director. "Business is doing very well and we are growing by 60 to 70 stores a week."

The company is launching a service called PayPoint Plus that offers retailers a series of deals on services such as banking, energy and security.

It is also trialling a new scheme to print special offers on its till rolls for shoppers to spend in store.