PAYPOINT has introduced a new once-a-day settlement system for retail payment services. Instead of having separate collections and payments for each of its products and services, PayPoint is now collecting or paying a ‘net’ amount each day. The timings remain the same.
Amounts paid in are combined with amounts paid out via CashOut, Western Union or self-fill ATMs to create a net amount that the retailer needs to deposit each day.
There is an online calculator to help retailers understand how the single daily settlement will work for them at www.paypoint.co.uk/retailers/SDS-calculator. It also highlights the potential savings they can make as a result of the new system.
