London-headquartered payment processor WorldPay has teamed up with UK government-backed scheme Start-Up Loans to become the "recommended" payment provider for entrepreneurs.
Entrepreneurs that receive loans and support from The Start-Up Loans Company will now be given the option to accept card payments by using WorldPay’s Pay As You Go (PAYG) Card Acceptance Service. The solution was created for sole traders and small businesses in mobile professions that encompass one to five employees. Businesses that relied on traditional forms of payment such as cash, cheque or bank transfer can now take card payments using their smartphones.
The PAYG service works by linking the WorldPay smartphone app to a separate secure chip and PIN keypad. Businesses sign up to the service and download the app to their phone or tablet. Once the WorldPay chip and PIN keypad is linked to their device, merchants can accept Visa, MasterCard and Maestro debit and credit card payments.
Geraldine Wilson, managing director of Micro Merchants at WorldPay, said: "89% of adults in the UK have at least one debit or credit card and one in three UK consumers carry less than £5 cash. This means that businesses which are still unable to accept card payments considerably risk losing out on custom."
The Start-Up Loans Company intends to start over 25,000 businesses by 2015.
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