Many big companies within the financial technology sector are joining forces. Why? To keep up with ever-growing trends. As of now, global payments are set to reach $3 trillion a year in revenue by 2023, as more and more people switch from cash to digital payments for both online and high street sales.
The recent collaboration of Worldpay and Sage Pay is yet another example of businesses joining together to offer the very best services. Earlier this year, payments technology provider Worldpay collaborate with Sage Pay – a unit of cloud business management solutions provider Sage Group – to facilitate payments for businesses across the UK and Ireland.
The reason given was that the alliance will offer businesses of all sizes the ability to offer “cost effective” card payments solutions. It will also lower time-to-trade for businesses. Currently, it could take businesses as much as 7-15 days (on average) to chase payments every year – time that could be spent much better elsewhere.
“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.”
The Goal: Simplifying Processes for Businesses
When the partnership was announced, Worldpay cited a 2017 report published by Sage, “The Domino Effect: the impact of late payments”. This study broke down key information on what small and medium businesses really deal with when it comes to collecting payment from customers. It was found that 17 percent of all invoices from small and medium businesses are paid late in the UK and Ireland.
This is where the Worldpay and Sage collaboration comes into play. Worldpay EVP for UK and Europe, Steve Newton, explained: “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.”
If your business also struggles with collecting payment on time and needs assistance, you can find helpful Worldpay and Sage Pay review via Best Payment Providers. Find everything you need to keep your business growth on track.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry and Sage Pay review has helped thousands of business owners save money and time.