Payment service provider Payzone has promised retailers that it will bring them one piece of high-margin business for every new low-profit service it puts on their books.
New boss Rupert Lowery, who took over as MD earlier this summer, said he understood retailers’ frustrations at having to deal with some low-margin operations. However, he added: “Our mission is that for every product we bring out that is of lesser profit to the retailer, we will endeavour to bring out another new piece of business to offer them value.”
He declined to reveal exact details but said the company was negotiating to bring in completely new areas of business, in addition to its core areas of utility bill payments and mobile phone top-ups, towards the end of this year.
Lowery insisted that the problem of current low-profit transactions, such as utility payments that typically give retailers a meagre 0.5-1% return, would also be addressed.
Meanwhile, the company is overseeing the roll-out of 15,000 new, smaller footprint pink terminals by the end of the year.