Worldpay, Inc. (NYSE: WP; LSE: WPY), a leading global payments technology provider, and Sage Pay, part of Sage Group (FTSE: SGE), a market leader in cloud business management solutions, have today announced a partnership that broadens the range of card payment solutions available to businesses.
This partnership will open-up the opportunity for businesses of all sizes to deliver cost effective, simple and transparent card payments solutions. Furthermore, the collaboration will help reduce time-to-trade for businesses, a vital pre-cursor for success.
Currently, 17% of all invoices from small and medium businesses are paid late in the UK and Ireland*. The UK currently has the highest proportion of invoices that are paid late, with 9% written off as bad debt. The acceptance of card payments helps businesses get paid on time.
Worldpay is a global leader in payments processing technology and solutions, enabling merchants to accept a vast array of payment types, across multiple channels, almost anywhere in the world. Processing over 10,000 transactions per minute, the company can service merchants 24/7 all around the world, from sole traders who process small volumes through to large corporates processing millions of transactions, daily.
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.”
Seamus Smith, EVP, Payments and Banking, Sage, said: “We know it takes on average between 7 – 15 days for businesses to chase payments every year – time they could spend growing their business.
“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.”
*Research: ‘The Domino Effect: the impact of late payments’; Sage, 2017.